PERFORMANCE INFORMATION FOR EACH FUND

Each Fund description contains a bar chart and a performance table which provide some indication of the risks of investing in the Fund.

BAR CHART. The bar chart shows changes in the performance of Series I and
[Series II] shares of each Fund from year to year over a ten-year period. [The performance of Series II shares of each Fund would be lower due to the higher Rule 12b-1 fees.] The performance of NAV shares of each Fund would be higher since NAV shares do not have Rule 12b-1 fees. Funds with less than ten years of performance history show performance from the inception date of the Fund.

PERFORMANCE TABLE. The table compares each Fund's one, five and ten year average annual returns as of December 31, 2006 for each series of shares to those of a broad measure or index of market performance. If the period since inception of the Fund is less than one year, the performance shown will be the actual total return rather than an annualized total return.

Performance information in the Bar Chart and the Performance Table reflects all fees charged to each Fund such as advisory fees and all Fund expenses. None of the Funds charges a sales load or a surrender fee. The performance information does not reflect the fees and expenses, including any sales loads or surrender charges, of any variable insurance contract, which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower.

PORTFOLIO MANAGERS

See "Subadviser Arrangements and Management Biographies" for information relating to the Funds' portfolio managers.

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 11.97% (for the quarter ended 12/2004) and the lowest return was -6.19% (for the quarter ended 9/2004).

(PERFORMANCE GRAPH)

 6.9%   7.7%    %
2004   2005   2006

                                ONE    LIFE OF    DATE FIRST
                               YEAR   PORTFOLIO    AVAILABLE
                               ----   ---------   ----------
Emerging Growth Trust
   Series I                                       05/05/2003
   Series II                                      05/05/2003
   Series NAV(B)                                  02/28/2005
Russell 2000 Growth Index(A)

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would have been higher.

(C) On April 28, 2006, the Fund changed subadvisers. Performance reflects results prior to this change.

SUBADVISER:            Dimensional Fund Advisors

INVESTMENT OBJECTIVE:  To seek long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal circumstances, the Fund will invest at least
                       80% of its net assets (plus any borrowings for investment
                       purposes) in companies associated with emerging markets
                       designated from time to time by the Investment Committee
                       of the subadviser.

The Fund seeks long-term capital growth through investment primarily in emerging market equity securities. The Fund seeks to achieve its investment objective by investing in companies associated with emerging markets designated by the Investment Committee of the subadviser ("Approved Markets") from time to time. The Fund invests its assets primarily in Approved Market equity securities listed on bona fide securities exchanges or actively traded on over-the-counter markets. (See below for a definition of Approved Market securities.) These exchanges may be either within or outside the issuer's domicile country. The securities may be listed or traded in the form of EDRs, GDRs, ADRs, NVDRs or other types of depositary receipts.

The Fund seeks to achieve its objective by purchasing emerging market equity securities that are deemed by the subadviser to be value stocks at the time of purchase. The subadviser believes securities are value stocks primarily because they have a high book value in relation to their market value. In assessing value, the subadviser may consider additional factors, such as price to cash flow or price to earnings ratios, as well as economic conditions and developments in the issuer's industry. The criteria the subadviser uses for assessing value are subject to change from time to time.

The Fund's policy is to seek to achieve its investment objective by purchasing emerging market equity securities across all market capitalizations, and specifically those which are deemed by the subadviser to be value stocks at the time of purchase, as described in the paragraph above. The Fund may not invest in certain eligible companies or Approved Markets described above or achieve approximate market weights because of constraints imposed within Approved Markets, restrictions on purchases by foreigners and the Fund's policy to invest no more than 25% of its total assets in any one industry.

In determining what countries are eligible markets for the Fund, the subadviser may consider various factors, including without limitation, the data, analysis and classification of countries published or disseminated by the World Bank, the International Finance Corporation, FTSE International, Morgan Stanley Capital International, Citigroup and the Heritage Foundation. Approved emerging markets may not include all emerging markets classified by such entities. In determining whether to approve markets for investment, the subadviser takes into account, among other things, market liquidity, relative availability of investor information, government regulation, including fiscal and foreign exchange repatriation rules and the availability of other access to these markets for the Fund and other affiliated funds.

The Fund may use derivatives, such as futures contracts and options on futures contracts, to gain market exposure on uninvested cash pending investment in securities or to maintain liquidity to pay redemptions. The Fund may enter into futures contracts and options on futures contracts for Approved Market or other equity market securities and indices, including those of the United States.

The Fund's policy of seeking broad market diversification means the subadviser will not utilize "fundamental" securities research techniques in identifying securities selections. The decision to include or exclude the shares of an issuer will be made primarily on the basis of such issuer's relative market capitalization determined by reference to other companies located in the same country. Company size is measured in terms of reference to other companies located in the same country and in terms of local currencies in order to eliminate the effect of variations in currency exchange rates.

Changes in the composition and relative ranking (in terms of book to market ratio) of the stocks which are eligible for purchase by the Fund take place with every trade when the securities markets are open for trading due primarily

to price fluctuations of such securities. On a periodic basis, the subadviser will prepare lists of eligible value stocks that are for investment. Such lists will be revised no less than semi-annually.

The Fund does not seek current income as an investment objective, and investments will not be based upon an issuer's dividend payment policy or record. However, many of the companies whose securities will be included in the Fund do pay dividends. It is anticipated, therefore, that the Fund will receive dividend income.

APPROVED MARKETS

As of the date of this Prospectus, the Fund is authorized to invest in the countries listed below. The subadviser will determine in its discretion when and whether to invest in countries that have been authorized, depending on a number of factors, such as asset growth in the Fund and characteristics of each country's markets. The Investment Committee of the subadviser also may authorize other countries for investment in the future, in addition to the countries listed below. Also, the Fund may continue to hold investments in countries that are not currently authorized for investment, but had been authorized for investment in the past.

Brazil
Chile
Czech Republic
Hungary
India
Indonesia
Israel
Malaysia
Mexico
Philippines
Poland
South Africa
South Korea
Taiwan
Thailand
Turkey

APPROVED MARKET SECURITIES

"Approved Market securities" are defined as securities that are associated with an Approved Market, and include, among others: (a) securities of companies that are organized under the laws of, or maintain their principal place of business in, an Approved Market; (b) securities for which the principal trading market is in an Approved Market; (c) securities issued or guaranteed by the government of an Approved Market country, its agencies or instrumentalities, or the central bank of such country; (d) securities denominated in an Approved Market currency issued by companies to finance operations in Approved Markets; (e) securities of companies that derive at least 50% of their revenues or profits from goods produced or sold, investments made or services performed in Approved Markets or have at least 50% of their assets in Approved Markets; (f) Approved Market equity securities in the form of depositary shares; (g) securities of pooled investment vehicles that invest primarily in Approved Markets securities or derivative instruments that derive their value from Approved Market securities; or (h) securities included in the Fund's benchmark index. Securities of Approved Markets may include securities of companies that have characteristics and business relationships common to companies in other countries. As a result, the value of the securities of such companies may reflect economic and market forces in such other countries as well as in the Approved Markets. The subadviser, however, will select only those companies which, in its view, have sufficiently strong exposure to economic and market forces in Approved Markets. For example, the subadviser may invest in companies organized and located in the United States or other countries outside of Approved Markets, including companies having their entire production facilities outside of Approved Markets, when such companies meet the definition of Approved Market securities.

PAST PERFORMANCE

Past performance is not provided since the Fund commenced operations in May 2007.

SUBADVISER:            RCM Capital Management LLC

INVESTMENT OBJECTIVE:  To seek long term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least
                       80% of its net assets (plus borrowings for investment
                       purposes) in common stocks and other equity securities of
                       U.S. companies that have, at the time of investment, a
                       small market capitalization at or below the highest
                       market capitalization represented in of the Russell 2000
                       Index or the S&P Small Cap 600 Index.

                       Effective May 28, 2007, the Investment Strategy is: Under
                       normal market conditions, the Fund invests at least 80%
                       of its net assets (plus borrowings for investment
                       purposes) at the time of investment in securities of
                       small cap companies. For purposes of this policy, small
                       cap companies are common stocks and other equity
                       securities of U.S. companies that have a market
                       capitalization that does not exceed the highest market
                       capitalization of any company contained in either the
                       Russell 2000 Index or the S&P Small Cap 600 Index.

The subadviser seeks to create an investment portfolio of growth stocks across major industry groups. The portfolio managers evaluate individual stocks based on their growth, quality and valuation characteristics. Examples of growth characteristics include the potential for sustained earnings growth and the development of proprietary products or services; examples of quality characteristics include the integrity of management and a strong balance sheet; and examples of valuation characteristics include relative valuation and upside potential.

In addition to traditional research activities, the portfolio managers use Grassroots (sm) Research, which prepares research reports based on field interviews with customers, distributors and competitors of the companies in which the Fund invests or contemplates investing, and provides a "second look" at potential investments and checks market place assumptions about market demand for particular products and services. The subadviser sells securities it deems appropriate in accordance with sound investment practices and the Fund's investment objectives and as necessary for redemption purposes.

PAST PERFORMANCE (A, B, C, D)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 59.08% (for the quarter ended 12/1999) and the lowest return was 26.19% (for the quarter ended 3/2001).

(PERFORMANCE GRAPH)

 0.1%  73.5%   4.3%  22.2%  29.2%  39.7%  11.5%  5.0%     %
1998   1999   2000   2001   2002   2003   2004   2005   2006

                                ONE    FIVE    LIFE OF    DATE FIRST
                               YEAR   YEARS   PORTFOLIO    AVAILABLE
                               ----   -----   ---------   ----------
Emerging Small Company Trust
   Series I                                               01/01/1997
   Series II(D)                                           01/28/2002
   Series NAV(C)                                          02/28/2005
Russell 2000 Growth Index(B)

(A) The [portfolio] changed its subadviser and its investment objective on May 1, 1999 and also on April 28, 2006, performance reflects results prior to these changes.

(B) The return of the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for the index is only provided as of month end.

(C) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(D) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

SUBADVISER:            Independence Investments LLC

INVESTMENT OBJECTIVE:  To seek maximum capital appreciation consistent with
                       reasonable risk to principal.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests, at
                       least 80% of its net assets (plus any borrowing for
                       investment purposes) in equity securities of small-cap
                       companies whose market capitalizations, at the time of
                       investment, do not exceed the greater of (a) $2 billion,
                       (b) the market capitalization of the companies in the
                       Russell 2000 Index ($[__] million to $[__] billion as of
                       December 31, 2006), and (c) the market capitalization of
                       the companies in the S&P Small Cap 600 Index ($[__]
                       million to $[__] billion as of December 31, 2006).

The subadviser selects securities for the Fund using a bottom-up selection process that focuses on stocks of statistically undervalued yet promising companies that it believes are likely to show improving fundamental prospects with identifiable catalysts for change. Examples of some of the catalysts the subadviser may consider include a new product, new management, regulatory changes, industry or company restructuring or a strategic acquisition.

The subadviser will attempt to identify undervalued securities using quantitative screening parameters, including various financial ratios and "earnings per share" revisions, which measure the change in earnings estimate expectations. The subadviser additionally narrows the list of stocks using fundamental security analysis, which may include on-site visits, outside research and analytical judgment.

The Fund may sell a stock, for example, if it reaches the target price set by the subadviser; the subadviser decides, by using the same quantitative screens it analyzed in the selection process, that the stock is statistically overvalued; or the subadviser decides the earnings expectations or fundamental outlook for the company have deteriorated.

The Fund may invest in IPOs. The Fund may purchase other types of securities, for example: U.S. dollar denominated foreign securities and American Depositary Receipts ("ADR"), certain ETFs, and certain derivatives (investments whose value is based on indices or other securities). For purposes of the Fund, ETFs are considered securities with a market capitalization equal to the weighted average market capitalization of the basket of securities comprising the ETF.

As timing the market is not an important part of the subadviser's investment strategy, cash reserves will normally represent a small portion of the Fund's total assets (under [20]%).

PAST PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance

would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [______] shares. During the period shown in the bar chart, the highest quarterly return was [___]% (for the quarter ended [___) and the lowest return was [___]% (for the quarter ended [___).

2005 2006

                              ONE   DATE FIRST
                             YEAR    AVAILABLE
                             ----   -----------
Small Cap Trust Series NAV
Russell 2000 Index
Combined Index

SUBADVISER:            Wellington Management Company, LLP

INVESTMENT OBJECTIVE:  To seek long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund will invest at
                       least 80% of its net assets (plus any borrowings for
                       investment purposes) in small-cap companies. For the
                       purposes of the Fund, "small cap companies" are those
                       with market capitalizations, at the time of investment,
                       not exceeding the maximum market capitalization of any
                       company represented in either the Russell 2000 Index
                       ($[__] million to $[__] billion as of December 31, 2006)
                       or the S&P Small Cap 600 Index ($[__] million to $[__]
                       billion as of December 31, 2006). The Fund invests in
                       small-cap companies that are believed to offer
                       above-average potential for growth in revenues and
                       earnings.

Market capitalizations of companies in the indices change over time; however, the Fund will not sell a security just because a company has grown or fallen to a market capitalization outside the range of the indices.

The subadviser selects stocks using a combination of quantitative screens and bottom-up, fundamental security research. Quantitative screening seeks to narrow the list of small capitalization companies and to identify a group of companies with strong revenue growth and accelerating earnings. Fundamental equity research seeks to identify individual companies from that group with a higher potential for earnings growth and capital appreciation.

The subadviser looks for companies based on a combination of criteria including one or more of the following:

- Improving market shares and positive financial trends;

- Superior management with significant equity ownership; and

- Attractive valuations relative to earnings growth outlook.

The Fund is likely to experience periods of higher turnover in portfolio securities because the subadviser frequently adjusts the selection of companies and/or their position size based on these criteria. The Fund's sector exposures are broadly diversified, but are primarily a result of stock selection and therefore may vary significantly from its benchmark, [_______]. The Fund may invest up to 20% of its total assets in foreign securities.

Except as otherwise stated under "Additional Investment Policies -- Temporary Defensive Investing," the Fund normally has 10% or less (usually lower) of its totatl assets in cash and cash equivalents.

The Fund may invest in IPOs. The Fund may also purchase each of the following types of securities, but not as a principal investment strategy: U.S. dollar denominated foreign securities, certain ETFs, and certain derivatives (investments whose value is based on an index or other securities).

PAST PERFORMANCE (A, B, C, D)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any Fund is not necessarily an indication of how a Fund will perform in the future.

The bar chart reflects the performance of Series NAV shares. During the period shown in the bar chart, the highest quarterly return was 26.90% (for the quarter ended 12/2001) and the lowest return was 27.11% (for the quarter ended 9/2001).

(PERFORMANCE GRAPH)

25.6%   6.0%   3.4%   8.9%   3.8%  28.2%  48.8%   9.5%  17.3%    %
1997   1998   1999   2000   2001   2002   2003   2004   2005   2006

                                ONE     FIVE    TEN    DATE FIRST
                                YEAR   YEARS   YEARS    AVAILABLE
                               -----   -----   -----   ----------
Small Cap Growth Trust
   Series NAV(A)               17.34%                  05/01/1996
   Series I(C)                 17.23%                  04/29/2005
   Series II(C)                17.00%                  04/29/2005
Russell 2000 Growth Index(B)    4.15%  2.28%
Combined Index(B, D)            4.15%  7.45%

(A) The Series NAV shares of the Small Cap Growth Trust were first issued on May 1, 2005 in connection with JHT's acquisition on that date of all the assets of the Small Cap Emerging Growth Fund of John Hancock Variable Series Trust I ("JHVST") in exchange for Series NAV shares pursuant to an agreement and plan of reorganization. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the sole class of shares of the JHVST Small Cap Emerging Growth Fund, JHT's predecessor. These shares were first issued on May 1, 1996.

(B) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(C) The Series I, and Series II shares of the Small Cap Growth Trust were first offered on April 29, 2005. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the sole class of shares of the JHVST Small Cap Emerging Growth Fund, JHT's predecessor. The performance of this class of shares would have been lower if it reflected the higher expenses of the Series I, and Series II shares.

(D) The Combined Index represents the Russell 2000 Value Index from May 1996 to October 2000, the Russell 2000 Index from November 2000 to April 2003 and then the Russell 2000 Growth Index from May 2003 to the present.

SUBADVISER:            MFC Global Investment Management (U.S.), LLC

INVESTMENT OBJECTIVE:  To seek long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least
                       80% of its net assets (plus any borrowing for investment
                       purposes) in equity securities of small-capitalization
                       companies (companies in the capitalization range of the
                       Russell 2000 Index, which was $14 million to $3 billion
                       as of December 31, 2006). Equity securities include
                       common and preferred stocks and their equivalents.

In managing the Fund, the subadviser emphasizes a value-oriented "bottom-up" approach to individual stock selection. With the aid of proprietary financial models, the subadviser looks for companies that are selling at what appear to be substantial discounts to their long-term intrinsic values. These companies often have identifiable catalysts for growth, such as new products, business reorganizations or mergers.

The subadviser uses fundamental financial analysis of individual companies to identify those with substantial cash flows, reliable revenue streams, strong competitive positions and strong management. The Fund may attempt to take advantage of short-term market volatility by investing in companies involved in managing corporate restructuring or pending acquisitions.

The Fund may invest up to 35% of its total assets in foreign securities. The Fund may invest up to 20% of its total assets in bonds of any maturity rated as low as CC/Ca and their unrated equivalents (bonds below BBB/Baa are considered "junk bonds").

The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance).

PAST PERFORMANCE

Performance is not provided since the Fund commenced operations in May 2007.

SUBADVISER:            Munder Capital Management

INVESTMENT OBJECTIVE:  To seek long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund seeks this
                       objective by investing at least 80% of its net assets
                       (plus any borrowings for investment purposes) in equity
                       securities of small-capitalization companies.
                       Small-capitalization companies are those companies with
                       market capitalizations, at the time of investment, within
                       the range of the companies in the Russell 2000 Index ($68
                       million to $3.045 billion as of December 31, 2006).

The Fund attempts to provide potentially higher returns than a fund that invests primarily in larger, more established companies. Since small companies are generally not as well known to investors or have less of an investor following than larger companies, they may provide higher returns due to inefficiencies in the marketplace.

The Fund will usually invest in equity securities of domestic and foreign companies that the subadviser believes can be purchased at a price significantly below its inherent value. A company's equity securities may be undervalued because the company is temporarily overlooked or out of favor due to general economic conditions, a market decline, industry conditions or developments affecting the particular company.

In addition to valuation, the subadviser considers these factors, among others, in choosing companies:

- A high level of profitability;

- Solid management;

- A strong, comepetitive market position; or

- Management interests that are aligned with shareholder interest.

The Fund may, but is not required to, use any or all of the various investment strategies referred to under "Hedging and Other Strategic Transactions." The Fund may write covered call options during especially volatile markets. Even though a Fund will receive the option premium to help protect it against loss, a call option sold by the Fund will expose the Fund during the term of the option to possible loss of the opportunity to sell the underlying security or instrument with a gain.

The Fund may use ETFs to manage cash and may invest in other investment companies. For purposes of the Fund, ETFs are considered securities with a market capitalization equal to the weighted average market capitalization of the basket of securities comprising the ETF. The Fund may invest in equity securities of larger capitalization companies in addition to small-capitalization companies. The Fund may invest in real estate investment trusts (REITs).

The Fund's investments in foreign securities may include direct investments in non-U.S. dollar denominated securities traded outside of the U.S. and U.S. dollar-denominated securities of foreign issuers traded in the U.S. The Fund's investments in foreign securities also include indirect investments, such as depositary receipts.

PAST PERFORMANCE (A, B)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 13.31% (for the quarter ended 12/2004) and the lowest return was 5.32% (for the quarter ended 3/2005).

(PERFORMANCE GRAPH)

25.8%   7.8%    %
2004   2005   2006

                                 ONE    LIFE OF    DATE FIRST
                                YEAR   PORTFOLIO    AVAILABLE
                                ----   ---------   ----------
Small Cap Opportunities Trust
   Series I                     7.77%              05/05/2003
   Series II                    7.61%              05/05/2003
   Series NAV(B)                7.87%              02/28/2005
Russell 2000 Value Index(A)     4.71%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had such performance reflected NAV share expenses, performance would be higher.

SUBADVISER:            Wellington Management Company LLP

INVESTMENT OBJECTIVE:  To seek long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund will invest at
                       least 80% of its net assets (plus any borrowings for
                       investment purposes) in small-cap companies that are
                       believed to be undervalued by various measures and offer
                       good prospects for capital appreciation. For the purposes
                       of the Fund, "small cap companies" are those with market
                       capitalizations, at the time of investment, not exceeding
                       the maximum market capitalization of any company
                       represented in either the Russell 2000 Index ($[___]
                       million to $[___] billion as of December 31, 2006) or the
                       S&P Small Cap 600 Index ($[___] million to $[___] billion
                       as of December 31, 2006).

The Fund invests primarily in a diversified mix of common stocks of small U.S. companies.

The subadviser employs a value-oriented investment approach in selecting stocks, using proprietary fundamental research to identify stocks the subadviser believes have distinct value characteristics based on industry-specific valuation criteria. The subadviser focuses on high quality companies with a proven record of above average rates of profitability that sell at a discount relative to the overall small cap market.

Fundamental research is then used to identify those companies demonstrating one or more of the following characteristics:

- Sustainable competitive advantages within a market niche;

- Strong profitability and free cash flows;

- Strong market share positions and trends;

- Quality of and share ownership by management; and

- Financial structures that are more conservative than the relevant industry average.

The Fund's sector exposures are broadly diversified, but are primarily a result of stock selection and may, therefore, vary significantly from its benchmark,
[________]. The Fund may invest up to 15% of its total assets in foreign securities.

Except as otherwise stated under "Investment Objectives and Strategies -- Temporary Defensive Investing", the Fund normally has 10% or less (usually lower) of its total assets invested in cash and cash equivalents.

The Fund may invest in IPOs. The Fund may also purchase each of the following types of securities: REITs or other real estate-related equity securities, U.S. dollar denominated foreign securities, certain ETFs, and certain derivatives (investments whose value is based on an index or other securities). For purposes of the Fund, ETFs are considered securities with a market capitalization equal to the weighted average market capitalization of the basket of securities comprising the ETF.

PAST PERFORMANCE (A, B, C, D, E)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series NAV shares. During the period shown in the bar chart, the highest quarterly return was 18.86% (for the quarter ended 6/2003) and the lowest return was [__]% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

34.2%  19.1%   6.4%  38.0%  25.4%   9.2%
2000   2001   2002   2003   2004   2005

                               ONE    FIVE    LIFE OF    DATE FIRST
                              YEAR   YEARS   PORTFOLIO    AVAILABLE
                              ----   -----   ---------   ----------
Small Cap Value Trust
   Series NAV(A)              9.21%  16.07%              08/30/1999
   Series I(C)                9.21%  16.07%              04/29/2005
   Series II(C)               9.00%  16.02%              04/29/2005
Russell 2000 Value Index(B)   4.71%  13.55%
Combined Index(B, D)          4.71%  13.55%

(A) The Series NAV shares of the Small Cap Value Trust were first issued on April 29, 2005 in connection with JHT's acquisition on that date of all the assets of the Small Cap Value Fund of John Hancock Variable Series Trust I ("JHVST") in exchange for Series NAV shares pursuant to an agreement and plan of reorganization. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the sole class of shares of the JHVST Small Cap Value Fund, JHT's predecessor. These shares were first issued August 30, 1999.

(B) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(C) The Series I and Series II shares of the Small Cap Value Trust were first offered on April 29, 2005. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the sole class of shares of the JHVST Small Cap Value Fund, JHT's predecessor. The performance of this class of shares would have been lower if it reflected the higher expenses of the Series I and Series II shares.

(D) The Combined Index represents the Russell 2500 Value Index from September 1999 to December 2000 and the Russell 2000 Value Index from January 2001 to the present.

(E) The current subadviser has managed the entire [portfolio] since April 29, 2005. The current subadviser has managed a portion of the [portfolio] since its inception.

SUBADVISER:            American Century Investment Management, Inc.

INVESTMENT OBJECTIVE:  To seek long-term capital growth.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund will invest at
                       least 80% of its net assets (plus any borrowing for
                       investment purposes) in stocks of U.S. companies that
                       have market capitalizations, at the time of investment,
                       not greater than that of the largest company in the S&P
                       Small Cap 600 Index. The market cap range of the Index as
                       of December 31, 2006 was $[___] million to $[____]
                       billion.

If the companies in which the Fund invests are successful, these companies may grow into medium- and larger-sized companies. In addition, if the subadviser determines that the availability of small-sized companies in which to invest is not adequate to meet the Fund's investment needs, the subadviser may invest up to 20% of the Fund's assets in medium- and larger-sized companies.

The subadviser uses quantitative, computer-driven models to construct the portfolio of stocks for the Fund. The Fund's investment strategy utilizes quantitative management techniques in a two-step process that draws heavily on computer technology. In the first step, the subadviser ranks stocks, primarily smaller U.S. companies, from most attractive to least attractive. This is determined by using a computer model that combines measures of a stock's value, as well as measure of its growth potential. To measure value, the subadviser uses ratios of stock price-to-book value and stock price-to-cash flow, among others. To measure growth, the subadviser uses the rate of growth of a company's earnings and changes in its earnings estimates, as well as other factors.

In the second step, the subadviser uses a technique called portfolio optimization. In portfolio optimization, the subadviser uses a computer to build a portfolio of stocks from the ranking described above that the subadviser believes will provide the optimal balance between risk and expected return. The goal is to create a Fund that provides better returns than its benchmark without taking on significant additional risk.

The subadviser does not attempt to time the market. Instead, under normal market conditions, the subadviser intends to keep the Fund essentially fully invested in stocks regardless of the movement of the stock prices generally. When the subadviser believes it is prudent, the Fund may invest a portion of its assets in foreign securities, debt securities, preferred stock and equity-equivalent securities, such as, convertible securities, stock futures contracts or stock index future contracts. The Fund limits its purchase of debt obligations to investment-grade obligations. Futures contracts, a type of derivative security, can help the Fund's cash assets remain liquid while performing more like stocks.

The subadviser generally sells stocks from the Fund's portfolio when the subadviser believes:

- a stock becomes too expensive relative to other stock opportunities;

- a stock's risk parameters outweigh its return opportunity;

- more attractive alternatives are identified; or

- specific events alter a stock's prospects.

The Fund may invest in IPOs. For the risks associated with IPOs, see "Additional Information About the Funds' Risks and Investment Policies -- IPOs Risk." The Fund is authorized to use each of the investment strategies listed under "Additional Investment Policies" including, without limitation, investing in U.S. government securities and entering into short sales. The Fund may also purchase securities of other investment companies, including ETFs, and cash and cash equivalents. For purposes of the Fund, ETFs are considered securities with a market capitalization equal to the weighted average market capitalization of the basket of securities comprising the ETF.

PAST PERFORMANCE (A,B)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 5.96% (for the quarter ended 9/2005) and the lowest return was 1.44% (for the quarter ended 12/2005).

(PERFORMANCE GRAPH)

6.3%
2005

                             ONE    LIFE OF    DATE FIRST
                            YEAR   PORTFOLIO    AVAILABLE
                            ----   ---------   ----------
Small Company Trust
   Series I                 6.32%              05/03/2004
   Series II                5.99%              05/03/2004
   Series NAV(B)            6.32%              02/28/2005
S&P Smallcap 600 Index(A)   7.67%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(B) Series NAV shares were first offered February 28, 2005. For periods prior to February 28, 2005, the performance shown reflects the performance of Series I shares. Series I shares have higher expenses than Series NAV shares. Had the performance for periods prior to February 28, 2005 reflected Series NAV expenses, performance would be higher.

SUBADVISER:            AIM Capital Management, Inc.

INVESTMENT OBJECTIVE:  To seek long-term growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least
                       80% of its net assets (plus any borrowing for investment
                       purposes) in securities of small-capitalization
                       companies. The Fund considers a company to be a
                       small-capitalization company if it has a market
                       capitalization, at the time of investment, no larger than
                       the largest capitalized company included in the Russell
                       2000 Index during the most recent 11-month period (based
                       on month-end data) plus the most recent data during the
                       current month. The Russell 2000 Index is an unmanaged
                       index that measures the performance of the 2,000 smallest
                       companies in the Russell 3000 Index, representing
                       approximately 8% of the total market capitalization of
                       the Russell 3000 Index. As of December 31, 2006, the
                       capitalizations of companies included in the Russell 2000
                       Index ranged from $[__________] million to $[__________]
                       billion.

The Fund will invest primarily in marketable equity securities, including convertible securities, but its investments may include other securities, such as synthetic instruments. Synthetic instruments are investments that have economic characteristics similar to the Fund's direct investments, and may include warrants, futures, options, exchange-traded funds and American Depositary Receipts. The Fund may also invest up to 20% of its net assets in equity securities of issuers that have market capitalizations, at the time of purchase, in other market capitalization ranges, and in investment grade non-convertible debt securities, U.S. government securities and high-quality money market instruments. The Fund may invest up to 25% of its total assets in foreign securities. Any percentage limitations with respect to assets of the Fund are applied at the time of purchase.

In selecting investments, the subadviser seeks to identify those companies that have strong earnings momentum or demonstrate other potential for growth of capital. The subadviser anticipates that the Fund, when fully invested, will generally be comprised of companies that are currently experiencing a greater than anticipated increase in earnings. The subadviser allocates investments among fixed-income securities based on its view as to the best values then available in the marketplace. The subadviser considers whether to sell a particular security when any of these factors materially changes.

PAST PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any [portfolio] is not necessarily an indication of how a [portfolio] will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [________]) and the lowest return was [_____]% (for the quarter ended [__________]).

2005 2006

                                        ONE YEAR   LIFE OF FUND   DATE FIRST AVAILABLE
                                        --------   ------------   --------------------
Small Company Growth Trust Series NAV                             10/2005
Russell 1000 Index
Combined Index

SUBADVISER:            T. Rowe Price Associates, Inc.

INVESTMENT OBJECTIVE:  To seek long-term growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund will invest at
                       least 80% of its net assets (plus any borrowings for
                       investment purposes) in companies with market
                       capitalizations, at the time of investment, that do not
                       exceed the maximum market capitalization of any security
                       in the Russell 2000 Index at the time of purchase
                       ($[__________] million to $[__________] billion as of
                       December 31, 2006). The Fund invests in small companies
                       whose common stocks are believed to be undervalued.

Reflecting a value approach to investing, the Fund will seek the stocks of companies whose current stock prices do not appear to adequately reflect their underlying value as measured by assets, earnings, cash flow, or business franchises. The subadviser's in-house research team seeks to identify companies that appear to be undervalued by various measures, and may be temporarily out of favor, but have good prospects for capital appreciation. In selecting investments, they generally look for some of the following factors:

- Low price/earnings, price/book value or price/cash flow ratios relative to the S&P 500, the company's peers or its own historic norm;

- Low stock price relative to a company's underlying asset values;

- Above-average dividend yield relative to a company's peers or its own historic norm;

- A plan to improve the business through restructuring; or

- A sound balance sheet and other positive financial characteristics.

While most assets will be invested in U.S. common stocks, the Fund may purchase other securities, including foreign securities (up to 20% of its net total assets), futures, and options. The Fund may invest in fixed income and convertible securities without regard to quality or rating, including up to 10% of total assets in non-investment grade fixed income securities ("junk bonds"). Since the Fund invests primarily in equity securities, the risks associated with fixed income securities will not affect the Fund as much as they would a fund that invests more of its assets in fixed income securities.

The Fund holds a certain portion of its assets in money market reserves which can consist of shares of the T. Rowe Price Reserve Investment Fund (or any other internal T. Rowe Price money market fund) as well as U.S. and foreign dollar-denominated money market securities, including repurchase agreements, in the two highest rating categories, maturing in one year or less.

The Fund may sell securities for a variety of reasons, such as to secure gains, limit losses or redeploy assets into more promising opportunities.

The Fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures and options. Such securities may bear interest or pay dividends at below (or even relatively nominal) rates. The SAI contains a more complete description of such instruments and the risks associated therewith.

PAST PERFORMANCE (A, B, C, D, E)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 16.96% (for the quarter ended 6/2003) and the lowest return was 18.31% (for the quarter ended 9/1998).

(PERFORMANCE GRAPH)

-4.7%   8.0%   5.9%   6.5%  -5.9%  33.7%  25.3%   6.9%    %
1998   1999   2000   2001   2002   2003   2004   2005   2006

                               ONE    FIVE    LIFE OF    DATE FIRST
                              YEAR   YEARS   PORTFOLIO    AVAILABLE
                              ----   -----   ---------   ----------
Small Company Value Trust
   Series I                   6.93%  12.41%              10/01/1997
   Series II(D)               6.73%  12.29%              01/28/2002
   Series NAV(C)              6.96%  12.42%              02/28/2005
Russell 2000 Value Index(B)   4.71%  13.55%

(A) Effective April 30, 2001, the [portfolio] changed its subadviser.
Performance reflects results prior to this change.

(B) The return of the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for the index is only provided as of month end.

(C) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(D) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

(E) Since June 1, 2000, a portion of the Small Company Value Trust's expenses were reimbursed. If such expenses had not been reimbursed returns would be lower.

SUBADVISER:            ClearBridge Advisors, LLC

INVESTMENT OBJECTIVE:  To seek long-term capital growth.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least
                       80% of the value of its net assets in common stocks and
                       other equity securities of small capitalization U.S.
                       companies. Small capitalized companies are defined as
                       those whose market capitalization at the time of
                       investment is no greater than (a) $3 billion or (b) the
                       highest month-end market capitalization value of any
                       stock in the Russell 2000 Index for the previous 12
                       months, whichever is greater.

As of December 31, 2006, the market capitalization range of the Russell 2000 Index was $[__________] million to $[__________] billion. Securities of companies whose market capitalizations no longer meet the definition of smaller capitalized companies after purchase by the fund still will be considered to be securities of small capitalization companies for the purpose of the Fund's 80% investment policy. The size of companies in the Index changes with market conditions and the composition of the Index. Equity securities include exchange-traded and over-the-counter common stocks and preferred shares; debt securities convertible into equity securities; warrants and rights relating to equity securities; and ADRs, EDRs, GDRs and IDRs and ETFs that represent or track small capitalized companies. The Fund may invest up to 20% of the value of its net assets in shares of companies with market capitalizations higher than smaller capitalization companies.

The subadviser emphasizes individual security selection while spreading the Fund's investments among industries and sectors. The subadviser uses both quantitative and fundamental methods to identify stocks of smaller capitalization companies it believes have a high probability of outperforming other stocks in the same industry or sector. (Quantitative methods are screening mechanisms to identify potential investments and include review of: (a) stock yields, (b) stock prices, (c) cash flow and (d) rankings).

The subadviser uses quantitative parameters to select a universe of smaller capitalized companies that fit the Fund's general investment criteria. (Quantitative parameters are the values used to evaluate investments). In selecting individual securities from within this range, the subadviser looks for "value" attributes, such as:

- Low stock price relative to earnings, book value and cash flow

- High return on invested capital

The subadviser also uses quantitative methods to identify catalysts and trends that might influence the Fund's industry or sector focus, or the subadviser individual security selection.

PAST PERFORMANCE (A, B)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 11.79% (for the quarter ended 12/2004) and the lowest return was 2.19% (for the quarter ended 3/2005).

(PERFORMANCE GRAPH)

PAST PERFORMANCE

                               ONE       LIFE OF    DATE FIRST
                              YEAR      PORTFOLIO    AVAILABLE
                              ----      ---------   ----------
Special Value Trust
   Series I                   5.60%                 05/05/2003
   Series II                  5.30%                 05/05/2003
Series NAV(B)                 5.62%                 02/28/2005
Russell 2000 Value Index(A)   4.71%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

SUBADVISER:            Grantham, Mayo, Van Otterloo & Co. LLC

INVESTMENT OBJECTIVE:  To seek long-term capital growth.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund seeks to achieve
                       its objective by outperforming its benchmark, the Russell
                       2500 Value Index, and invests at least 80% of its assets
                       in securities of small- and mid-cap companies. The Fund
                       typically makes equity investments in U.S. companies that
                       issue stock included in the Russell 2500 Index, and in
                       companies with similar market capitalizations ("small-
                       and mid-cap companies"). As of December 31, 2006, the
                       average market capitalization of companies in the Russell
                       2500 Index ranged from $[__________] million to
                       $[__________] billion. In addition, as of December 31,
                       2006, the average market capitalization of companies that
                       issue stocks included in the Russell 2500 Index was
                       approximately $[__________] billion, and the median
                       market capitalization was approximately $[__________]
                       million.

The subadviser uses proprietary research and multiple quantitative models to identify small- and mid-cap company stocks it believes have improving fundamentals and which trade at prices below what the subadviser believes to be their fundamental value. The subadviser also uses proprietary techniques to adjust the Fund's portfolios for factors such as stock selection discipline (criteria used for selecting stocks), industry and sector weights. The factors considered by the subadviser and the models used may change over time.

The Fund intends to be fully invested, and generally will not take temporary defensive positions through investment in cash and high quality money market instruments. In pursuing its investment strategy, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivative instruments, including options, futures, and swap contracts to (i) hedge equity exposure; (ii) replace direct investing (e.g., creating equity exposure through the use of futures contracts or other derivative instruments); and (iii) manage risk by implementing shifts in investment exposure.

The Fund's benchmark is the Russell 2500 Value Index, which measures the performance of those stocks included in the Russell 2500 Index with lower price-to-book ratios and lower forecasted growth values. The Russell 2500 Value Index is independently maintained and published by the Frank Russell Company.

PAST PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [________]) and the lowest return was [_____]% (for the quarter ended [__________]).

2005 2006

                                       ONE YEAR   DATE FIRST AVAILABLE
                                       --------   --------------------
Value Oportunities Trust Series NAV               10/[__]/2005
Russell 2500 Value Index
Combined Index

SUBADVISER:            Deutsche Investment Management Americas, Inc.

INVESTMENT OBJECTIVE:  To seek long-term growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least
                       80% of its net assets in stocks and other equity
                       securities of medium-sized U.S. companies with strong
                       growth potential that are within the market
                       capitalization range, at the time of investment, of the
                       Russell Mid Cap Growth Index. As of December 31, 2006,
                       the average market capitalization of companies in the
                       Russell Mid Cap Growth Index ranged from $[__________]
                       million to $[__________] billion.

The Fund invests most of its assets in stock and other securities with equity characteristics of U.S. companies with market capitalizations, at the time of investment, within the market capitalization range of the Russell Mid Cap Growth Index. The subadviser believes these companies contain the greatest concentration of businesses with significant growth prospects.

The subadviser focuses on individual security selection rather than industry selection. The subadviser uses an active process which combines financial analysis with company visits to evaluate management and strategies. The subadviser may invest in internet related companies.

The Fund may invest in convertible securities when it is more advantageous than investing in a company's common stock. The Fund may also invest up to 20% of its net assets in stocks and other securities of foreign companies.

INVESTMENT PROCESS

Company research lies at the heart of the subadviser's investment process. The subadviser uses a "bottom-up" approach to picking securities. This approach focuses on individual stock selection rather than industry selection.

The subadviser focuses on undervalued stocks with fast-growing earnings and superior near-to-intermediate term performance potential.

The subadviser emphasizes individual selection of medium-sized stocks across all economic sectors, early in their growth cycles and with the potential to be the blue chips of the future.

The subadviser generally seeks companies with leading or dominant position in their niche markets, a high rate of return on invested capital and the ability to finance a major part of future growth from internal sources.

PAST PERFORMANCE (A, B, C, D)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 16.05% (for the quarter ended 6/2003) and the lowest return was 27.60% (for the quarter ended 9/2001).

(PERFORMANCE GRAPH)

                                  ONE     FIVE    LIFE OF    DATE FIRST
                                  YEAR   YEARS   PORTFOLIO    AVAILABLE
                                 -----   -----   ---------   ----------
Dynamic Growth Trust
   Series I                      12.40%  -7.34%              05/01/2000
   Series II(D)                  12.01%  -7.45%              01/28/2002
   Series NAV(C)                 12.60%  -7.31%              04/29/2005
Russell Midcap Growth Index(B)   12.10%   1.38%

(A) As of November 25, 2002, the subadviser took over management responsibilities of the Dynamic Growth Trust.

(B) The return of the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for the index is only provided as of month end.

(C) NAV shares were first offered April 29, 2005. Performance prior to April 29, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(D) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

SUBADVISER:            Grantham, Mayo, Van Otterloo & Co. LLC

INVESTMENT OBJECTIVE:  To seek long-term capital growth.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least
                       80% of its net assets in small and mid-cap companies and

seeks to achieve its objective by outperforming its benchmark, the Russell 2500 Growth Index. The Fund typically makes equity investments in U.S. companies whose stocks are included in the Russell 2500 Index, and in companies with total market capitalizations similar to those of companies with stocks in the Index ("small- and mid-cap companies"). As of December 31, 2006, the market capitalizations of companies in the Russell 2500 Index ranged from $[__________] million to $[__________] billion. In addition, as of December 31, 2006, the average market capitalization of companies that issue stocks included in the Russell 2500 Index was approximately $[__________] billion, and the median market capitalization was approximately $[__________] million.

The subadviser uses proprietary research and multiple quantitative models to identify small- and mid- cap company stocks the subadviser believes have improving fundamentals. The subadviser then narrows the selection to small and mid-cap company stocks it believes have growth characteristics and are undervalued. Generally, these growth stocks are trading at prices below what the manager believes to be their fundamental value. The subadviser also uses proprietary techniques to adjust the Fund for factors such as stock selection discipline (criteria used for selecting stocks) and industry and sector weights. The factors considered by the subadviser and the models used may change over time.

The Fund intends to be fully invested, and generally will not take temporary defensive positions through investment in cash and high quality money market instruments. In pursuing its investment strategy, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivative instruments, including options, futures, and swap contracts to (i) hedge equity exposure; (ii) replace direct investing (e.g., creating equity exposure through the use of futures contracts or other derivative instruments); and (iii) manage risk by implementing shifts in investment exposure.

The Fund's benchmark is the Russell 2500 Growth Index, which measures the performance of stocks included in the Russell 2500 Index with higher price-to-book ratios and higher forecasted growth values, and which is independently maintained and published by the Frank Russell Company.

PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [______]) and the lowest return was [_____]% (for the quarter ended [__________]).

2005 2006

                                       ONE YEAR   DATE FIRST AVAILABLE
                                       --------   --------------------
Growth Opportunities Trust Series NAV             10/2005
Russell 2500 Growth Index
Combined Index

SUBADVISER:            Wellington Management Company, LLP

INVESTMENT OBJECTIVE:  To seek long-term growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least
                       80% of its net assets (plus any borrowings for investment
                       purposes) in equity securities of medium-sized companies
                       with significant capital appreciation potential. For the
                       purposes of the Fund, "medium-sized companies" are those
                       with market capitalizations, at the time of investment,
                       within the market capitalization range of companies
                       represented in either the Russell MidCap Index
                       ($[__________] [billion] to $[__________] [billion] as of
                       [December 31, 2006]) or the S&P MidCap 400 Index
                       ($[__________] [million] to $[__________] [million] as of
                       [December 31, 2006]).

The Fund may invest up to 10% of its total assets in securities of foreign and non-dollar-denominated securities.

The portfolio of the Fund is constructed stock by stock, an investment approach the subadviser refers to as "bottom-up." The Fund combines the subadviser's proprietary fundamental and quantitative research inputs to create a portfolio of holdings within a disciplined framework.

The Fund invests primarily in a diversified portfolio of equity securities based on the combined ratings of the subadviser's Global Industry Analysts and proprietary quantitative stock selection models. Global Industry Analyst ratings are based upon fundamental analysis. The subadviser's fundamental analysis of a company involves the assessment of such factors as its business environment, management quality, balance sheet, income statement, anticipated earnings, revenues and dividends, and other related measures or indicators of value.

The subadviser then complements its fundamental research with an internally-developed quantitative analytical approach. This quantitative approach evaluates each security favoring those with attractive valuation and "timeliness" measures. Valuation factors compare securities within sectors based on measures such as price ratios and balance sheet strength. The subadviser's assessment of "timeliness" focuses on stocks with favorable earnings and stock price momentum to assess the appropriate time for purchase.

In constructing the portfolio of the Fund, the subadviser analyzes and monitors different sources of active management risk including stock-specific risk, industry risk and style risk. The goal of this analysis is that the portfolio remains well-diversified, and does not take large industry and style positions relative to the portfolio's market benchmark as an unintended consequence of bottom-up stock picking.

The Fund may invest in initial public offerings ("IPOs") and exchange traded funds ("ETFs").

PAST PERFORMANCE

Performance is not provided since the portfolio commenced operations in May 2007.

SUBADVISER:            Wellington Management Company, LLP

INVESTMENT OBJECTIVE:  To seek long-term growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least
                       80% of its net assets (plus any borrowings for investment
                       purposes) in equity securities of medium-sized companies
                       with significant capital appreciation potential. For the
                       Fund, "medium-sized companies" are those with market
                       capitalizations within the collective market
                       capitalization range of companies represented in either
                       the Russell MidCap Index ($__________ billion to
                       $__________ billion as of December 31, 2006) or the S&P
                       MidCap 400 Index ($__________ million to $__________
                       billion as of December 31, 2006).

The subadviser's investment approach is based primarily on proprietary fundamental analysis. Fundamental analysis involves the assessment of a company through such factors as its business environment, management, balance sheet, income statement, anticipated earnings, revenues and other related measures of value. In analyzing companies for investment, the subadviser looks for, among other things, a strong balance sheet, strong earnings growth, attractive industry dynamics, strong competitive advantages (e.g., great management teams), and attractive relative value within the context of a security's primary trading market. Securities are sold when the investment has achieved its intended purpose, or because it is no longer considered attractive. The Fund may invest up to 20% of its total assets in foreign securities.

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 20.74% (for the quarter ended 12/2001) and the lowest return was 23.64% (for the quarter ended 3/2001).

(PERFORMANCE GRAPH)

                                  ONE     FIVE    LIFE OF    DATE FIRST
                                  YEAR   YEARS   PORTFOLIO    AVAILABLE
                                 -----   -----   ---------   ----------
Mid Cap Stock Trust
   Series I                      14.57%   5.99%              05/01/1999
   Series II (C)                 14.42%   5.86%              01/28/2002
   Series NAV(B)                 14.71%   6.02%              02/28/2005
Russell Midcap Growth Index(A)   12.10%   1.38%

(A) The return of the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for the index is only provided as of month end.

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(C) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

SUBADVISER:            Lord, Abbett & Co. LLC

INVESTMENT OBJECTIVE:  To seek capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least
                       80% of its net assets (plus any borrowings for investment
                       purposes) in mid-sized companies, with market
                       capitalizations within the market capitalization range of
                       companies in the Russell Midcap Index. As of December 31,
                       2006, the market capitalization range of the Russell
                       Midcap Index was $__________ billion to $__________
                       billion. The Fund invests 65% of its total assets in
                       equity securities which it believes to be undervalued in
                       the marketplace.

The subadviser uses a value approach in managing the Fund. It generally tries to identify stocks of companies that have the potential for significant market appreciation due to growing recognition of improvement in their financial results or anticipation of such improvement. In trying to identify these companies, the subadviser looks for such factors as:

- Changes in economic and financial environment

- New or improved products or services

- Improved efficiencies resulting from new technologies or changes in distribution

- New or rapidly expanding markets

- Price increases for the company's products or services

- Changes in management or company structure

- Changes in government regulations, political climate or competitive conditions

The Fund may invest up to 10% of its total assets in foreign securities and may have exposure to foreign currencies through its investment in these securities, its direct holdings of foreign currencies or through its use of foreign currency exchange contracts for the purchase or sale of a fixed quantity of a foreign currency at a future date. The subadviser does not consider ADRs and securities of companies domiciled outside the U.S. that are traded in the U.S. to be "foreign securities." Accordingly, such investments are not subject to the 10% limitation on foreign securities.

TEMPORARY DEFENSIVE INVESTMENTS

At times the Fund may take a temporary defensive position by investing some or all of its assets in short-term fixed income securities. Such securities may be used to attempt to avoid losses in response to adverse market, economic, political or other conditions, to invest uncommitted cash balances, or to maintain liquidity to meet shareholder redemptions. These securities include:
obligations of the U.S. Government and its agencies and instrumentalities, commercial paper, bank certificates of deposit, bankers' acceptances, and repurchase agreements collateralized by cash and obligations of the U.S. Government and its agencies and instrumentalities. These investments could reduce the benefit from any upswing in the market and prevent the Fund from achieving its investment objective.

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance

would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 15.35% (for the quarter ended 6/2003) and the lowest return was 14.75% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

                                 ONE     LIFE OF    DATE FIRST
                                 YEAR   PORTFOLIO    AVAILABLE
                                -----   ---------   ----------
Mid Cap Value Trust Series I     8.00%              04/30/2001
   Series II(C)                  7.76%              01/28/2002
   Series NAV(B)                 8.16%              02/28/2005
Russell Midcap Value Index(A)   12.65%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(C) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

SUBADVISER:            RiverSource Investments, LLC

INVESTMENT OBJECTIVE:  To seek long-term growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least
                       80% of its net assets (plus any borrowings for investment
                       purposes) in equity securities of medium-sized companies.
                       Medium-sized companies are those whose market
                       capitalizations at the time of investment fall within the
                       range of the Russell Midcap Value Index. At December 31,
                       2006, the range of this index was between $[__________]
                       million and $[__________] billion.

Up to 20% of the net assets of the Fund may be invested in stocks of small or large companies, preferreds, convertibles, or other debt securities. The Fund may invest up to 25% of its total assets in foreign investments. The Fund can invest in any economic sector, and at times, it may emphasize one or more particular sectors.

In pursuit of the Fund's objectives, the subadviser chooses equity investments by:

- Selecting companies that are undervalued based on a variety of measures, such as price to earnings ratios, price/book ratios, current and projected earnings, current and projected dividends, and historic price levels.

- Identifying companies with growth potential based on:

- effective management, as demonstrated by overall performance, and

- financial strength.

In evaluating whether to sell a security, the subadviser considers, among other factors, whether:

- The security is overvalued relative to alternative investments.

- The security has reached the subadviser's price objective.

- The company has met the subadviser's earnings and/or growth expectations.

- The company or the security continues to meet the other standards described above.

PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

2005 2006

                              ONE    DATE FIRST
                             YEAR     AVAILABLE
                             ----   -----------
Mid Cap Value Equity Trust          10/[__]/2005
Series NAV
Russell 1000 Index
Combined Index

SUBADVISER:            T. Rowe Price Associates, Inc.

INVESTMENT OBJECTIVE:  To seek long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least
                       80% (usually higher) of its net assets in companies with
                       market capitalizations that are within the Russell MidCap
                       Index ($[__________] million to $[__________] billion as
                       of December 31, 2006) or the Russell Mid Cap Value Index
                       ($[__________] million to $[__________] billion as of
                       December 31, 2006). The Fund invests in a diversified mix
                       of common stocks of mid size U.S. companies that are
                       believed to be undervalued by various measures and offer
                       good prospects for capital appreciation.

The subadviser employs a value approach in selecting investments. The subadviser's in-house research team seeks to identify companies whose stock prices do not appear to reflect their underlying values. The subadviser generally looks for companies with one or more of the following characteristics:

- Low stock prices relative to net assets, earnings, cash flow, sales or business franchise value.

- Demonstrated or potentially attractive operating margins, profits and/or significant cash flow generation.

- Sound balance sheets and other positive financial characteristics.

- Significant stock ownership by management.

- Experienced and capable management.

The Fund's sector exposure is broadly diversified as a result of stock selection and therefore may vary significantly from its benchmark. The market capitalization of companies in the Fund and in the indices changes over time. The Fund will not automatically sell or cease to purchase stock of a company it already owns just because the company's market capitalization grows or falls outside these ranges.

The Fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.

In pursuing the Fund's investment objective, the subadviser has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an unusual opportunity for gain. These special situations might arise when the subadviser believes a security could increase in value for a variety of reasons, including a change in management, an extraordinary corporate event, or a temporary imbalance in the supply of or demand for the securities.

Except as otherwise stated under "Additional Investment Policies -- Temporary Defensive Investing" the fund normally has less than 10% of its assets in cash and cash equivalents.

The Fund may invest in (IPOs). The Fund may purchase other types of securities that are not primary investment vehicles, for example: convertible securities and warrants, foreign securities (up to 20% of total assets), certain ETFs, and certain derivatives (investments whose value is based on indices or other securities). For purposes of the Fund, ETFs are considered securities with a market capitalization equal to the weighted average market capitalization of the basket of securities comprising the ETF.

The Fund holds a certain portion of its assets in money market reserves which can consist of shares of the T. Rowe Price Reserve Investment Fund (or any other internal T. Rowe Price money market fund) as well as money market securities, including repurchase agreements, in the two highest rating categories, maturing in one year or less.

The Fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures and options. Such securities may bear interest or pay dividends at below (or even relatively nominal) rates. The SAI contains a more complete description of such instruments and risks associated therewith.

PAST PERFORMANCE (A, B, C, D, E)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series NAV shares. During the period shown in the bar chart, the highest quarterly return was 21.36% (for the quarter ended 6/2003) and the lowest return was 18.16% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

                                 ONE     FIVE    LIFE OF    DATE FIRST
                                 YEAR   YEARS   PORTFOLIO    AVAILABLE
                                -----   -----   ---------   ----------
Mid Value Trust
   Series NAV(A)                 7.39%   9.55%              05/01/1998
   Series I(C)                   7.47%   9.57%              04/29/2005
   Series II(C)                  7.30%   9.54%              04/29/2005
Russell Midcap Value Index(B)   12.65%  12.21%

(A) The Series NAV shares of the Mid Value Trust were first issued on April 29, 2005 in connection with JHT's acquisition on that date of all the assets of the Mid Value Fund B of John Hancock Variable Series Trust I ("JHVST") in exchange for Series NAV shares pursuant to an agreement and plan of reorganization. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the sole class of shares of the JHVST Mid Value Fund B, JHT's predecessor. These shares were first issued on May 1, 1998.

(B) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(C) The Series I and Series II shares of the Mid Value Trust were first offered on April 29, 2005. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the sole class of shares of the JHVST Mid Value Fund B, JHT's predecessor. The performance of this class of shares would have been lower if it reflected the higher expenses of the Series I and Series II shares.

(D) Current subadviser assignment became effective May 1, 2004.

(E) Since June 1, 2000, a portion of the Mid Value Trust expenses were reimbursed. If such expenses had not been reimbursed, returns would be lower.

SUBADVISER:            MFC Global Investment Management (U.S.A.) Limited

INVESTMENT OBJECTIVE:  To seek long-term capital growth.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least
                       80% of its net assets (plus any borrowings for investment
                       purposes) in U.S. mid-cap stocks, at the time of
                       investment, convertible preferred stocks, convertible
                       bonds and warrants. U.S. mid-cap stocks are defined by
                       Morningstar U.S. as of December 31, 2006, as having a
                       capitalization range of $[__________] million to
                       $[__________] billion. The Fund may also invest up to 20%
                       of its assets in large-cap stocks, convertible preferred
                       stocks, convertible bonds and warrants in an effort to
                       reduce overall Fund volatility and increase performance.

Stocks of publicly traded companies -- and mutual funds that hold these stocks -- can be classified by the companies' market value, or capitalization. Market capitalization is defined according to Morningstar U.S. as follows: Rather than a fixed number of "large cap" or "small cap" stocks, Morningstar uses a flexible system that is not adversely affected by overall movements in the market. Large-cap stocks are defined as the group that accounts for the top 70% of the capitalization of the Morningstar domestic stock universe; mid-cap stocks represent the next 20%; and small-cap stocks represent the balance. The Morningstar stock universe represents approximately 99% of the U.S. market for actively traded stocks.

The subadviser uses a bottom-up, as opposed to a top-down, investment style in managing the Fund. This means that securities are selected based upon fundamental analysis performed by the portfolio manager and the subadviser's equity research analysts. The equity research analysts use fundamental analysis to identify mid-cap and large-cap companies' securities with strong industry positions, leading market shares, proven managements and strong balance sheets. The analysts then rank all such securities of such companies based on financial attributes (including earnings, growth and momentum) using quantitative analysis. Securities at the top of this ranking may be purchased by the Fund.

The Fund may invest in foreign securities and may have exposure to foreign currencies through its investment in these securities, its direct holdings of foreign currencies or through its use of foreign currency exchange contracts for the purchase or sale of a fixed quantity of a foreign currency at a future date. Investments in foreign securities may include depositary receipts (ADRs).

The Fund may also invest in fixed income securities including money market instruments.

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance

would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 14.96% (for the quarter ended 6/2003) and the lowest return was 13.34% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

                                 ONE    FIVE     LIFE OF     DATE FIRST
                                 YEAR   YEAR   [PORTFOLIO]    AVAILABLE
                                -----   ----   -----------   ----------
Quantitative Mid Cap Trust
   Series I                     13.62%                       04/30/2001
   Series II(C)                 13.39%                       01/28/2002
   Series NAV(B)                13.70%                       04/29/2005
S&P Midcap 400 Index(A)         12.55%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(B) NAV shares were first offered April 29, 2005. Performance prior to April 29, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(C) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

SUBADVISER:            Morgan Stanley Investment Management Inc. (doing business
                       as Van Kampen)

INVESTMENT OBJECTIVE:  To realize an above-average total return over a market
                       cycle of three to five years, consistent with reasonable
                       risk.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests in
                       equity securities of companies with capitalizations, at
                       the time of investment, similar to the market
                       capitalization of companies in the Russell Midcap Value
                       Index ($[__________] million to $[__________] billion as
                       of December 31, 2006).

The Fund invests at least 65% of its total assets in equity securities. These primarily include common stocks, but may also include preferred stocks, convertible securities, rights, warrants, and ADRs. The Fund may invest without limit in ADRs and may invest up to 5% of its total assets in foreign equities excluding ADRs. The Fund may invest up to 15% of its net assets in REITs.

The subadviser's approach is to select equity securities which are believed to be undervalued relative to the stock market in general as measured by the Russell Midcap Value Index. Generally, medium market capitalization companies will consist primarily of those that the subadviser believes are selling below their intrinsic value and offer the opportunity for growth of capital. The Fund emphasizes a "value" style of investing focusing on those companies with strong fundamentals, consistent track records, growth prospects, and attractive valuations. The subadviser may favor securities of companies that are in undervalued industries. The subadviser may purchase stocks that do not pay dividends. The subadviser may also invest the Fund's assets in companies with smaller or larger market capitalizations.

PAST PERFORMANCE (A, B, C, D)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 20.39% (for the quarter ended 6/2003) and the lowest return was -23.40% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

                                 ONE    FIVE      LIFE OF     DATE FIRST
                                 YEAR   YEAR    [PORTFOLIO]    AVAILABLE
                                -----   ----    -----------   ----------
Value Trust
   Series I                     12.56%   7.51%                01/01/1997
   Series II(D)                 12.35%   7.40%                01/28/2002
   Series NAV(C)                12.67%   7.53%                04/29/2005
Russell Midcap Value Index(B)   12.65%  12.21%

(B) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for this index is only provided as of a month end.

(C) NAV shares were first offered April 29, 2005. Performance prior to April 29, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had such performance reflected NAV share expenses performance would be higher.

(D) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

SUBADVISER:            American Century Investment Management, Inc.

INVESTMENT OBJECTIVE:  To seek long-term capital growth.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests in
                       common stocks of companies that are medium-sized and
                       smaller at the time of purchase, but the Fund may
                       purchase other types of securities as well.

In managing the Fund, the subadviser looks for stocks of medium-sized and smaller companies it believes will increase in value over time, using a proprietary investment strategy. When determining the size of a company, the subadviser will consider, among other factors, the capitalization of the company and the amount of revenues as well as other information they obtain about the company.

In implementing this strategy, the subadviser uses a bottom-up approach to stock selection. This means that the subadviser makes investment decisions based primarily on its analysis of individual companies, rather than on broad economic forecasts. The subadviser manages the Fund based on the belief that, over the long-term, stock price movements follow growth in earnings and revenue. The subadviser uses its extensive computer database, as well as other primary analytical research tools, to track financial information for thousands of individual companies to identify and evaluate trends in earnings, revenues and other business fundamentals. The subadviser's principal analytical technique involves the identification of companies with earnings and revenues that are not only growing, but growing at an accelerating pace. This includes companies whose growth rates, although still negative, are less negative than prior periods, and companies whose growth rates are expected to accelerate. These techniques help the subadviser buy or hold the stocks of companies it believes have favorable growth prospects and sell the stocks of companies whose characteristics no longer meet its criteria.

Although the subadviser intends to invest the Fund's assets primarily in U.S. stocks, the Fund may invest in securities of foreign companies, including companies located in emerging markets. The Fund may also invest in IPOs.

The subadviser does not attempt to time the market. Instead, under normal market conditions, it intends to keep the Fund essentially fully invested in stocks regardless of the movement of stock prices generally. When the subadviser believes it is prudent, the Fund may invest a portion of its assets in debt securities, options, preferred stock, and equity-equivalent securities, such as convertible securities, stock futures contracts or stock index futures contracts. The Fund generally limits its purchase of debt securities to investment grade obligations. Futures contracts, a type of derivative security, can help the Fund's cash assets remain liquid while performing more like stocks.

PAST PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

                                 ONE    LIFE OF    DATE FIRST
                                YEAR   PORTFOLIO    AVAILABLE
                                ----   ---------   ----------
Vista Trust
Series II
NAV
[Index]

SUBADVISER:            Deutsche Investment Management Americas Inc.

INVESTMENT OBJECTIVE:  To seek long-term growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests in
                       common stocks and other equity securities within all
                       asset classes (small, mid and large cap) those within the
                       Russell 3000 Index.

The Fund may invest in all types of equity securities including common stocks, preferred stocks and preferred and preference stocks, convertible securities and depositary receipts for such securities. These securities may be listed on securities exchanges, traded in various over-the-counter markets or have no organized markets.

The Fund may also invest in U.S. Government securities.

INVESTMENT PHILOSOPHY

The subadviser pursues an actively managed, quantitative investment process. The subadviser's investment philosophy is based on three central tenets:

- Securities have an intrinsic value from which they deviate over time. The subadviser believes that the best way to measure a security's fair value is relative to its peers within its own industry.

- Finding attractive companies with long-term potential requires a consideration of both growth and value attributes. Technical analysis further enhances the stock selection process, helping to identify timely market opportunities.

- Quantitative investment models provide an improved framework for selecting miss priced stocks in an unbiased, consistent and repeatable manner.

QUANTITATIVE INVESTMENT APPROACH

The subadviser blends fundamental equity analysis and quantitative investment theory into a disciplined and systematic process. This technique minimizes subjectivity and allows the team to analyze the broadest possible universe of stocks. The subadviser's proprietary U.S. stock evaluation model, the Quantitative Investment Model (the "Model"), incorporates valuation and growth investment parameters and is used to select securities. The subadviser believes that combining techniques used by fundamental value investors with extensive growth and earnings analysis minimizes investment style bias and ultimately produces a "pure" stock selection process that seeks to add value in any market environment. The subadviser also incorporates technical analysis to capture short-term price changes and market responsiveness to new information.

PORTFOLIO CONSTRUCTION AND QUANTITATIVE RISK MANAGEMENT

The subadviser extensively screens the Russell 3000 universe using multiple investment parameters to identify what the subadviser believes are the most and least attractive securities. Expected returns are generated for each stock relative to its own industry. Securities are then selected based on expected returns, risk control constraints and anticipated transaction costs.

By applying a rigorous portfolio construction process, the team targets excess return levels similar to traditional managers, while holding a significantly more diversified basket of stocks. Non-linear market impact assumptions are also incorporated into the process to maximize the trade-off between the anticipated pickup from trading and the costs associated with making these trades.

PAST PERFORMANCE (A, B, C, D, E)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 23.59% (for the quarter ended 12/1999) and the lowest return was 24.41% (for the quarter ended 3/2001).

(PERFORMANCE GRAPH)

                                 ONE    FIVE    TEN    DATE FIRST
                                YEAR   YEARS   YEARS    AVAILABLE
                                ----   -----   -----   ----------
All Cap Core Trust
   Series I                     9.08%   0.38%          07/15/1996
   Series II(E)                 8.89%   0.50%          01/28/2002
   Series NAV(D)                9.21%   0.35%          04/29/2005
Russell 3000 Index(B)           6.13%   1.58%
Combined Index(B, C)            6.12%   1.97%

(A) Effective November 25, 2002, the portfolio changed its subadviser.
Performance reflects results prior to these changes.

(B) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for this index is only provided as of a month end.

(C) The Combined Index is a blend of the Russell 1000 Growth Index from inception through December 31, 2002 and the Russell 3000 Index from January 1, 2003 and thereafter.

(D) NAV shares were first offered April 29, 2005. Performance prior to April 29, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(E) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

SUBADVISER:            AIM Capital Management, Inc.

INVESTMENT OBJECTIVE:  To seek long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund seeks to achieve
                       this investment objective by investing its assets
                       principally in common stocks of companies that the
                       portfolio managers believe likely to benefit from new or
                       innovative products, services or processes as well as
                       those that have experienced above-average, long-term
                       growth in earnings and have excellent prospects for
                       future growth. Any income received from securities held
                       by the Fund will be incidental.

The Fund's portfolio is comprised of securities of two basic categories of companies:

- "core" companies, which the subadviser considers to have experienced above-average and consistent long-term growth in earnings and to have excellent prospects for outstanding future growth, and

- "earnings acceleration" companies which the subadviser believes are currently enjoying a dramatic increase in profits.

The Fund may also purchase the common stocks of foreign companies. It is not anticipated, however, that foreign securities will constitute more than 20% of the total assets of the Fund. American Depository Receipts ("ADRs") and European Depositary Receipts ("EDRs") and other securities representing underlying securities of foreign issuers are treated as foreign securities and included in this 20% limitation.

USE OF HEDGING AND OTHER STRATEGIC TRANSACTIONS

The Fund may:

- purchase and sell stock index futures contracts,

- purchase options on stock index futures as a hedge against changes in market conditions,

- purchase and sell futures contracts and purchase related options in order to hedge the value of its portfolio against changes in market conditions,

- write (sell) covered call options (up to 25% of the value of its portfolio's net assets), or

- foreign exchange transactions to hedge against possible variations in foreign exchange rates between currencies of countries in which the Fund is invested including: the direct purchase or sale of foreign currency, the purchase or sale of options on futures contract with respect to foreign currency, the purchase or sale of forward contracts, exchange traded futures contracts and options of futures contracts.

See "Hedging and Other Strategic Transactions" for further information on these investment strategies.

PERFORMANCE(A, B, C, D, E)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 36.09% (for the quarter ended 12/1999) and the lowest return was 23.20% (for the quarter ended 9/2001).

(PERFORMANCE GRAPH)

15.3%  28.3%  44.7%  -10.8%  -23.8%  -24.4%  29.2%   6.5%   9.0%    %
1997   1998   1999    2000    2001    2002   2003   2004   2005   2006

                                 ONE    FIVE    TEN    DATE FIRST
                                YEAR   YEARS    YEAR    AVAILABLE
                                ----   -----   -----   ----------
All Cap Growth Trust
   Series I                     8.99%  -2.87%          03/04/1996
   Series II(E)                 8.77%  -3.00%          01/28/2002
   Series NAV(D)                9.12%  -2.91%          02/28/2005
Russell 3000 Growth Index(B)    5.17%  -3.15%
Combined Index(B, C)            5.17%  -3.15%

(A) Effective May 1, 1999, the portfolio changed its subadviser and its investment objective. Performance reflects results prior to these changes.

(B) The return of the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for the index is only provided as of month end.

(C) The Combined Index is a blend of the Russell Midcap Growth Index since inception until November 30, 1999, and the performance of the Russell 3000 Growth Index from December 1, 1999 and thereafter.

(D) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had such performance reflected NAV share expenses performance would be higher.

(E) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had such performance reflected Series II expenses, performance would be lower.

SUBADVISER:            Lord, Abbett & Co. LLC

INVESTMENT OBJECTIVE:  To seek capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests in
                       equity securities of U.S. and multinational companies
                       that the subadviser believes are undervalued in all
                       capitalization ranges. The Fund will invest at least 50%
                       of its net assets in equity securities of large, seasoned
                       companies with market capitalizations at the time of
                       purchase that fall within the market capitalization range
                       of the Russell 1000 Index. As of December 31, 2006, the
                       market capitalization range of the Russell 1000 Index was
                       $__________ billion to $__________ billion. This range
                       varies daily. The Fund will invest the remainder of its
                       assets in mid-sized and small company securities.

Equity securities may include common stocks, preferred stock, convertible securities, warrants, and similar instruments. These are companies that appear underpriced according to certain financial measurements of their intrinsic worth or business prospects (such as price-to-earnings or price to-book ratios).

In selecting investments, the subadviser attempts to invest in securities selling at reasonable prices in relation to its assessment of their potential value. While there is the risk that an investment may never reach what the subadviser thinks is its full value, or may go down in value, the subadviser's emphasis on large, seasoned company value stocks may limit the Fund's downside risk. This is because value stocks are believed to be underpriced, and large, seasoned company stocks tend to be issued by more established companies and less volatile than mid-sized or small company stock. Although small companies may present greater risks than larger companies, they also may present higher potential for attractive long-term returns. The subadviser generally sells a stock when it thinks it seems less likely to benefit from the current market and economic environment, shows deteriorating fundamentals, or has reached the subadviser valuation target.

The Fund may invest up to 10% of its net assets in foreign equity securities. The subadviser does not consider ADRs and securities of companies domiciled outside the U.S. but that are traded in the United States to be "foreign securities." Accordingly, such investments are not subject to the 10% limitation on foreign securities.

TEMPORARY DEFENSIVE INVESTMENTS

At times the Fund may take a temporary defensive position by investing some or all of its assets in short-term fixed income securities. Such securities may be used to attempt to avoid losses in response to adverse market, economic, political or other conditions, to invest uncommitted cash balances, or to maintain liquidity to meet shareholder redemptions. These securities include:
obligations of the U.S. Government and its agencies and instrumentalities, commercial paper, bank certificates of deposit, bankers' acceptances, and repurchase agreements collateralized by cash and obligations of the U.S. Government and its agencies and instrumentalities. These investments could reduce the benefit from any upswing in the market and prevent the Fund from achieving its investment objective.

PAST PERFORMANCE (A, B, C, D)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 16.11% (for the quarter ended 6/2003) and the lowest return was 23.92% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

-27.8%  38.4%  16.0%   5.7%    %
 2002   2003   2004   2005   2006

                               ONE    FIVE   LIFE OF   DATE FIRST
                              YEAR   YEARS     FUND     AVAILABLE
                              ----   -----   -------   ----------
All Cap Value Trust
   Series I                   5.71%                    04/30/2001
   Series II(D)               5.42%                    01/28/2002
   Series NAV(C)              5.76%                    02/28/2005
Russell 3000 Value Index(B)   6.85%

(A) Current subadviser assignment became effective May 1, 2003.

(B) The Return under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for this index is only provided as of a month end.

(C) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had such performance reflected NAV share expenses performance would be higher.

(D) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

SUBADVISER:            T. Rowe Price Associates, Inc.

INVESTMENT OBJECTIVE:  To provide long-term growth of capital. Current income is
                       a secondary objective.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least
                       80% of its net assets (plus any borrowing for investment
                       purposes) at the time of investment in the common stocks
                       of large and medium-sized blue chip growth companies.
                       These are firms that, in the subadviser's view, are well
                       established in their industries and have the potential
                       for above-average earnings growth.

In identifying blue chip companies, the subadviser generally considers the following characteristics:

LEADING MARKET POSITIONS

Blue chip companies often have leading market positions that are expected to be maintained or enhanced over time. Strong positions, particularly in growing industries, can give a company pricing flexibility as well as the potential for good unit sales. These factors, in turn, can lead to higher earnings growth and greater share price appreciation.

SEASONED MANAGEMENT TEAMS

Seasoned management teams with a track record of providing superior financial results are important for a company's long-term growth prospects. The subadviser's analysts will evaluate the depth and breadth of a company's management experience.

STRONG FINANCIAL FUNDAMENTALS

Companies should demonstrate faster earnings growth than their competitors and the market in general; high profit margins relative to competitors; strong cash flow; a healthy balance sheet with relatively low debt; and a high return on equity with a comparatively low dividend payout ratio.

The subadviser evaluates the growth prospects of companies and the industries in which they operate. The subadviser seeks to identify companies with strong market franchises in industries that appear to be strategically poised for long-term growth. This investment approach reflects the subadviser's belief that the combination of solid company fundamentals (with emphasis on the potential for above-average growth in earnings or operating cash flow) along with a positive industry outlook will ultimately reward investors with strong investment performance. Some of the companies the subadviser targets will have good prospects for dividend growth.

While most of the assets of the Fund are invested in U.S. common stocks, the Fund may also purchase other types of securities, including (i) U.S. and non-U.S. dollar denominated foreign securities (up to 20% of its net assets) including ADRs, (ii) convertible stocks, warrants and bonds, and (iii) futures and options. Investments in convertible securities, preferred stocks and debt securities are limited to 25% of total assets.

The Fund may invest in debt securities of any type without regard to quality or rating. Such securities would be issued by companies which meet the investment criteria for the Fund but may include non-investment grade debt securities ("junk bonds"). The Fund will not purchase a non-investment grade debt security if, immediately after such purchase, the Fund would have more than 5% of its total assets invested in such securities.

The Fund holds a certain portion of its assets in money market reserves which can consist of shares of the T. Rowe Price Reserve Investment Fund (or any other internal T. Rowe Price money market fund) as well as U.S. and foreign dollar-denominated money market securities, including repurchase agreements, in the two highest rating categories, maturing in one year or less.

The Fund may sell securities for a variety of reasons such as to secure gains, limit losses or redeploy assets into more promising opportunities.

In pursuing the Fund's investment objective, the subadviser has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an unusual opportunity for gain. These special situations might arise when the subadviser believes a security could increase in value for a variety of reasons including a change in management, an extraordinary corporate event, or a temporary imbalance in the supply of or demand for the securities.

PAST PERFORMANCE (A, B, C, D, E)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 24.80% (for the quarter ended 12/1998) and the lowest return was 17.09% (for the quarter ended 3/2001).

(PERFORMANCE GRAPH)

26.9%  28.5%  19.4%  -2.8%  -14.6%  24.3%   9.2%   9.0%   5.6%    %
1997   1998   1999   2000    2001   2002   2003   2004   2005   2006

                          ONE    FIVE    TEN    DATE FIRST
                         YEAR   YEARS   YEARS    AVAILABLE
                         ----   -----   -----   ----------
Blue Chip Growth Trust
   Series I              5.60%  -0.77%          12/11/1992
   Series II(D)          5.36%  -0.89%          01/28/2002
   Series NAV(C)         5.70%  -0.76%          02/28/2005
S&P 500 Index(B)         4.91%   0.54%

(A) Effective October 1, 1996, the portfolio changed its subadviser.
Performance reflects results prior to this change.

(B) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(C) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had such performance reflected NAV share expenses performance would be higher.

(D) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had such performance reflected Series II expenses, performance would be lower.

(E) Since June 1, 2000, a portion of the Blue Chip Growth Trust expenses were reimbursed. If such expenses had not been reimbursed, returns would be lower.

SUBADVISER:            Jennison Associates LLC

INVESTMENT OBJECTIVE:  To seek long-term growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least
                       65% of its total assets in equity and equity-related
                       securities of companies, at the time of investment, that
                       exceed $1 billion in market capitalization and that the
                       subadviser believes have above-average growth prospects.
                       These companies are generally medium- to
                       large-capitalization companies.

The subadviser follows a highly disciplined investment selection and management process that seeks to identify companies that show superior absolute and relative earnings growth and also are attractively valued. The subadviser looks for companies that experience some or all of the following: (i) above average revenue and earnings per share growth, (ii) strong market position, (iii) improving profitability and distinctive attributes such as unique marketing ability, (iv) strong research and development and productive new product flow and (v) financial strength. Such companies generally trade at high prices relative to their current earnings. Earnings predictability and confidence in earnings forecasts are important parts of the selection process.

Securities in which the Fund invests have historically been more volatile than the S&P 500 Index. Also, companies that have an earnings growth rate higher than that of the average S&P 500 company tend to reinvest their earnings rather than distribute them. Therefore, the Fund is not likely to receive significant dividend income on its securities.

In addition to common stocks, nonconvertible preferred stock and convertible securities, equity-related securities in which the Fund invests include: (i) American Depository Receipts (ADRs); (ii) warrants and rights that can be exercised to obtain stock; (iii) investments in various types of business ventures, including partnerships and joint ventures; (iv) REITs; (v) IPOs and similar securities. (Convertible securities are securities -- like bonds, corporate notes and preferred stocks -- that the Fund can convert into the company's common stock or some other equity security).

The Fund may invest up to 35% of its total assets in equity-related securities of companies that are undergoing changes in management or product or changes in marketing dynamics that have not yet been reflected in reported earnings (but are expected to affect earnings in the intermediate term). These securities often are not widely known and favorably valued.

In addition to the principal strategies discussed above, the Fund may also use the following investment strategies to attempt to increase the Fund's return or protect its assets if market conditions warrant:

- The Fund may make short sales of a security including short sales "against the box."

- The Fund may invest up to 20% of the Fund's total asset in foreign equity securities. (For purposes of this 20% limit, ADRs and other similar receipts or shares traded in U.S. markets are not considered to be foreign securities).

- The Fund may invest in U.S. government securities issued or guaranteed by the U.S. government or by an agency or instrumentality of the U.S. government.

- The Fund may invest in mortgage-related securities issued or guaranteed by U.S. governmental entities, including collateralized mortgage obligations, multi-class pass through securities and stripped mortgage backed securities.

- The Fund may invest in fixed-income securities rated investment grade. These include corporate debt and other debt obligations of U.S. and foreign issuers. The Fund may invest in obligations that are not rated, but that the subadviser believes are of comparable quality to these obligations.

- The Fund may invest in repurchase agreements.

The subadviser considers selling or reducing a stock position when, in the opinion of the subadviser, the stock has experienced a fundamental disappointment in earnings, it has reached an intermediate price objective and its outlook no longer seems sufficiently promising, a relatively more attractive stock emerges or the stock has experienced adverse price movement.

PAST PERFORMANCE (A, B, C, D)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 16.38% (for the quarter ended 12/2001) and the lowest return was 19.64% (for the quarter ended 9/2001).

(PERFORMANCE GRAPH)

-18.4%  30.6%  29.5%   9.3%  14.0%    %
 2001   2002   2003   2004   2005   2006

                                ONE     FIVE   LIFE OF   DATE FIRST
                                YEAR   YEARS     FUND     AVAILABLE
                               -----   -----   -------   ----------
Capital Appreciation Trust
   Series I                    13.99%   1.80%            11/01/2000
   Series II(C)                13.70%   1.91%            01/28/2002
   Series NAV(B)               14.12%   1.77%            02/28/2005
Russell 1000 Growth Index(A)    5.26%   3.58%

(A) The return of the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for the index is only provided as of month end.

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had such performance reflected NAV share expenses performance would be higher.

(C) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had such performance reflected Series II expenses, performance would be lower.

(D) Since November, 2000 a portion of the Capital Appreciation Trust expenses were reimbursed. If such expenses had not been reimbursed, returns would be lower.

SUBADVISER:            Pzena Investment Management, LLC.

INVESTMENT OBJECTIVE:  To seek long-term growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least
                       80% of its assets in domestic equity securities. The Fund
                       may invest in securities of foreign issuers, but will
                       generally limit such investments to American Depositary
                       Receipts (ADRs) and foreign securities listed and traded
                       on a U.S. Exchange or the NASDAQ market.

In managing the Fund, the subadviser seeks to identify companies that it believes are currently undervalued relative to the market, based on estimated future earnings and cash flow. These companies generally have market values at valuation ratios, such as price-to-book, below market average, as defined by the S&P 500 Index.

In choosing individual securities, the subadviser screens a universe of the 500 largest U.S. listed companies to construct a portfolio of approximately 30 to 40 stocks that the subadviser believes generally have the following characteristics:

- cheap on the basis of current price to estimated normal level of earnings

- current earnings below normal levels

- a sound plan to restore earnings to normal

- a sustainable business advantage

Using fundamental research and a proprietary computer model, the subadviser ranks these companies from the least to the most expensive on the basis of current share price to the subadviser's estimate of normal long-term earnings power. The subadviser's management team then focuses its research efforts on companies in the most undervalued 20% of the universe. After performing rigorous in-depth analysis that typically culminates in discussions with senior company management, the subadviser refines its earnings model and makes its final investment decision.

Before investing, the subadviser considers the value of an entire business relative to its price. The subadviser views itself as a long-term business investor, rather than a stock buyer. This systematic process is intended to ensure that the Fund's investments avoid the emotional inputs that can lead to overvalued securities.

The subadviser approaches sell decisions from the same disciplined framework. The subadviser automatically sells a security when it reaches fair value (i.e., the price fairly reflects the normal earnings power and the stock falls to the mid point in the subadviser's ranking system). The subadviser also will generally sell a security when there are more attractive opportunities or there is a change in company fundamentals.

The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified Fund.

The subadviser seeks to maintain a fully invested portfolio (generally at least 90% invested), but does not try to make investment decisions based on short-term trends in the stock market. Therefore, if attractively priced stocks cannot be found, the portfolio's cash levels will increase. To the extent the portfolio's cash levels increase, its ability to achieve its investment objective will be limited.

PERFORMANCE (A, B)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 4.57% (for the quarter ended 6/2005) and the lowest return was -- 1.81% (for the quarter ended 3/2005).

(PERFORMANCE GRAPH)

 9.4%  [__]%
2005   2006

                               ONE    LIFE OF    DATE FIRST
                              YEAR   PORTFOLIO    AVAILABLE
                              ----   ---------   ----------
Classic Value Trust
   Series I                   9.42%    12.59%    05/03/2004
   Series II                  9.22%    12.38%    05/03/2004
   Series NAV(B)              9.53%    12.65%    04/29/2005
Russell 1000 Value Index(A)   7.07%    13.79%

(A) The return of the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for the index is only provided as of month end.

(B) NAV shares were first offered April 29, 2005. Performance prior to April 29, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

CORE EQUITY TRUST

SUBADVISER: Legg Mason Capital Management, Inc.

INVESTMENT OBJECTIVE: To seek long-term capital growth.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities that, in the subadviser's opinion, offer the potential for capital growth. The subadviser seeks to purchase securities at large discounts to the subadviser's assessment of their intrinsic value.

The subadviser seeks to purchase securities at large discounts to the subadviser's assessment of their intrinsic value. Intrinsic value, according to the subadviser, is the value of the company measured, to different extents depending on the type of company, by factors such as, but not limited to, the discounted value of its projected future free cash flows, its ability to earn returns on capital in excess of its cost of capital, private market values of similar companies and the costs to replicate the business. Qualitative factors, such as an assessment of the company's products, competitive positioning, strategy, industry economics and dynamics, regulatory frameworks and more, may also be considered. Securities may be undervalued due to, among other things, uncertainty arising from the limited availability of accurate information, economic growth and change, changes in competitive conditions, technological change, investor overreaction to negative news or events, and changes in government policy or geopolitical dynamics. The subadviser takes a long-term approach to investing, generally characterized by long holding periods. The Fund generally invests in companies with market capitalizations greater than $5 billion, but may invest in companies of any size.

The subadviser may decide to sell securities given a variety of circumstances, such as when a security no longer appears to the subadviser to offer the potential for long-term growth of capital, when an investment opportunity arises that the subadviser believes is more compelling, or to realize gains or limit potential losses.

The Fund may also invest in debt securities of companies having one or more of the above characteristics. The Fund may invest up to 20% of its net assets in long-term debt securities. Up to 10% of its total assets may be invested in debt securities rated below investment grade, commonly known as "junk bonds."

PAST PERFORMANCE (A,B)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 6.19% (for the quarter ended 12/2005) and the lowest return was 5.76% (for the quarter ended 3/2005).

(PERFORMANCE GRAPH)

 5.9%      %
2005   2006

                     ONE    LIFE OF    DATE FIRST
                    YEAR   PORTFOLIO    AVAILABLE
                    ----   ---------   ----------
Core Equity Trust
   Series I         5.90%              05/03/2004
   Series II        5.77%              05/03/2004
   Series NAV(B)    6.04%              02/28/2005
S&P 500 Index(A)    4.91%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(B) Series NAV shares were first offered February 28, 2005. For periods prior to February 28, 2005, the performance shown reflects the performance of Series I shares. Series I shares have higher expenses than Series NAV shares. Had the performance for periods prior to February 28, 2005 reflected Series NAV expenses, performance would be higher.

EQUITY-INCOME TRUST

SUBADVISER: T. Rowe Price Associates, Inc.

INVESTMENT OBJECTIVE: To provide substantial dividend income and also long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in equity securities, with 65% in common stocks of well-established companies paying above-average dividends.

The subadviser believes that income can contribute significantly to total return over time and expects the Fund's yield to exceed that of the S&P 500 Index. Dividends can also help reduce the Fund's volatility during periods of market turbulence and help offset losses when stock prices are falling.

The Fund employs a "value" approach and invests in stocks and other securities that appear to be temporarily undervalued by various measures and may be temporarily out of favor, but have good prospects for capital appreciation and dividend growth. Value investors seek to buy a stock (or other security) when its price is low in relation to what they believe to be its real worth or future prospects. By identifying companies whose stocks are currently out of favor, value investors hope to realize significant appreciation as other investors recognize a stock's intrinsic value. Finding undervalued stocks requires considerable research to identify the particular stocks, to analyze each company's underlying financial condition and prospects, and to assess the likelihood that a stock's underlying value will be recognized by the market and reflected in its price.

The Fund will generally consider companies with the following characteristics:

- established operating histories;

- above-average dividend yield relative to the S&P 500 Index;

- low price/earnings ratios relative to the S&P 500 Index;

- sound balance sheets and other financial characteristics; and

- low stock price relative to a company's underlying value, as measured by assets, cash flow or business franchises.

The Fund may also purchase other types of securities in keeping with its objective, including:

- U.S. and non-U.S. dollar denominated foreign securities including ADRs (up to 25% of total assets);

- preferred stocks;

- convertible stocks, bonds, and warrants; and

- futures and options.

The Fund may invest in fixed income securities without regard to quality or rating, including up to 10% in non-investment grade ("junk bonds") fixed income securities.

The Fund holds a certain portion of its assets in money market reserves which can consist of shares of the T. Rowe Price Reserve Investment Fund (or any other internal T. Rowe Price money market fund) as well as U.S. and foreign dollar-denominated money market securities, including repurchase agreements, in the two highest rating categories, maturing in one year or less.

The Fund may sell securities for a variety of reasons such as to secure gains, limit losses or redeploy assets into more promising opportunities.

The Fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures and options. Such securities may bear interest or pay dividends at below market (or even relatively nominal) rates. The SAI contains more complete description of such instruments and the risks associated therewith.

In pursuing the Fund's investment objective, the subadviser has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an unusual opportunity for gain. These special situations might arise when the subadviser believes a security could increase in value for a variety of reasons

including a change in management, an extraordinary corporate event, or a temporary imbalance in the supply of or demand for the securities.

PAST PERFORMANCE (A, B, C, D, E)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 16.68% (for the quarter ended 6/2003) and the lowest return was 17.40% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

29.7%   9.2%   3.4%    13%   1.3%  -13.3%  25.6%  14.8%   3.9%      %
1997   1998   1999   2000   2001    2002   2003   2004   2005   2006

                               ONE    FIVE    TEN    DATE FIRST
                              YEAR   YEARS   YEARS    AVAILABLE
                              ----   -----   -----   ----------
Equity-Income Trust
   Series I                   3.92%  5.65%           02/19/1993
   Series II(C)               3.72%  5.52%           01/28/2002
   Series NAV(B)              4.05%  5.66%           02/28/2005
Russell 1000 Value Index(E)   7.07%  5.28%

(A) Effective October 1, 1996, the portfolio changed its subadviser.
Performance reflects results prior to this change.

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(C) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

(D) Since June 1, 2000, a portion of the Equity-Income Trust expenses were reimbursed. If such expenses had not been reimbursed, returns would be lower.

(E) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of month end.

FUNDAMENTAL VALUE TRUST

SUBADVISER: Davis Selected Advisers, L.P.

INVESTMENT OBJECTIVE: To seek growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests in common stocks of U.S. companies with market capitalizations of at least $10 billion. The Fund may also invest in companies with smaller capitalizations.

The subadviser uses the Davis Investment Discipline in managing the Fund's portfolio. The Davis Investment Discipline involves conducting extensive research to seek to identify companies with durable business models that can be purchased at attractive valuations relative to their intrinsic value. The subadviser emphasizes individual stock selection and believes that the ability to evaluate management is critical. The subadviser routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. Such research, however rigorous, involves predictions and forecasts that are inherently uncertain.

The subadviser has developed a list of characteristics that it believes help companies to create shareholder value over the long term and manage risk. While few companies possess all of these characteristics at any given time, the subadviser seeks to invest in companies that demonstrate a majority, or an appropriate mix, of these characteristics, although there is no guarantee that it will be successful in doing so.

- Proven track record

- Significant personal ownership in business

- Strong balance sheet

- Low cost structure

- High after-tax returns on capital

- High quality of earnings

- Non-obsolescent products / services

- Dominant or growing market share

- Participation in a growing market

- Global presence and brand names

The subadviser's goal is to invest in companies for the long term. The subadviser considers selling a security if it believes the stock's market price exceeds its estimates of intrinsic value, or if the ratio of the risks and rewards of continuing to own the stock is no longer attractive.

The Fund may also invest up to 20% of total assets in foreign securities and fixed income securities.

When the Fund is in a defensive position or awaiting investment of its assets, the ability to achieve its investment objective will be limited.

PAST PERFORMANCE (A,B,C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 17.39% (for the quarter ended 6/2003) and the lowest return was 12.57% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

16.2%  29.8%  11.8%   8.8%      %
2002   2003   2004   2005   2006

                          ONE     FIVE     LIFE OF
                          YEAR   YEARS   [PORTFOLIO]   DATE FIRST
                          ----   -----   -----------   ----------
Fundamental Value Trust
   Series I               8.84%                        04/30/2001
   Series II(C)           8.70%                        01/28/2002
   Series NAV(B)          8.89%                        02/28/2005
 S&P 500 Index(A)         4.91%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for this index is only provided as of a month end.

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(C) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

GROWTH TRUST

SUBADVISER: Grantham, Mayo, Van Otterloo & Co. LLC

INVESTMENT OBJECTIVE: To seek long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund seeks to achieve its objective by outperforming its benchmark and it typically invests in equity securities of U.S. companies that, at the time of investment, are included in the Russell 1000 Index, or have size and growth characteristics similar to companies included in the Index. As of December 31, 2006, the market cap range of the Russell 1000 Index was $[__________] billion to $[__________] billion.

The subadviser uses proprietary research and multiple quantitative models to identify stocks it believes have improving fundamentals. The subadviser then narrows the selection to those stocks it believes have growth characteristics and are undervalued. Generally, these growth stocks are trading at prices below what the subadviser believes to be their fundamental value. The subadviser also uses proprietary techniques to adjust the Fund for factors such as stock selection discipline (criteria used for selecting stocks), industry and sector weights, and market capitalization. The factors considered by the subadviser and the models used may change over time.

The Fund intends to be fully invested, and generally will not take temporary defensive positions through investment in cash and high quality money market instruments. In pursuing its investment strategy, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivative instruments, including options, futures, and swap contracts to (i) hedge equity exposure; (ii) replace direct investing (e.g., creating equity exposure through the use of futures contracts or other derivative instruments); and (iii) manage risk by implementing shifts in investment exposure.

The Fund's benchmark is the Russell 1000 Growth Index, which measures the performance of those stocks included in the Russell 1000 Index (a large capitalization U.S. stock index) with higher price-to-book ratios and higher forecasted growth values, and which is independently maintained and published by the Frank Russell Company. As of December 31, 2006, the market cap range of the Russell 1000 Growth Index was $[__________] billion to $[__________] billion.

PAST PERFORMANCE ([__________])

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

(PERFORMANCE GRAPH)

    %
2006

                             ONE     LIFE OF    DATE FIRST
                             YEAR   PORTFOLIO    AVAILABLE
                            -----   ---------   ----------
Growth Trust
   Series I                 [___]%    [___]%       [___]
   Series II                [___]%    [___]%       [___]
   Series NAV               [___]%    [___]%       [___]
Russell 1000 Growth Index   [___]%    [___]%

U.S. CORE TRUST

SUBADVISER: Grantham, Mayo, Van Otterloo & Co. LLC

INVESTMENT OBJECTIVE: To seek a high total return.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowing for investment purposes) at the time of investment in investments tied economically to the U.S. and it invests in equity investments in U.S. companies whose stocks are included in the S&P 500 Index; or in companies with size and growth characteristics similar to companies that issue stocks included in the Index. As of December 31, 2006, the market capitalizations of companies included in the Index ranged from $[________] million to $[________] billion.

The subadviser uses proprietary research and quantitative models to seek out stocks it believes are undervalued or have improving fundamentals. Generally, these stocks trade at prices below what the subadviser believes to be their fundamental value. The subadviser also uses proprietary techniques to adjust the Fund for factors such as stock selection discipline (criteria used for selecting stocks), industry and sector weights, and market capitalization. The factors considered by the subadviser and the models it uses may change over time.

The Fund intends to be fully invested and generally will not take temporary defensive positions through investment in cash and high quality money market instruments. In pursuing its investment objective, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivative instruments, including options, futures, and swap contracts, to (i) hedge equity exposure; (ii) replace direct investing (e.g., creating equity exposure through the use of futures contracts or other derivative instruments); or (iii) manage risk by implementing shifts in investment exposure.

The Fund's benchmark is the S&P 500 Index, an index of large capitalization U.S. stocks which is independently maintained and published by Standard & Poor's.

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any Fund is not necessarily an indication of how a Fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 20.16% (for the quarter ended 12/1998) and the lowest return was [_____]% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

32.8%  26.5%  18.9%   7.1%  11.3%  24.3%  26.6%   6.8%   2.0%  [_____]%
1997   1998   1999   2000   2001   2002   2003   2004   2005     2006

                    ONE    FIVE    TEN    DATE FIRST
                   YEAR   YEARS   YEARS    AVAILABLE
                   ----   -----   -----   ----------
U.S. Core Trust
   Series I        2.03%  -1.53%   7.75%  04/23/1991
   Series II(B)    1.84%  -1.65%   7.69%  01/28/2002
   Series NAV(A)   1.98%  -1.54%   7.75%  04/29/2005
   S&P 500 Index   4.91%   0.54%   9.07%

(A) NAV shares were first offered April 29, 2005. Performance prior to April 29, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had such performance reflected NAV share expenses, performance would be higher.

(B) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had such performance reflected Series II expenses, performance would be lower.

GROWTH & INCOME TRUST

SUBADVISER: Independence Investments LLC

INVESTMENT OBJECTIVE: To seek income and long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 65% of its total assets in a diversified mix of common stocks of large U.S. companies.

The subadviser selects stocks that are believed to have improving fundamentals and attractive valuations. Stocks are purchased that appear to be undervalued relative to their peers and to have improving earnings growth prospects. The subadviser seeks to maintain risk and sector characteristics similar to the market benchmark for this Fund. The Fund is a large cap stock portfolio. The subadviser normally invests at least 65% (usually higher) of the Funds's total assets in companies with market capitalizations that are within the range of capitalizations of the companies in the Russell 1000 Index ($[582] million to $[370.3] billion as of December 31, 2006) or the S&P 500 Index ($[768] million to $[370] billion as of December 31, 2006).

The Fund may invest in initial public offerings (IPOs). The Fund may purchase other types of securities that are not primary investment vehicles, for example:
U.S. dollar denominated foreign securities and ADRs, certain Exchange Traded Funds (ETFs), and certain derivatives (investments whose value is based on indices or other securities).

PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any Fund is not necessarily an indication of how a Fund will perform in the future.

The bar chart reflects the performance of Series NAV shares. During the period shown in the bar chart, the highest quarterly return was 24.07% (for the quarter ended 12/1998) and the lowest return was --17.14% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

20.1%  29.8%  30.2%  16.2%  -13.1%  -15.4%  -22.2%  24.3%  11.0%   9.0%
1996   1997   1998   1999    2000    2001    2002   2003   2004   2005

                         ONE    FIVE    TEN    DATE FIRST
                        YEAR   YEARS   YEARS    AVAILABLE
                        ----   -----   -----   ----------
Growth & Income Trust   8.98%  -0.21%   7.33%  03/29/1986
Series NAV(A)
Russell 1000 Index      6.27%   1.07%   9.29%
Combined Index(B)       6.27%   1.04%   9.35%

(A) The Series NAV shares of the Growth & Income Trust were first issued on April 29, 2005 in connection with JHT's acquisition on that date of all the assets of the Growth & Income Fund of John Hancock Variable Series Trust I ("JHVST") in exchange for Series NAV shares pursuant to an agreement and plan of reorganization. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the sole class of shares of the JHVST Growth & Income Fund, the Fund's predecessor. These shares were first issued on March 29, 1986.

(B) The Combined Index represents the S&P 500 Index from April 1986 to April 2002 and the Russell 1000 Index from May 2002 to the present.

(C) Current subadviser has managed the entire portfolio since April 29, 2005. The current subadviser has managed a portion of the portfolio since its inception.

INTRINSIC VALUE TRUST

SUBADVISER: Grantham, Mayo, Van Otterloo & Co. LLC

INVESTMENT OBJECTIVE: To seek long-term capital growth

INVESTMENT STRATEGIES: Under normal market conditions, the Fund seeks to achieve its objective by outperforming its benchmark, the Russell 1000 Value Index. The Fund typically makes equity investments in U.S. companies whose stocks, at the time of investment, are included in the Russell 1000 Index, or in companies with size and value characteristics similar to those of companies with stocks in the Index. As of December 31, 2006, the market capitalization range of the Russell 1000 Index was $[__________] billion to $[__________] billion.

The subadviser uses proprietary research and multiple quantitative models to seek out stocks it believes are undervalued or have improving fundamentals and positive sentiment. Generally, these stocks are trading at prices below what the subadviser believes to be their fundamental value. The subadviser also uses proprietary techniques to adjust the Fund for factors such as stock selection discipline (criteria used for selecting stocks), industry and sector weights, and market capitalization. The factors considered by the subadviser and the models used may change over time.

The Fund intends to be fully invested, and generally will not take temporary defensive positions through investment in cash and high quality money market instruments. In pursuing its investment strategy, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivative instruments, including options, futures, and swap contracts to (i) hedge equity exposure; (ii) replace direct investing (e.g., creating equity exposure through the use of futures contracts or other derivative instruments); and (iii) manage risk by implementing shifts in investment exposure.

Benchmark. The Fund's benchmark is the Russell 1000 Value Index, which measures the performance of stocks included in the Russell 1000 Index (a large capitalization U.S. stock index) with lower price-to-book ratios and lower forecasted growth values, and which is independently maintained and published by the Frank Russell Company. As of December 31, 2006, the market cap range of the Russell 1000 Value Index was $[__________] billion to $[__________] billion.

PERFORMANCE [__________]

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

2006

                         ONE   DATE FIRST
                        YEAR    AVAILABLE
                        ----   ----------
Intrinsic Value Trust
   Series NAV(A)          %    12/31/2005
   Russell 1000 Index     %
   Combined Index(B)      %

LARGE CAP TRUST

SUBADVISER: UBS Global Asset Management (Americas) Inc.

INVESTMENT OBJECTIVE: To seek to maximize total return, consisting of capital appreciation and current income.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities of U.S. large capitalization companies. The Fund defines large capitalization companies as those with a market capitalization range, at the time of investment, equal to that of the Fund's benchmark, the Russell 1000 Index. As of December 31, 2006, the market capitalization range of the Russell 1000 Index was $[__________] billion to $[__________] billion.

In general, the Fund emphasizes large capitalization stocks, but it may also invest up to 20% of its net asset in equities securities of small and intermediate capitalization companies. Investments in equity securities may include dividend-paying securities, common stock and preferred stock, IPOs, ETFs, shares of investment companies, convertible securities, warrants and rights. For purposes of the Fund, ETFs are considered securities with a market capitalization equal to the weighted average market capitalization of the basket of securities comprising the ETF. The Fund may (but is not required to) use options, futures and other derivatives as part of its investment strategy or to help manage Fund risks.

SECURITIES SELECTION

In selecting securities, the subadviser focuses on, among other things, identifying discrepancies between a security's fundamental value and its market price. In this context, the fundamental value of a given security is the subadviser's assessment of what a security is worth. The subadviser will select a security whose estimated fundamental value is greater than its market value at any given time. For each stock under analysis, the subadviser bases its estimates of value upon economic, industry and company analysis, as well as upon a company's management team, competitive advantage and core competencies. The subadviser then compares its assessment of a security's value against the prevailing market prices, with the aim of constructing a Fund of stock with attractive relative price/value characteristics.

The Fund will invest in companies within its capitalization range as described above. However, the Fund may invest a portion of its assets in securities outside this range.

The subadviser actively manages the Fund which may, at times, result in a higher than average Fund turnover ratio.

PERFORMANCE [__________]

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance

would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

         %
2006

                         ONE   DATE FIRST
                        YEAR    AVAILABLE
                        ----   ----------
Large Cap Trust
   Series NAV(A)          %    05/__/2005
   Russell 1000 Index     %
   Combined Index(B)      %

LARGE CAP VALUE TRUST

SUBADVISER: BlackRock Investment Management, LLC

INVESTMENT OBJECTIVE: To seek long-term growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in equity securities of large cap companies. The Fund will seek to achieve this objective by investing in a diversified portfolio of equity securities of large cap companies located in the U.S. The Fund will seek to outperform the Russell 1000 Value Index by investing in equity securities that the subadviser believes are selling at below normal valuations. As of December 31, 2006, the capitalization range of the Russell 1000 Value Index was $[__________] billion to $[__________] billion.

The subadviser selects from among companies that are, at the time of purchase, included in the Russell 1000 Valule Index. The Russell 1000 Value Index, a subset of the Russell 1000 Index, consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

In selecting securities for the Fund, the subadviser uses a proprietary multi-factor quantitative model. The factors employed by the model include stock valuation, quality of earnings and potential future earnings growth. The Investment Adviser looks for strong relative earnings growth, earnings quality and good relative valuation. A company's stock price relative to its earnings and book value is also examined. If the subadviser believes that a company is overvalued, the company will not be considered as an investment for the Fund.

After the initial screening, the subadviser relies on fundamental analysis, using both internal and external research, to optimize its quantitative model to choose companies the subadviser believes have strong, sustainable earnings growth with current momentum at attractive price valuations.

Because the Fund will not hold all the stocks in the Russell 1000 Value Index and because a Fund's investments may be allocated in amounts that vary from the proportional weightings of the various stocks in that index, the Fund is not an "index" fund. In seeking to outperform the Fund's benchmark, however, the subadviser reviews potential investments using certain criteria that are based on the securities in the index. These criteria currently include the following:

- Relative price to earnings and price to book ratios

- Stability and quality of earnings

- Earnings momentum and growth

- Weighted median market capitalization of the Fund

- Allocation among the economic sectors of the Fund as compared to the benchmark index

- Weighted individual stocks within the applicable index.

The Fund may also invest in securities of foreign issuers that are represented by American Depositary Receipts ("ADRs").

The Fund may invest in investment grade convertible securities, preferred stocks, illiquid securities, and U.S. Government debt securities (i.e., securities that are direct obligations of the U.S. Government). There are no restrictions on the maturity of the debt securities in which a Fund may invest.

PAST PERFORMANCE (A, B)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 11.84% (for the quarter ended 12/2004) and the lowest return was 0.16% (for the quarter ended 6/2004).

(PERFORMANCE GRAPH)

21.8%  15.5%
2004   2005

                                          Life of    Date First
                              One Year   Portfolio    Available
                              --------   ---------   ----------
Large Cap Value Trust
   Series I                    15.49%                05/05/2003
   Series II                   15.26%                05/05/2003
   Series NAV(B)               15.54%                02/28/2005
Russell 1000 Value Index(A)     7.07%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

QUANTITATIVE ALL CAP TRUST

SUBADVISER: MFC Global Investment Management (U.S.A.) Limited

INVESTMENT OBJECTIVE: To seek long-term growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund seeks to achieve its objective by investing at least 65% of its total assets, at the time of investment, in equity securities of U.S. companies. The Fund will focus on equity securities of U.S. companies across the three market capitalization ranges of large, mid and small.

The subadviser ranks stocks based on financial attributes, including earnings, valuation, growth and momentum using quantitative analysis. (Quantitative analysis is the process of determining the value of a security by examining its numerical, measurable characteristics such as revenues, price, earnings, valuation and growth and by performing statistical and numerical analysis on this characteristic data). The management team will then use fundamental analysis to identify large-, mid- and small-cap companies with strong industry position, leading market share, proven management and strong financials. Stocks meeting both fundamental and quantitative analysis will be considered for the Fund.

The Fund may invest in foreign securities and may have exposure to foreign currencies through its investment in these securities, its direct holdings of foreign currencies or through its use of foreign currency exchange contracts for the purchase or sale of a fixed quantity of a foreign currency at a future date. Investments in foreign securities may include depositary receipts.

The Fund may invest in or use the following derivatives for hedging purposes in a manner consistent with the investment objectives of the Fund and as permitted by applicable securities legislation: buying futures and S&P Depository Receipts. Such use would include the hedging of significant cash flows into or out of the Fund.

PAST PERFORMANCE (A, B)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 11.25% (for the quarter ended 12/2004) and the lowest return was 1.74% (for the quarter ended 3/2005).

(PERFORMANCE GRAPH)

14.9%   8.6%      %
2004   2005   2006

                              ONE    LIFE OF    DATE FIRST
                             YEAR   PORTFOLIO    AVAILABLE
                             ----   ---------   ----------
Quantitative All Cap Trust
   Series I                  8.58%              05/05/2003
   Series II                 8.36%              05/05/2003
   Series NAV(B)             8.92%              04/29/2005
Russell 3000 Index(A)        6.13%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(B) NAV shares were first offered April 29, 2005. Performance prior to April 29, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

QUANTITATIVE VALUE TRUST

SUBADVISER: MFC Global Investment Management (U.S.A.) Limited

INVESTMENT OBJECTIVE: To seek long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund seeks to achieve its objective by investing at least 65% of its total assets in large-cap U.S. securities with the potential for long-term growth of capital.

The Fund invests in large-cap U.S. securities with the potential for long-term growth of capital. The subadviser uses both qualitative and quantitative analysis to determine the best investment values, emphasizing securities that may have been undervalued by the market.

Qualitative analysis may include company visits and management interviews while quantitative analysis may include evaluations of financial data, assessment of market share and industry position, and factors such as price-to-earnings ratios, dividend yield, and earnings growth.

The Fund may also invest in foreign securities.

PAST PERFORMANCE (A,B)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 4.48% (for the quarter ended 9/2005) and the lowest return was 0.34% (for the quarter ended 3/2005).

(PERFORMANCE GRAPH)

 9.2%
2005

                               ONE    LIFE OF   DATE FIRST
                              YEAR   PORTFOLIO  AVAILABLE
                              ----   ---------  ----------
Quantitative Value Trust
   Series I                   9.19%             05/03/2004
   Series II                  8.82%             05/03/2004
   Series NAV(B)              9.23%             02/28/2005
Russell 1000 Value Index(A)   7.07%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(B) Series NAV shares were first offered February 28, 2005. For periods prior to February 28, 2005, the performance shown reflects the performance of Series I shares. Series I shares have higher expenses than Series NAV shares. Had the performance for periods prior to February 28, 2005 reflected Series NAV expenses, performance would be higher.

STRATEGIC OPPORTUNITIES TRUST

SUBADVISER: UBS Global Asset Management (Americas) Inc.

INVESTMENT OBJECTIVE: To seek growth of capital. Although current income is a secondary objective, growth of income may accompany growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests 65% of its net assets in common stocks. Investments may include securities of domestic and foreign issuers, and growth or value stocks or a combination of both.

The subadviser may invest the Fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

The subadviser is not constrained by any particular investment style. At any given time, the subadviser may tend to buy "growth" stocks or "value" stocks, or a combination of both types. In buying and selling securities for the portfolio, The subadviser relies on fundamental analysis of each issuer and its potential for success in light of its current financial condition, its industry position, and economic and market conditions. Factors considered include growth potential, earnings estimates, and management.

The subadviser may use various techniques, such as buying and selling futures contracts and exchange traded portfolios, to increase or decrease the portfolio's exposure to changing security prices or other factors that affect security values. If the subadviser's strategies do not work as intended, the Fund may not achieve its objective.

PAST PERFORMANCE (A, B, C, D, E)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 19.59% (for the quarter ended 6/2003) and the lowest return was 27.33% (for the quarter ended 9/2001).

(PERFORMANCE GRAPH)

19.2%   9.4%  27.7%  -6.4%  -15.3%  -38.8%  25.8%  12.3%   9.7%      %
1997   1998   1999   2000    2001    2002   2003   2004   2005   2006

                                 ONE    FIVE    TEN    DATE FIRST
                                YEAR   YEARS   YEARS    AVAILABLE
                                ----   -----   -----   ----------
Strategic Opportunities Trust
   Series I                     9.72%  -4.25%   4.20%  06/18/1985
   Series II(E)                 9.55%  -4.33%   4.16%  01/28/2002

   Series NAV(D)                9.82%  -4.22%   4.22%  04/29/2005
   S&P 500 Index(B)             4.91%   0.54%   9.07%
Combined Index(C)               4.91%   1.18%   8.66%

(A) Current subadviser assignment became effective December 13, 1991.

(B) Effective November 1, 2002, the portfolio's performance is compared against the Standard & Poor's 500 (S&P 500) Index, rather than the Russell 3000 Index, due to changes in the portfolio's investment policies which resulted in a change to the portfolio's benchmark.

(C) The Combined Index represents the performance of the Russell Midcap Index from inception to April 30, 2001 and the Russell 3000 Index from May 1, 2001 through October 2002, and the performance of the S&P 500 Index thereafter.

(D) NAV shares were first offered April 29, 2005. Performance prior to April 29, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(E) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

U.S. GLOBAL LEADERS GROWTH TRUST

SUBADVISER: Sustainable Growth Advisers, L.P.

INVESTMENT OBJECTIVE: To seek long-term growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests least 80% of its net assets (plus any borrowing for investment purposes) in stocks of companies the subadviser regards, at the time of investment, as "U.S. Global Leaders." The Fund invests in common stocks of U.S. Global Leaders companies determined by the subadviser to have a high degree of predictability and above average sustainable long-term growth.

As a result of its investment strategy, the Fund invests in large capitalization companies (companies in the capitalization range of the S&P 500 Index) ($[__________] to $[__________] as of December 31, 2006). The subadviser considers U.S. Global Leaders to be U.S. companies with multi-national operations that typically exhibit the following sustainable growth characteristics:

- Hold leading market share of their relevant industries that result in high profit margins and high investment returns.

- Supply consumable products or services so that their revenue streams are recurring.

The subadviser seeks to identify companies with superior long-term earnings prospects and to continue to own them as long as the subadviser believes they will continue to enjoy favorable prospects for capital growth and are not overvalued in the marketplace.

The Fund may invest in other types of equities and foreign stocks.

PAST PERFORMANCE (A, B)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 3.54% (for the quarter ended 9/2005) and the lowest return was 5.32% (for the quarter ended 3/2005).

(PERFORMANCE GRAPH)

 0.9%      %
2005   2006

                                    ONE    LIFE OF    DATE FIRST
                                   YEAR   PORTFOLIO    AVAILABLE
                                   ----   ---------   ----------
U.S. Global Leaders Growth Trust
   Series I                        0.87%              05/03/2004
   Series II                       0.78%              05/03/2004
   Series NAV(C)                   1.00%              02/28/2005
S&P 500 Index(A)                   4.91%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(B) Series NAV shares were first offered February 28, 2005. For periods prior to February 28, 2005, the performance shown reflects the performance of Series I shares. Series I shares have higher expenses than Series NAV shares. Had the performance for periods prior to February 28, 2005 reflected Series NAV expenses, performance would be higher.

U.S. LARGE CAP TRUST

SUBADVISER: Capital Guardian Trust Company

INVESTMENT OBJECTIVE: To seek long-term growth of capital and income.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity and equity-related securities of U.S. companies with market capitalizations, at the time of investment, greater than $500 million.

In selecting investments, greater consideration is given to potential appreciation and future dividends than to current income. The Fund may hold ADRs and other U.S. registered securities of foreign issuers which are denominated in U.S. dollars.

The subadviser has an extensive commitment to fundamental research, with a large team of experienced equity analysts focused on gathering in-depth information firsthand on companies and industries in the U.S. and throughout the world. Global research has become crucial in managing U.S. equities. The subadviser's research strength is leveraged through a bottom-up approach to portfolio construction. Returns for U.S. equity portfolios are pursued through active security selection. While the subadviser's portfolio managers are mindful of benchmark characteristics, industry sector weightings are primarily the result of finding value in individual securities.

Based on the research carried out by the equity analysts, portfolio managers look across industry sectors in selecting stocks for the Fund. With a long-term perspective, portfolio managers look for quality companies at attractive prices that will outperform their peers and the benchmark over time.

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 18.70% (for the quarter ended 6/2003) and the lowest return was 20.15% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

 2.8%  -2.5%  -25.2%  37.1%   9.4%   5.8%      %
2000   2001    2002   2003   2004   2005   2006

                        ONE    FIVE    LIFE OF    DATE FIRST
                       YEAR   YEARS   PORTFOLIO    AVAILABLE
                       ----   -----   ---------   ----------
U.S. Large Cap Trust
   Series I            5.82%  2.96%               05/01/1999
   Series II(C)        5.73%  2.83%               01/28/2002
   Series NAV(B)       5.92%  2.98%               02/28/2005
S&P 500 Index(A)       4.91%  0.54%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for the index is only provided as of a month end.

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(C) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

U.S. MULTI SECTOR TRUST

SUBADVISER: Grantham, Mayo, Van Otterloo & Co. LLC

INVESTMENT OBJECTIVE: To seek long term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in investments that are, at the time of investment, tied economically to the U.S. The Fund seeks to achieve its objective by outperforming its benchmark, the Russell 3000 Index. The Fund normally invests in securities in the Wilshire 5000 Stock Index, an independently maintained and published equity index which measures the performance of all equity securities (with readily available price data) of issuers with headquarters in the U.S.

The Russell 3000 Index is an independently maintained and published index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization. This index represents approximately 98% of the investable U.S. equity market. As of December 31, 2006, the market capitalizations of companies included in the Russell 3000 Index ranged from $[__________] million to $[__________] billion.

In managing the Fund, the subadviser uses proprietary research and quantitative models to determine the Fund's selections of securities. These models use rolling multi-year forecasts of relative value and risk among the major sectors in the U.S. equity market (large cap value, large cap growth, large cap core, small cap value, small cap growth, and real estate/ REIT) in which the Fund invests.

PAST PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

 9.0%
2005   2006

                                      DATE FIRST
                          ONE YEAR     AVAILABLE
                          --------   ------------
U.S. Multi Sector Trust              10/[__]/2005
   Series NAV(A)
   Russell 3000 Index
   Combined Index(B,)

VALUE & RESTRUCTURING TRUST

SUBADVISER: UST Advisers, Inc.

INVESTMENT OBJECTIVE: To seek long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 65% of its total assets in common stocks of U.S. and foreign companies whose share price, in the opinion of the subadviser, does not reflect the economic value of the company's assets, but where the subadviser believes restructuring efforts or industry consolidation will serve to highlight the true value of the company.

In choosing investments for the Fund, the subadviser looks for companies where restructuring activities, such as consolidations, outsourcings, spin-offs or reorganizations, will offer significant value to the issuer and increase its investment potential. The subadviser may select companies of any size for the Fund, and the Fund invests in a diversified group of companies across a number of different industries.

In addition, the Fund's strategy of investing in companies that the subadviser believes will benefit from restructuring or redeployment of assets carries the risk that an anticipated restructuring or business combination may fail to occur or may occur and fail to produce reasonably anticipated benefits. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility.

PAST PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

        %
2006

                               ONE   DATE FIRST
                              YEAR    AVAILABLE
                              ----   ----------
Value & Restructuring Trust            10/2005
Series NAV(A)

INTERNATIONAL FUNDS

GLOBAL TRUST

SUBADVISER: Templeton Global Advisors Limited

INVESTMENT OBJECTIVE: To seek long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests primarily in the equity securities of companies located throughout the world, including emerging markets.

The Fund may also invest up to 25% of its total assets in debt securities of companies and governments located anywhere in the world. The Fund also invests in depository receipts. Equity securities may include common stocks, preferred stocks and convertible securities. The Fund may lend certain of its securities.

When choosing equity investments for the Fund, the subadviser applies a "bottom up," value-oriented. long-term approach, focusing on the market price of a company's securities relative to the subadviser's evaluation of the company's long-term earnings, asset value and cash flow potential. The subadviser also considers a company's price/earnings ratio, price/cash flow ratio, profit margins and liquidation value.

The Fund may use various derivative strategies to help to protect its assets, implement a cash or tax management strategy or enhance its returns. No more than 5% of the Fund's total assets may be invested in, or exposed to, options and swaps agreements (as measured at the time of investment).

PERFORMANCE (A, B, C, D)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 17.83% (for the quarter ended 6/2003) and the lowest return was --16.96% (for the quarter ended 9/2001).

20.8%  12.3%   3.7%  12.2%  -16.1%  -19.1%  27.5%  14.8%  10.7%  [____]
1997   1998   1999   2000    2001    2002   2003   2004   2005    2006

                    ONE     FIVE    TEN    DATE FIRST
                    YEAR   YEARS   YEARS    AVAILABLE
                   -----   -----   -----   ----------
Global Trust
   Series I        10.72%   1.91%  6.92%   03/18/1988
   Series II(C)    10.50%   1.79%  6.86%   01/28/2002
   Series III(D)   10.42%   1.82%  6.87%   09/05/2003
   Series NAV(B)   10.72%   1.91%  6.92%   04/29/2005
MSCI World Index   10.02%   2.64%  7.47%

(A) Effective October 1, 1996, April 30, 2001 and December 9, 2003, the portfolio changed its subadviser. Performance reflects results prior to these changes.

(B) NAV shares were first offered April 29, 2005. Performance prior to April 29, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(C) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

(D) Series III shares were first offered September 5, 2003. For periods prior to September 5, 2003, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series III shares. Had the performance for periods prior to September 5, 2005 reflected Series III expenses, performance would be lower.

INTERNATIONAL GROWTH TRUST

SUBADVISER: Grantham, Mayo, Van Otterloo & Co. LLC

INVESTMENT OBJECTIVE: To seek high total return primarily through capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its total assets in equity investments. The Fund typically invest in a diversified portfolio of equity investments from a number of developed markets outside the U.S.

The Fund seeks to achieve its objective by outperforming its benchmark, the S&P/Citigroup Primary Market Europe, Pacific, Asia Composite Growth Style Index.

The subadviser, using proprietary research and multiple quantitative models, seeks to add value by capitalizing on inefficiencies it perceives in the pricing of growth stocks. The subadviser applies quantitative and fundamental investment principles to select growth stocks the subadviser believes have improving fundamentals and prices that reflect the relevant market's discount to their fundamental value. The subadviser maintains diversification across countries, and tilt the Fund's portfolio in favor of countries that The subadviser believes have the highest growth prospects or that the subadviser believes are most undervalued. The subadviser also considers factors that may influence the growth potential of a particular country, such as currency valuation. The factors considered by the subadviser and the models used may change over time.

The Fund intends to be fully invested, and generally will not take temporary defensive positions through investment in cash and high quality money market instruments. In pursuing its investment strategy, the Fund may (but is not obligated to) use exchange-traded and over-the-counter derivatives and related instruments, including options, futures, and swap contracts, to (i) hedge equity exposure; (ii) replace direct investing (e.g., creating equity exposure through the use of futures contracts or other derivative instruments); (iii) manage risk by implementing shifts in investment exposure; and (iv) adjust its foreign currency exposure. The Fund's foreign currency exposure may differ significantly from the currency exposure represented by its equity investments. The Fund may also take active over weighted and underweighted positions in particular currencies relative to its benchmark.

The Fund's benchmark is the S&P/Citigroup Primary Market Index ("PMI") Europe, Pacific, Asia Composite ("EPAC") Growth Style Index, an independently maintained and published index composed of stocks in the EPAC regions of the PMI that have a growth style. The PMI is the large-capitalization stock component of the S&P/Citigroup Broad Market Index ("BMI") (which includes listed shares of companies from developed and emerging market countries with a total available market capitalization of at least the local equivalent of USD100 million), representing the top 80% of available capital of the BMI in each country and including about 25% of the BMI issues.

PAST PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

\
The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

2006

                                         ONE   DATE FIRST
                                        YEAR    AVAILABLE
                                        ----   ----------
International Growth Trust Series NAV           12/31/05
   [__________] Index

INTERNATIONAL OPPORTUNITIES TRUST

SUBADVISER: Marsico Capital Management, LLC

INVESTMENT OBJECTIVE: To seek long-term growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 65% of its total assets in common stocks of foreign companies that are selected for their long-term growth potential. The Fund invests in companies of any size throughout the world. The Fund invests in issuers from at least three different countries not including the U.S. The Fund invests in common stocks of companies operating in emerging markets.

The Fund normally maintains a core position of between 35 and 50 common stocks. The Fund may hold a limited number of additional common stocks at times such as when the portfolio manager is accumulating new positions, phasing out and replacing existing positions, or responding to exceptional market conditions.

In selecting investments for the Fund, the subadviser uses an approach that combines "top-down" macro-economic analysis with "bottom-up" stock selection.

The "top-down" approach may take into consideration macro-economic factors such as, without limitation, interest rates, inflation, demographics, the regulatory environment, and the global competitive landscape. In addition, the subadviser may also examine other factors that may include, without limitation, the most attractive global investment opportunities, industry consolidation, and the sustainability of financial trends observed. As a result of the "top-down" analysis, the subadviser seeks to identify sectors, industries and companies that may benefit from the overall trends the subadviser has observed.

The subadviser then looks for individual companies or securities with earnings growth potential that may not be recognized by the market at large. In determining whether a particular company or security may be a suitable investment, the subadviser may focus on any of a number of different attributes that may include, without limitation, the company's specific market expertise or dominance; its franchise durability and pricing power; solid fundamentals (e.g., a strong balance sheet, improving returns on equity, the ability to generate free cash flow, apparent use of conservative accounting standards, and transparent financial disclosure); strong and ethical management; commitment to shareholder interests; reasonable valuations in the context of projected growth rates; and other indications that a company or security may be an attractive investment prospect. This process is called "bottom-up" stock selection.

As part of this fundamental, "bottom-up" research, the subadviser may visit with various levels of a company's management, as well as with its customers and (as relevant) suppliers, distributors, and competitors. The subadviser also may prepare detailed earnings and cash flow models of companies. These models may assist the subadviser in projecting potential earnings growth and other important company financial characteristics under different scenarios. Each model is typically customized to follow a particular company and is generally intended to replicate and describe a company's past, present and potential future performance. The models may include quantitative information and detailed narratives that reflect updated interpretations of corporate data and company and industry developments.

The subadviser may reduce or sell a Fund's investments in portfolio companies if, in the opinion of the subadviser, a company's fundamentals change substantially, its stock price appreciates excessively in relation to fundamental earnings growth prospects, the company appears not to realize its growth potential, or there are more attractive investment opportunities elsewhere.

The Fund's core investments generally are comprised of established companies and securities that exhibit growth characteristics. However, the portfolio also may typically include companies with more aggressive growth characteristics, and companies undergoing significant changes: e.g., the introduction of a new product line, the appointment of a new management team or an acquisition.

Primarily for hedging purposes, the Fund may use options (including options on securities and securities indices), futures, and foreign currency forward contracts.

Under normal market conditions, the Fund may invest up to 10% of its total assets in all types of fixed income securities and up to an additional 5% of its total assets in high-yield bonds ("junk bonds") and mortgage and asset-backed securities. The Fund may also invest in the securities of other investment companies to a limited extent, and would intend to do so primarily for cash management purposes.

PAST PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

2005   2006

                                     ONE   DATE FIRST
                                    YEAR    AVAILABLE
                                    ----   ----------
International Opportunities Trust           5/__/2005
Series NAV(A)
Russell 2000 Index
Combined Index

INTERNATIONAL SMALL CAP TRUST

SUBADVISER: Templeton Investment Counsel, LLC

INVESTMENT OBJECTIVE: To seek long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities issued by foreign companies in emerging markets which have total stock market capitalizations or annual revenues of $4 billion or less.

In some emerging markets, the Fund may invest in companies that qualify as smaller companies but that still are among the largest in the market. The Fund may also invest a portion of its assets in the equity securities of larger foreign companies.

An equity security, or stock, represents a proportionate share of the ownership of a company; its value is based on the success of the company's business, any income paid to stockholders, the value of its assets, and general market conditions. Common stocks, preferred stocks and convertible securities are examples of equity securities. Convertible securities have characteristics of both debt securities (which is generally the form in which they are first issued) and equity securities (which are what they can be converted into).

The Fund may invest more than 25% of its total assets in the securities of issuers located in any one country. At least 65% of the Fund's total assets are normally invested in foreign securities representing a minimum of three countries (other than the United States).

When choosing equity investments for this Fund, the subadviser applies a "bottom up", value-oriented, long-term approach, focusing on the market price of a company's securities relative to the subadviser's evaluation of the company's long-term earnings, asset value and cash flow potential. The subadviser also considers a company's price/earnings ratio, profits margins and liquidation value.

PAST PERFORMANCE (A, B, C, D, E)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 58.65% (for the quarter ended 12/1999) and the lowest return was 22.36% (for the quarter ended 9/2001).

(PERFORMANCE GRAPH)

 0.8%  11.9%  84.9%  -29.2%  -31.1%  -16.7%  54.7%  21.2%  10.4%      %
1997   1998   1999    2000    2001    2002   2003   2004   2005   2006

                                                  ONE     FIVE    TEN    DATE FIRST
                                                  YEAR   YEARS   YEARS    AVAILABLE
                                                 -----   -----   -----   ----------
International Small Cap Trust
   Series I                                      10.39%   3.51%          03/04/1996
   Series II(E)                                  10.10%   3.39%          01/28/2002
   Series NAV(D)                                 10.41%   3.51%          02/28/2005
Combined Index(B, C)                             27.01%  11.13%
Citigroup Global Ex U.S.A. $2 Billion Index(B)   26.76%  17.48%

(A) Current subadviser assignment became effective May 1, 2003.

(B) The return of the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for the index is only provided as of month end.

(C) The Combined Index is a blend of the MSCI World ex US Index from inception through May 31, 2003 and the Citigroup Global ex US $2 billion Index from June 1, 2003 and thereafter.

(D) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(E) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

INTERNATIONAL SMALL COMPANY TRUST

SUBADVISER: Dimensional Fund Advisors

INVESTMENT OBJECTIVE: To seek long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in securities of small cap companies in the particular markets in which the Fund invests. As of December 31, 2006, the maximum market capitalization range of eligible companies was approximately $590 million to $4.2 billion. The Fund will primarily invest its assets in equity securities of non-U.S. small companies of developed markets but may also invest in emerging markets.

The Fund will primarily invest in a broad and diverse group of readily marketable stocks of small companies associated with developed markets but may also invest in emerging markets. The Fund invests its assets in securities listed on bona fide securities exchanges or traded on the over-the-counter markets, including securities listed or traded in the form of International Depositary Receipts, American Depositary Receipts, European Depositary Receipts, Global Depositary Receipts, Non-Voting Depository Receipts and other similar securities, including dual listed securities. Each of these securities may be traded within or outside the issuer's domicile country.

The subadviser determines company size on a country or region specific basis and based primarily on market capitalization. In the countries or regions authorized for investment, the subadviser first ranks eligible companies listed on selected exchanges based on the companies' market capitalizations. The subadviser then determines the universe of eligible stocks by defining the maximum market capitalization of a small company that may be purchased by the Fund with respect to each country or region. This threshold will vary by country or region, and dollar amounts will change due to market conditions.

The Fund intends to purchase securities in each applicable country using a market capitalization weighted approach. The subadviser, using this approach and its judgment, will seek to set country weights based on the relative market capitalizations of eligible small companies within each country. See "Market Capitalization Weighted Approach" below. As a result, the weightings of certain countries in the Fund may vary from their weightings in international indices, such as those published by FTSE International, Morgan Stanley Capital International or Citigroup.

The subadviser will determine in its discretion when and whether to invest in countries that have been authorized for investment by its Investment Committee, depending on a number of factors such as asset growth in the Fund and characteristics of each country's market. The subadviser's Investment Committee may authorize other countries for investment in the future, and the Fund may continue to hold investments in countries not currently authorized for investment but that had previously been authorized for investment, including but not limited to, investments in securities associated with countries designated by the Investment Committee as emerging markets.

The Fund also may use derivatives, such as futures contracts and options on futures contracts, to gain market exposure on the Fund's uninvested cash pending investment in securities or to maintain liquidity to pay redemptions. The Fund may enter into futures contracts and options on futures contracts for foreign or U.S. equity securities and indices.

The Fund does not seek current income as an investment objective and investments will not be based upon an issuer's dividend payment policy or record. However, many of the companies whose securities will be included in the Fund do pay dividends. It is anticipated, therefore, that the Fund will receive dividend income.

MARKET CAPITALIZATION WEIGHTED APPROACH

The Fund structure involves market capitalization weighting in determining individual security weights and, where applicable, country or region weights. Market capitalization weighting means each security is generally purchased based on the issuer's relative market capitalization. Market capitalization weighting will be adjusted by the subadviser for a variety of factors. The Fund may deviate from market capitalization weighting to limit or fix the

exposure to a particular country or issuer to a maximum proportion of the assets of the fund. Additionally, the subadviser may consider such factors as free float, momentum, trading strategies, liquidity management and other factors determined to be appropriate by the subadviser given market conditions. The subadviser may exclude the stock of a company that meets applicable market capitalization criterion if the subadviser determines that the purchase of such security is inappropriate in light of other conditions. These adjustments will result in a deviation from traditional market capitalization weighting.

Country weights may be based on the total market capitalization of companies within each country. The calculation of country market capitalization may take into consideration the free float of companies within a country or whether these companies are eligible to be purchased for the particular strategy. In addition, to maintain a satisfactory level of diversification, the Investment Committee may limit or adjust the exposure to a particular country or region to a maximum proportion of the assets of that vehicle. Country weights may also deviate from target weights due to general day-to-day trading patterns and price movements. As a result, the weighting of certain countries will likely vary from their weighting in published international indices. Also, deviation from target weights may result from holding securities from countries that are no longer authorized for future investments.

A more complete description of Market Capitalization Weighted Approach is set forth in the SAI.

PAST PERFORMANCE

2006

                                                   ONE   DATE FIRST
                                                  YEAR    AVAILABLE
                                                  ----   ----------
International Small Company Trust Series NAV(A)           5/__/2006

INTERNATIONAL CORE TRUST

SUBADVISER: Grantham, Mayo, Van Otterloo & Co. LLC

INVESTMENT OBJECTIVE: To seek high total return.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its total assets in equity investments. The Fund typically invests in a diversified portfolio of equity investments from a number of developed markets outside the U.S.

The Fund seeks to achieve its objective by outperforming its benchmark, the MSCI EAFE Index (Europe, Australasia, and Far East). As of December 31, 2006, the market capitalization of companies that issue stocks included in the MSCI EAFE Index ranged from $[__________] million to $[__________] billion.

The subadviser uses proprietary research and quantitative models to evaluate and select individual stocks, countries, and currencies based on several factors, including:

- Stocks -- valuation, firm quality, and improving fundamentals;

- Countries -- stock market valuation, positive GDP trends and positive market sentiment; and

- Currencies -- export and producer price parity, balance of payments and interest rate differentials.

The factors considered by the subadviser and the models it uses may change over time. In using these models to construct the Fund, the subadviser expects that stock selection will reflect a slight bias for value stocks over growth stocks. The subadviser seeks to manage the Fund's exposure to market capitalization categories (e.g., small cap, medium cap, and large cap) relative to the Fund's benchmark.

The Fund intends to be fully invested and generally will not take temporary defensive positions through investment in cash and high quality money market instruments. In pursuing its investment objective, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivative instruments, including options, futures, and swap contracts to (i) hedge equity exposure; (ii) replace direct investing (e.g., creating equity exposure through the use of futures contracts or other derivative instruments);
(iii) manage risk by implementing shifts in investment exposure; or (iv) adjust its foreign currency exposure. The Fund's foreign currency exposure may differ significantly from the currency exposure represented by its equity investments. The Fund may also take active overweighted and underweighted positions in particular currencies relative to its benchmark.

The Fund's benchmark is the MSCI EAFE Index, a large capitalization international stock index that is independently maintained and published by Morgan Stanley Capital International.

PAST PERFORMANCE (A, B, C, D)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 23.58% (for the quarter ended 12/1999) and the lowest return was [_____]% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

 1.4%  14.9%  29.7%  -16.6%  -21.5%  -21.7%  30.3%  15.6%  15.9%
1997   1998   1999    2000    2001    2002   2003   2004   2005   2006

                            ONE     FIVE    TEN    DATE FIRST
                            YEAR   YEARS   YEARS    AVAILABLE
                           -----   -----   -----   ----------
International Core Trust
   Series I                15.94%  1.42%           12/31/1996
   Series II(D)            15.70%  1.33%           01/28/2002
   Series NAV(C)           16.13%  1.45%           02/28/2005
MSCI EAFE Index(B)         14.02%  4.94%

(A) Effective August 1, 2005, GMO became the subadviser to the International Core Trust. Performance reflects results prior to this change.

(B) The return of the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for the index is only provided as of month end.

(C) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(D) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

INTERNATIONAL VALUE TRUST

SUBADVISER: Templeton Investment Counsel, LLC

INVESTMENT OBJECTIVE: To seek long-term growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 65% of its total assets in equity securities of companies located outside the U.S., including in emerging markets.

Equity securities generally entitle the holder to participate in a company's general operating results. These include common stocks and preferred stocks. The Fund also invests in American (ADRs), European (EDRs) and Global (GDRs) Depositary Receipts, which are certificates typically issued by a bank or trust company that give their holders the right to receive securities issued by a foreign or domestic company. Depending upon current market conditions, the Fund generally invests up to 25% of its total assets in debt securities of companies and governments located anywhere in the world. Debt securities represent an obligation of the issuer to repay a loan of money to it, and generally provide for the payment of interest. Debt securities include bonds, notes and debentures.

The subadviser's investment philosophy is "bottom-up," value-oriented, and long-term. In choosing equity investments, the subadviser will focus on the market price of a company's securities relative to its evaluation of the company's long-term earnings, asset value and cash flow potential. A company's historical value measure, including price/earnings ratio, profit margins and liquidation value, will also be considered.

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 24.18% (for the quarter ended 6/2003) and the lowest return was 23.56% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

-6.5%  10.0%  17.8%  44.9%  21.5%  10.5%      %
2000   2001   2002   2003   2004   2005   2006

                             ONE     FIVE    LIFE OF    DATE FIRST
                             YEAR   YEARS   PORTFOLIO    AVAILABLE
                            -----   -----   ---------   ----------
International Value Trust
   Series I                 10.54%  7.56%               05/01/1999
   Series II(C)             10.31%  7.43%               01/28/2002
Series                      10.41   7.53%               02/28/2005
MSCI EAFE Index(A)          14.02%  4.94%

(A) The return of the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for the index is only provided as of month end.

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(C) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

OVERSEAS EQUITY TRUST

SUBADVISER: Capital Guardian Trust Company

INVESTMENT OBJECTIVE: To seek long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of a diversified mix of large established and medium-sized foreign companies located primarily in developed countries (outside of the U.S.) and, to a lesser extent, in emerging markets.

The Fund will invest no more than 15% of its assets in emerging markets stocks and will invest in at least three different countries other than the U.S. The Fund may also invest in initial public offerings (IPOs). The subadviser may use derivatives, such as futures and forwards, to implement foreign currency management strategies. Currency management strategies are primarily use for hedging purposes and to protect against anticipated changes in foreign currency exchange rates.

The subadviser has an extensive commitment to fundamental research, with a large team of experienced international equity analysts focused on gathering in-depth information firsthand on companies throughout the world. The subadviser's research strength is leveraged through a bottom-up approach to portfolio construction. Returns for non-U.S. equity portfolios are pursued primarily through active security selection. While the subadviser's portfolio managers are mindful of benchmark characteristics, country and sector weightings are primarily the result of finding value in individual securities where ever they may be located.

Based on the research carried out by the equity analysts, portfolio managers look across countries and sectors in selecting stocks for the Fund. With a long-term perspective, portfolio managers look for quality companies at attractive prices that will outperform their peers and the benchmark over time.

The Fund may purchase other types of securities that are not primary investment vehicles, for example: American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), European Depositary Receipts (EDRs), certain Exchange Traded Funds (ETFs), and certain derivatives (investments whose value is based on indices or other securities).

PAST PERFORMANCE (A, B, C, D)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series NAV shares. During the period shown in the bar chart, the highest quarterly return was 24.44% (for the quarter ended 12/1999) and the lowest return was 22.07% (for the quarter ended 9/2002).

PERFORMANCE GRAPH)

 1.9%  15.9%  34.0%  -16.4%  -20.9%  -18.2%  32.4%  11.0%  18.3%      %
1997   1998   1999    2000    2001    2002   2003   2004   2005   2006

                          ONE    FIVE    TEN    DATE FIRST
                         YEAR   YEARS   YEARS    AVAILABLE
                        -----   -----   -----   ----------
Overseas Equity Trust
   Series NAV(A)        18.31%  2.37%           04/30/1996
   Series I(C)          18.87%  2.46%           04/29/2005
   Series II(C)         18.32%  2.37%           04/29/2005
MSCI EAFE Index(B)      14.02%  4.94%

(A) The Series NAV shares of the Overseas Equity Trust were first issued on April 29, 2005 in connection with JHT's acquisition on that date of all the assets of the Overseas Equity B Fund of John Hancock Variable Series Trust I ("JHVST") in exchange for Series NAV shares pursuant to an agreement and plan of reorganization. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the sole class of shares of the JHVST Overseas Equity B Fund, JHT's predecessor. These shares were first issued April 30, 1996.

(B) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(C) The Series I, and Series II shares of the Overseas Equity Trust were first offered on April 29, 2005. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the sole class of shares of the JHVST Overseas Equity B Fund, JHT's predecessor. The performance of this class of shares would have been lower if it reflected the higher expenses of the Series I, and Series II shares.

(D) Current subadviser assignment became effective May 1, 2004.

PACIFIC RIM TRUST

SUBADVISER: MFC Global Investment Management (U.S.A.) Limited

INVESTMENT OBJECTIVE: To achieve long-term growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks and equity-related securities of established, larger-capitalization non-U.S. companies located in the Pacific Rim region, including emerging markets, that have attractive long-term prospects for growth of capital. Current income from dividends and interest will not be an important consideration in the selection of Fund securities.

The countries of the Pacific Rim region are:

- Australia

- Pakistan

- New Zealand

- Taiwan

- India

- China

- Philippines

- Thailand

- Hong Kong

- Indonesia

- South Korea

- Singapore

- Malaysia

- Japan

Equity-related securities in which the Fund may invest include: (i) preferred stocks, (ii) warrants and (iii) securities convertible into or exchangeable for common stocks. The Fund may also invest up to 20% of its net assets in countries outside the Pacific Rim region.

The subadviser's decision to invest in a particular country or particular region will be based upon its evaluation of political, economic and market trends in the country or region and throughout the world. The subadviser will shift investments among countries and the world's capital markets in accordance with its ongoing analyses of trends and developments affecting such markets and securities.

Use of Hedging and Other Strategic Transactions

The Fund may also purchase and sell the following equity-related financial instruments:

- exchange-listed call and put options on equity indices,

- over-the-counter ("OTC") and exchange-listed equity index futures,

- OTC and exchange-listed call and put options on currencies in the Fund, and

- OTC foreign currency futures contracts on currencies in the Fund.

A call option gives the holder the right to buy shares of the underlying security at a fixed price before a specified date in the future. A put option gives the holder the right to sell a specified number of shares of the underlying security at a particular price within a specified time period. See "Hedging and Other Strategic Transactions" for further information on these investment strategies.

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance

would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 24.41% (for the quarter ended 12/1998) and the lowest return was [_____]% (for the quarter ended 12/1997).

(PERFORMANCE GRAPH)

-34.1%  -4.6%  62.9%  -24.4%  -18.6%  -12.5%  40.4%  17.2%  25.8%
 1997   1998   1999    2000    2001    2002   2003   2004   2005   2006

                         ONE     FIVE    TEN    DATE FIRST
                         YEAR   YEARS   YEARS    AVAILABLE
                        -----   -----   -----   ----------
Pacific Rim Trust
   Series I             25.75%  8.06%    2.27%  10/04/1994
   Series II(B)         25.42%  7.95%    2.22%  01/28/2002
   Series NAV(A)        25.78%  8.06%    2.27%  04/29/2005
MSCI AC Pacific Index   20.72%  6.47%   -0.10%

(A) NAV shares were first offered April 29, 2005. Performance prior to April 29, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(B) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

(C) On December 31, 1996, Manulife Series Fund, Inc. merged with JHT. Performance presented for this portfolio is based upon the performance of the respective predecessor Manulife Series Fund, Inc. portfolio for periods prior to December 31, 1996.

FIXED INCOME FUNDS

ACTIVE BOND TRUST

SUBADVISERS: Declaration Management and Research LLC ("Declaration") and MFC Global Management (U.S.), LLC ("MFC Global (U.S.)")

INVESTMENT OBJECTIVE: To seek income and capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in a diversified mix of debt securities and instruments.

The Fund invests its assets in a diversified mix of debt securities and instruments with maturity durations of approximately 4 to 6 years. The investments include, but are not limited to:

- U.S. Treasury and agency securities;

- Asset-backed securities and mortgage-backed securities, including mortgage pass-through securities, commercial mortgage-backed securities ("CMBS") and collateralized mortgage obligations ("CMOs");

- Corporate bonds, both U.S. and foreign; and

- Foreign government and agency securities.

The Fund employs a multi-manager approach with two subadvisers, each of which employs its own investment approach and independently manages its portion of the Fund. The Fund will be rebalanced quarterly so that each subadviser manages the following portion of the Fund:

65%* Declaration

35%* MFC Global (U.S.)

* Percentages are approximate. Since the Fund is only rebalanced quarterly, the actual portion of the Fund managed by each subadviser will vary during each calendar quarter.

This allocation methodology may change in the future.

DECLARATION

Declaration uses a combination of proprietary research and quantitative tools and seeks to identify bonds and bond sectors that are attractively priced based upon market fundamentals and technical factors. Declaration opportunistically emphasizes bonds with yields in excess of U.S. Treasury securities.

This portion of the Fund normally has no more than 10% of its total assets in high yield bonds ("junk bonds") and normally invests in foreign securities only if U.S. dollar denominated. This portion of the Fund normally has an average credit rating of "A" or "AA."

MFC GLOBAL (U.S.)

MFC Global (U.S.) uses proprietary research to identify specific bond sectors, industries and bonds that are attractively priced. MFC Global (U.S.) tries to anticipate shifts in the business cycle, using economic and industry analysis to determine which sectors and industries might benefit over the next 12 months.

This portion of the Fund normally has no more than 25% of its total assets in high yield bonds and may invest in both U.S. dollar denominated and non-U.S. dollar denominated foreign securities. This portion of the Fund normally has an average credit rating of "A" or "AA."

The Fund may invest in asset-backed securities rated, at the time of purchase, less than A (but not rated lower than B by S&P or Moody's). Under normal circumstances, no more than 15% of the total assets of the portion of the Fund managed by MFC Global (U.S.) will be invested in asset-backed securities rated less than A by both rating agency.

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series NAV shares. During the period shown in the bar chart, the highest quarterly return was 3.84% (for the quarter ended 7/1997) and the lowest return was 2.47% (for the quarter ended 6/2004).

(PERFORMANCE GRAPH)

10.1%   8.2%  -0.9%  10.5%   7.5%   7.3%   6.5%   4.8%   2.5%      %
1997   1998   1999   2000   2001   2002   2003   2004   2005   2006

                             ONE    FIVE    TEN    DATE FIRST
                            YEAR   YEARS   YEARS    AVAILABLE
                            ----   -----   -----   ----------
Active Bond Trust
   Series NAV(A)            2.54%  5.69%   6.00%   03/29/1986
   Series I(B)              2.54%  5.69%   6.00%   04/29/2005
   Series II(B)             2.44%  5.67%   5.99%   04/29/2005
Lehman Brothers Aggregate
   Bond Index               2.43%  5.87%   6.16%

(A) The Series NAV shares of the Active Bond Trust were first issued on April 29, 2005 in connection with JHT's acquisition on that date of all the assets of the Active Bond Fund of John Hancock Variable Series Trust I ("JHVST") in exchange for Series NAV shares pursuant to an agreement and plan of reorganization. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the sole class of shares of the JHVST Active Bond Fund, JHT's predecessor. These shares were first issued on March 29, 1986.

(B) The Series I and Series II shares of the Active Bond Trust were first offered on April 29, 2005. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the sole class of shares of the JHVST Active Bond Fund, JHT's predecessor. The performance of this class of shares would have been lower if it reflected the higher expenses of the Series I and Series II shares.

(C) Current subadvisers have managed the portfolio since April 29, 2005. The current subadvisers have managed a portion of the portfolio since its inception.

CORE BOND TRUST

SUBADVISER: Wells Capital Management, Incorporated

INVESTMENT OBJECTIVE: To seek total return consisting of income and capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a broad range of investment grade debt securities, including U.S. Government obligations, corporate bonds, mortgage- and other asset-backed securities and money market instruments.

The subadviser invests in debt securities that the subadviser believes offer attractive yields and are undervalued relative to issues of similar credit quality and interest rate sensitivity. The Fund may also invest in unrated bonds that the subadviser believes are comparable to investment grade debt securities. The subadviser expects to maintain an overall effective duration range between 4 and 5 1/2 years.

The Fund may invest:

- Up to 25% of total assets in asset-backed securities, other than mortgage-backed securities;

- Up to 20% of total assets in dollar-denominated obligations of foreign issuers; and

- Up to 10% of total assets in stripped mortgage-backed securities.

As part of a mortgage-backed securities investment strategy, the Fund may enter into dollar rolls. The Fund may also enter into reverse repurchase agreements to enhance return. These strategies are further described under "Additional Investment Policies."

The Fund's investment process may, at times, result in a higher than average portfolio turnover ratio and increased trading expenses.

PAST PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

2006

                     ONE   DATE FIRST
                    YEAR    AVAILABLE
                    ----   ----------
Core Bond Trust            05/__/2005
Series NAV(A)

GLOBAL BOND TRUST

SUBADVISER: Pacific Investment Management Company LLC

INVESTMENT OBJECTIVE: To seek maximum total return, consistent with preservation of capital and prudent investment management.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income instruments, which may be represented by futures contracts (including related options) with respect to such securities, and options on such securities. These fixed income instruments may be denominated in non-U.S. currencies or in U.S. dollars.

In selecting securities for the Fund, the subadviser utilizes economic forecasting, interest rate anticipation, credit and call risk analysis, foreign currency exchange rate forecasting, and other security selection techniques. The proportion of the Fund's assets committed to investment in securities with particular characteristics (such as maturity, type and coupon rate) will vary based on the subadviser's outlook for the U.S. and foreign economies, the financial markets, and other factors.

The types of fixed income securities in which the Fund may invest include the following securities which, unless otherwise noted, may be issued by domestic or foreign issuers and may be denominated in U.S. dollars or non-U.S. currencies:

- securities issued or guaranteed by the U.S. Government, its agencies orgovernment-sponsored enterprises;

- corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper;

- mortgage-backed and other asset-backed securities;

- inflation-indexed bonds issued by both governments and corporations;

- structured notes, including hybrid or "indexed" securities and event-linked bonds;

- loan participations and assignments;

- delayed funding loans and revolving credit facilities;

- bank certificates of deposit, fixed time deposits and bankers' acceptances;

- debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises;

- repurchase agreements and reverse repurchase agreements;

- obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and

- obligations of international agencies or supranational entities.

Fixed-income securities may have fixed, variable, or floating rates of interest, including rates of interest that vary inversely at a multiple of a designated or floating rate, or that vary according to change in relative values of currencies.

Depending on the subadviser's current opinion as to the proper allocation of assets among domestic and foreign issuers, investments in the securities of issuers located outside the United States will normally vary between 25% and 75% of the Fund's total assets. The Fund may invest up to 10% of its total assets in fixed income securities that are rated below investment grade but rated B or higher by Moody's or S&P, or, if unrated, determined by the subadviser to be of comparable quality. The Fund may invest in baskets of foreign currencies (such as the Euro) and direct currency. The average Fund duration will normally vary within a three to seven year time frame.

The Fund may make short sales of a security including short sales "against the box."

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 10.64% (for the quarter ended 6/2002) and the lowest return was 4.81% (for the quarter ended 3/1999).

(PERFORMANCE GRAPH)

 2.9%   7.6%  -6.7%   1.7%   0.5%  20.1%  15.4%  10.4%  -6.7%      %
1997   1998   1999   2000   2001   2002   2003   2004   2005   2006

                                   ONE     FIVE    TEN    DATE FIRST
                                   YEAR   YEARS   YEARS    AVAILABLE
                                  -----   -----   -----   ----------
Global Bond Trust
   Series I                       -6.66%   7.50%   5.48%  03/18/1988
   Series III                     -6.77%   7.38%   5.43%  01/28/2002
   Series NAV(B)                  -6.56%   7.52%   5.50%  02/28/2005
JP Morgan Global-Unhedged Index   -6.17%   6.98%   5.21%  [_________]

(A) Effective May 1, 1999, the portfolio changed its subadviser and its investment objective. Performance reflects results prior to these changes.

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

ISeries II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

HIGH INCOME TRUST

SUBADVISER: MFC Global Investment Management (U.S.), LLC

INVESTMENT OBJECTIVE: To seek high current income; capital appreciation is a secondary goal.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets in U.S. and foreign fixed-income securities that, at the time of investment, are rated BB/Ba or lower or are unrated equivalents. These may include, but are not limited to, domestic and foreign corporate bonds, debentures and notes, convertible securities, preferred stocks, and domestic and foreign government obligations.

No more than 10% of the Fund's total assets may be invested in securities that are rated in default by S&P's or by Moody's. There is no limit on the Fund's average maturity. The foreign securities in which the Fund may invest include both developed and emerging market securities.

In managing the Fund's portfolio, the subadviser concentrates on industry allocation and securities selection deciding which types of industries to emphasize at a given time, and then which individual securities to buy. The subadviser uses top-down analysis to determine which industries may benefit from current and future changes in the economy.

In choosing individual securities, the subadviser uses bottom-up research to find securities that appear comparatively under-valued. The subadviser looks at the financial condition of the issuers as well as the collateralization and other features of the securities themselves. The Fund typically invests in a broad range of industries.

The Fund may invest in asset-backed securities rated as low as BB. Under normal circumstances, no more than 15% of the asset-backed securities purchased by the Fund will be rated less than A.

The Fund may use certain higher-risk investments, including derivatives (investments whose value is based on indexes, securities or currencies) and restricted or illiquid securities. The Fund is authorized to use all of the various investment strategies referred to under "Hedging and Other Strategic Transactions" in the SAI. In addition, the Fund may invest up to 20% of its net assets in U.S. and foreign common stocks of companies of any size. In abnormal circumstances, the Fund may temporarily invest extensively in investment grade short-term securities. In these and other cases, the Fund might not achieve its goal.

The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance).

PAST PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance

would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

2006

                     ONE   DATE FIRST
                    YEAR    AVAILABLE
                    ----   ----------
High Income Trust           12/31/05
Series NAV(A)

INCOME TRUST

SUBADVISER: Franklin Advisers, Inc.

INVESTMENT OBJECTIVE: To seek to maximize income while maintaining prospects for capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests in a diversified portfolio of debt securities, such as bonds, notes and debentures, and equity securities, such as common stocks, preferred stocks and convertible securities.

The Fund seeks income by selecting investments such as corporate and foreign debt securities and U.S. Treasury bonds, as well as stocks with attractive dividend yields. In its search for growth opportunities, the Fund maintains the flexibility to invest in common stocks of companies from a variety of industries such as utilities, oil, gas, real estate and consumer goods.

The subadviser searches for undervalued or out-of-favor securities it believes offer opportunities for current income and significant future growth. It performs independent analysis of the debt securities being considered for the Fund's portfolio, rather than relying principally on the ratings assigned by the rating agencies. In its analysis, the subadviser considers a variety of factors, including:

- the experience and managerial strength of the company;

- responsiveness to changes in interest rates and business conditions;

- debt maturity schedules and borrowing requirements;

- the company's changing financial condition and market recognition of the change; and

- a security's relative value based on such factors as anticipated cash flow, interest and dividend coverage, asset coverage and earnings prospects.

The Fund may invest up to 100% of total assets in debt securities that are rated below investment grade (sometimes referred to as "junk bonds"), but is not currently expected to invest more than 50% of its total assets in such securities. Securities rated in the top four rating categories by independent rating organizations such as Standard & Poor's ("S&P") or Moody's Investors Service ("Moody's") are considered investment grade. Below investment grade securities, such as those rated BB or lower by S&P, or Ba or lower by Moody's, or unrated, but deemed by the subadviser to be of comparable quality, generally pay higher yields but involve greater risks than investment grade securities.

The Fund may invest up to 25% of its total assets in foreign securities, foreign securities that are traded in the U.S. or ADR's.

PAST PERFORMANCE

Past performance is not provided since the Fund commenced operations in May 2007.

HIGH YIELD TRUST

SUBADVISER: Western Asset Management Company

INVESTMENT OBJECTIVE: To realize an above-average total return over a market cycle of three to five years, consistent with reasonable risk.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) at the time of investment in high yield securities, including corporate bonds, preferred stocks, U.S. Government and foreign securities, mortgage-backed securities, loan assignments or participations and convertible securities which have the following ratings (or, if unrated, are considered by the subadviser to be of equivalent quality):

CORPORATE BONDS, PREFERRED STOCKS AND CONVERTIBLE SECURITIES
                        RATING AGENCY
------------------------------------------------------------
                   Moody's        Ba through C
              Standard & Poor's   BB through D

Non-investment grade securities and are commonly referred to as "junk bonds." The Fund may also invest in investment grade securities.

The Fund may invest in foreign bonds and other fixed income securities denominated in foreign currencies, where, in the opinion of the subadviser, the combination of current yield and currency value offer attractive expected returns. Foreign securities in which the Fund may invest include emerging market securities. The Fund may invest up to 100% of its assets in foreign securities. The subadviser may utilize futures, swaps and other derivatives in managing the Fund.

The Fund may invest in fixed-and floating-rate loans, generally in the form of loan participations and assignments of such loans.

The Fund normally maintains an average Fund duration of between 3 and 7 years. However, the Fund may invest in individual securities of any duration. Duration is an approximate measure of the sensitivity of the market value of the Fund's portfolio to changes in interest rates.

PAST PERFORMANCE (A, B, C, D)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance

would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 7.94% (for the quarter ended 6/2003) and the lowest return was [_____]% (for the quarter ended 9/1998).

(PERFORMANCE GRAPH)

 2.8%   8.0%  -9.0%  -5.5%  -6.7%  24.2%  11.1%   3.7%      %
1998   1999   2000   2001   2002   2003   2004   2005   2006

                                 ONE    FIVE    LIFE OF    DATE FIRST
                                YEAR   YEARS   PORTFOLIO    AVAILABLE
                                ----   -----   ---------   ----------
High Yield Trust
   Series I                     3.70%  4.76%               01/01/1997
   Series II(D)                 3.56%  4.62%               01/28/2002
   Series NAV(C)                3.87%  4.79%               02/28/2005
Citigroup High Yield Index(B)   2.07%  8.93%

(A) Current subadvisor assignment became effective May 1, 2003.

(B) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for this index is only provided as of a month end.

(C) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(D) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

INVESTMENT QUALITY BOND TRUST

SUBADVISER: Wellington Management Company, LLP

INVESTMENT OBJECTIVE: To provide a high level of current income consistent with the maintenance of principal and liquidity.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds rate investment grade at the time of investment. The Fund will tend to focus on corporate bonds and U.S. government bonds with intermediate to longer term maturities.

The subadviser's investment decisions derive from a three-pronged analysis, including:

- sector analysis,

- credit research, and

- call protection.

Sector analysis focuses on the differences in yields among security types, issuers, and industry sectors. Credit research focuses on both quantitative and qualitative criteria established by the subadviser, such as call protection (payment guarantees), an issuer's industry, operating and financial profiles, business strategy, management quality, and projected financial and business conditions. Individual purchase and sale decisions are made on the basis of relative value and the contribution of a security to the desired characteristics of the overall Fund. Factors considered include:

- relative valuation of available alternatives,

- impact on portfolio yield, quality and liquidity, and

- impact on portfolio maturity and sector weights.

The subadviser attempts to maintain a high, steady and possibly growing income stream.

At least 80% of the Fund's net assets are invested in investment grade bonds and debentures, including:

- marketable debt securities of U.S. and foreign issuers (payable in U.S. dollars), rated as investment grade by Moody's or Standard & Poor's at the time of purchase, including privately placed debt securities, corporate bonds, asset-backed securities and commercial mortgage-backed securities;

- securities issued or guaranteed as to principal or interest by the U.S. Government or its agencies or instrumentalities, including mortgage-backed securities; and

- cash and cash equivalent securities which are authorized for purchase by the Money Market Fund.

The balance (no more than 20%) of the Fund's net assets may be invested in below investment grade bonds and other securities including privately placed debt securities:

- U.S. and foreign debt securities,

- preferred stocks,

- convertible securities (including those issued in the Euromarket),

- securities carrying warrants to purchase equity securities,

- non-investment grade and investment grade, and

- non-U.S. dollar fixed income securities subject to the 20% limit set forth above, including up to 5% emerging market fixed income securities.

In pursuing its investment objective, the Fund may invest up to 20% of its net assets in U.S. and foreign high yield (high risk) corporate and government debt securities (commonly known as "junk bonds"). These instruments are rated "Ba" or below by Moody's or "BB" or below by S&P's (or, if unrated, are deemed of comparable quality as determined by the subadviser). The high yield sovereign debt securities in which the Fund will invest are described below under "Strategic Bond Fund". No minimum rating standard is required for a purchase of high yield securities by the Fund. While the Fund may only invest up to 20% of its net assets in securities rated in these rating categories at the time of investment, it is not required to dispose of bonds that may be downgraded after purchase, even though such downgrade may cause the Fund to exceed this 20% maximum.

The Fund normally maintains an average Fund duration of between 3 and 7 years. However, the Fund may invest in individual securities of any duration. Duration is an approximate measure of the sensitivity of the market value of the Fund's portfolio to changes in interest rates.

The Fund may make short sales of a security including short sales "against the box."

PAST PERFORMANCE (A, B, C, D)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

(PERFORMANCE GRAPH)

 9.8%   8.7%   1.8%   9.4%   7.3%   9.9%   7.3%   4.8%   2.3%      %
1997   1998   1999   2000   2001   2002   2003   2004   2005   2006

                                        ONE    FIVE    TEN    DATE FIRST
                                       YEAR   YEARS   YEARS    AVAILABLE
                                       ----   -----   -----   ----------
Investment Quality Bond Trust
Series I                               2.26%  6.30%   5.97%   06/18/1985
Series II(D)                           2.03%  6.18%   5.91%   01/28/2002
Series NAV(C)                          2.38%  6.33%   5.98%   02/28/2005
Lehman Brothers Aggregate Bond Index   2.43%  5.87%   6.16%
Combined Index(B)                      2.30%  6.26%   6.20%

(A) Effective April 23, 1991, the portfolio changed its subadviser and investment objective. Performance reflects results prior to these changes.

(B) The Combined Index is comprised of 50% of the return of the Lehman Brothers Government Bond Index and 50% of the return of the Lehman Brothers Credit Bond Index.

(C) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(D) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares.

MONEY MARKET TRUST

MONEY MARKET TRUST B

SUBADVISER: MFC Global Investment Management (U.S.A.) Limited

INVESTMENT OBJECTIVE: To obtain maximum current income consistent with preservation of principal and liquidity.

INVESTMENT STRATEGIES: Under normal market conditions, the Funds invests in high quality, U.S. dollar denominated money market instruments.

The subadviser may invest the Funds' assets in high quality, U.S. dollar denominated money market instruments of the following types:

- obligations issued or guaranteed as to principal and interest by the U.S. Government, or any agency or authority controlled or supervised by and acting as an instrumentality of the U.S. Government pursuant to authority granted by Congress ("U.S. Government Securities"), or obligations of foreign governments including those issued or guaranteed as to principal or interest by the Government of Canada, the government of any province of Canada, or any Canadian or provincial Crown agency (any foreign obligation acquired by the Funds must be payable in U.S. dollars);

- certificates of deposit, bank notes, time deposits, Eurodollars, Yankee obligations and bankers' acceptances of U.S. banks, foreign branches of U.S. banks, foreign banks and U.S. savings and loan associations which at the date of investment have capital, surplus and undivided profits as of the date of their most recent published financial statements in excess of $100,000,000 (or less than $100,000,000 if the principal amount of such bank obligations is insured by the Federal Deposit Insurance Corporation or the Saving Association Insurance Fund);

- commercial paper which at the date of investment is rated (or guaranteed by a company whose commercial paper is rated) within the two highest rating categories by any NRSRO (such as "P-1" or "P-2" by Moody's or "A-1" or "A-2" by Standard & Poor's) or, if not rated, is issued by a company which the subadviser acting pursuant to guidelines established by the Funds' Board of Trustees, has determined to be of minimal credit risk and comparable quality;

- corporate obligations maturing in 397 days or less which at the date of investment are rated within the two highest rating categories by any NRSRO (such as "Aa" or higher by Moody's or "AA" or higher by Standard & Poor's);

- short-term obligations issued by state and local governmental issuers;

- securities that have been structured to be eligible money market instruments such as participation interests in special purpose trusts that meet the quality and maturity requirements in whole or in part due to features for credit enhancement or for shortening effective maturity; and

- repurchase agreements with respect to any of the foregoing obligations.

Commercial paper may include variable amount master demand notes, which are obligations that permit investment of fluctuating amounts at varying rates of interest. Such notes are direct lending arrangements between the Funds and the note issuer. The subadviser monitors the creditworthiness of the note issuer and its earning power and cash flow. The subadviser will also consider situations in which all holders of such notes would redeem at the same time. Variable amount master demand notes are redeemable on demand.

All of the Funds' investments will mature in 397 days or less and the Funds maintain a dollar-weighted average portfolio maturity of 90 days or less. By limiting the maturity of their investments, the Funds seek to lessen the changes in the value of their assets caused by fluctuations in short-term interest rates. In addition, the Funds invest only in securities which the Funds' Board of Trustees determines to present minimal credit risks and which at the time of purchase are "eligible securities" as defined by Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"). The Funds also intend to maintain, to the extent practicable, a constant per share NAV of $1.00. There is no assurance that the Funds will be able to do so.

The Funds may invest up to 20% of their total assets in any of the U.S. dollar denominated foreign securities described above. The Funds are not authorized to enter into mortgage dollar rolls or warrants.

An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of a shareholder's investment at $1.00 per share,

it is possible to lose money by investing in these Funds. For example, a Fund could lose money if a security purchased by the Fund is downgraded and the Fund must sell the security at less than the cost of the security.

PAST PERFORMANCE (A)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 1.52% (for the quarter ended 12/2000) and the lowest return was 0.11% (for the quarter ended 3/2004).

(PERFORMANCE GRAPH)

 5.2%   5.1%   4.6%   5.9%   3.6%   1.2%   0.6%   0.8%   2.7%      %
1997   1998   1999   2000   2001   2002   2003   2004   2005   2006

                                      ONE    FIVE    TEN    DATE FIRST
                                     YEAR   YEARS   YEARS    AVAILABLE
                                     ----   -----   -----   ----------
Money Market Trust
   Series I                          2.66%  1.76%   3.44%   06/18/1985
   Series II(A)                      2.46%  1.60%   3.36%   01/28/2002
Citigroup 3mth Treasury Bill Index   3.00%  2.21%   3.72%

(A) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

MONEY MARKET TRUST B

PAST PERFORMANCE (A)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use the Fund as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series NAV shares. During the period shown in the bar chart, the highest quarterly return was 1.60% (for the quarter ended 9/2000) and the lowest return was 0.20% (for the quarter ended 3/2004).

(PERFORMANCE GRAPH)

 5.5%   5.4%   5.0%   6.3%   3.9%   1.5%   1.0%   1.1%   2.9%      %
1997   1998   1999   2000   2001   2002   2003   2004   2005   2006

                                      ONE    FIVE    TEN    DATE FIRST
                                     YEAR   YEARS   YEARS    AVAILABLE
                                     ----   -----   -----   ----------
Money Market Trust B
   Series NAV(A)                     2.93%  2.07%   3.78%   03/29/1986
Citigroup 3mth Treasury Bill Index   3.00%  2.21%   3.72%

(A) The Series NAV shares of the Money Market Trust B were first issued on April 29, 2005 in connection with JHT's acquisition on that date of all the assets of the Money Market Fund of John Hancock Variable Series Trust I ("JHVST") in exchange for Series NAV shares pursuant to an agreement and plan of reorganization. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the sole class of shares of the JHVST Money Market Fund, JHT's predecessor. These shares were first issued on March 29, 1986.

REAL RETURN BOND TRUST

SUBADVISER: Pacific Investment Management Company LLC

INVESTMENT OBJECTIVE: To seek maximum real return, consistent with preservation of real capital and prudent investment management.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities and corporations.

Inflation-indexed bonds are fixed income securities that are structured to provide protection against inflation. The value of the bond's principal or the interest income paid on the bond is adjusted to track changes in an official inflation measure. The U.S. Treasury uses the Consumer Price Index for Urban Consumers as the inflation measure. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. "Real return" equals total return less the estimated cost of inflation, which is typically measured by the change in an official inflation measure.

The types of fixed income securities in which the Fund may invest include the following securities which, unless otherwise noted, may be issued by domestic or foreign issuers and may be denominated in U.S. dollars or non-U.S. currencies:

- securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises;

- corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper;

- mortgage-backed and other asset-backed securities;

- inflation-indexed bonds issued by both governments and corporations;

- structured notes, including hybrid or "indexed" securities and event-linked bonds;

- loan participations and assignments;

- delayed funding loans and revolving credit facilities;

- bank certificates of deposit, fixed time deposits and bankers' acceptances;

- debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises;

- repurchase agreements and reverse repurchase agreements;

- obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and

- obligations of international agencies or supranational entities.

Fixed-income securities may have fixed, variable, or floating rates of interest, including rates of interest that vary inversely at a multiple of a designated or floating rate, or that vary according to change in relative values of currencies.

The Fund invests primarily in investment grade securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's or S&P, or, if unrated, determined by the subadviser to be of comparable quality. The Fund may also invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar denominated securities of foreign issuers. The Fund may invest in baskets of foreign currencies (such as the Euro) and direct currency. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar denominated securities or currencies) to 20% of its total assets. The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified Fund. The average Fund duration will normally vary within three years (plus or minus) of the duration of the Lehman Global Real: U.S. TIPS Index.

The Fund may also lend its portfolio securities to brokers, dealers and other financial institutions to earn income. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls).

The Fund may make short sales of a security including short sales "against the box."

PAST PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

(PERFORMANCE GRAPH)

 9.1%   1.4%      %
2004   2005   2006

                                                ONE    LIFE OF    DATE FIRST
                                               YEAR   PORTFOLIO    AVAILABLE
                                               ----   ---------   ----------
Real Return Bond Trust
Series I                                       1.44%              05/05/2003
Series II                                      1.21%              05/05/2003
Series NAV(B)                                  1.44%              02/28/2005
Lehman Brothers Global Real US TIPS Index(A)   2.77%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had such performance reflected NAV share expenses performance would be higher.

SHORT-TERM BOND TRUST

SUBADVISER: Declaration Management & Research, LLC

INVESTMENT OBJECTIVE: To seek income and capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowing for investment purposes) at the time of investment in a diversified mix of debt securities and instruments. The securities and instruments will have an average credit quality rating of "A" or "AA" and a weighted average effective maturity between one and three years, and no more than 15% of the Fund's net assets will be invested in high yield bonds.

The Fund invests in a diversified mix of debt securities and instruments, including but not limited to:

- U.S. Treasury and Agency securities;

- Asset-backed securities and mortgage-backed securities including mortgage pass-through securities, commercial mortgage back securities and collateralized mortgage offerings;

- Corporate bonds, both U.S. and foreign (if dollar-denominated); and

- Foreign governmental and agency securities (if dollar denominated).

The subadviser evaluates specific bonds and bond sectors using a combination of proprietary research and quantitative tools and seeks to identify bonds and bond sectors that are believed to be attractively priced based upon market fundamentals and technical factors. The subadviser opportunistically emphasizes bonds with yields in excess of U.S. Treasury securities.

Except as otherwise stated under "Investment Objectives and Strategies -- Temporary Defensive Investing", the Fund normally has 10% or less (usually lower) of its total assets in cash and cash equivalents.

The Fund may have significant exposure to derivatives (investments whose value is based on indices or other securities), such as forwards, futures, options and swaps. The subadviser actively uses derivatives to manage the average maturity and interest rate sensitivity of the Fund. Currency management strategies are primarily used for hedging purposes and to protect against changes in foreign currency exchange rates.

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series NAV shares. During the period shown in the bar chart, the highest quarterly return was 3.87% (for the quarter ended 9/2001) and the lowest return was 0.96% (for the quarter ended 6/2004).

(PERFORMANCE GRAPH)

 6.4%   5.8%   3.0%   8.0%   8.1%   5.7%   2.8%   1.4%   2.1%      %
1997   1998   1999   2000   2001   2002   2003   2004   2005   2006

                                               ONE    FIVE    TEN    DATE FIRST
                                              YEAR   YEARS   YEARS    AVAILABLE
                                              ----   -----   -----   ----------
Short-Term Bond Trust
Series NAV(A)                                 2.07%  3.97%   4.65%   05/01/1994
Combined Index(B)                             1.81%  4.04%   5.02%
Lehman Brothers 1-3 Year Aggregate Index(C)   1.81%  4.00%   N/A

(A) The Series NAV shares of the Short-Term Bond Trust were first issued on April 29, 2005 in connection with JHT's acquisition on that date of all the assets of the Short-Term Bond Fund of John Hancock Variable Series Trust I ("JHVST") in exchange for Series NAV shares pursuant to an agreement and plan of reorganization. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the sole class of shares of the JHVST Short-Term Fund, JHT's predecessor. These shares were first issued on May 1, 1994.

(B) The Combined Index represents the Merrill Lynch 1-5 Year Government Bond Index from May 1994 to April 1998; 65% Lehman Brothers 1-3 Year Credit Bond Index and 35% Lehman Brothers 1-3 Year Government Bond Index from May 1998 to April 2002; and the Lehman Brothers Aggregate Bond index from May 2002 and thereafter.

(C) Lehman Brothers 1-3 Year Aggregate Index inception date is July 31, 1997. The 10 year performance is not available.

SPECTRUM INCOME TRUST

SUBADVISER: T. Rowe Price Associates, Inc.

INVESTMENT OBJECTIVE: To seek a high level of current income with moderate share price fluctuation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund diversifies its assets widely among various fixed income and equity market segments. The Fund seeks to maintain broad exposure primarily to domestic and international fixed income markets in an attempt to reduce the impact of markets that are declining and to benefit from good performance in particular market segments over time.

The Fund invests in investment-grade corporate, high-yield, and foreign and emerging market fixed income securities, income-oriented stocks, short-term securities, asset-backed and mortgaged-related securities and U.S. government and agency securities. The Fund will also seek equity income through investments in dividend-paying stocks. Cash reserves will be invested in money market securities and shares of T. Rowe Price money market funds.

Fixed income securities may be of short-, intermediate- and long-term maturities, and will comprise a range of credit qualities with either fixed or floating interest rates. The Fund's fixed income investments will typically include investment grade corporate securities and asset-backed and mortgage-related securities, bank loan participations and assignments, and there is no limit on the Fund's investments in these securities. The Fund may invest in asset-backed securities rated, at the time of purchase, less than A (but not rated lower than B by S&P, Moody's or Fitch). Under normal circumstances, no more than 15% of the asset-backed securities purchased for the Fund will be rated less than A by the three rating agencies. The lowest rating would apply in the case of split-rated asset-backed securities rated by the three rating agencies. Mortgage-related investments could include mortgage dollar rolls and investments in more volatile stripped mortgage securities and collateralized mortgage obligations. The Fund may invest a substantial portion (up to 40% of its total assets) in below-investment grade fixed income securities (or if unrated, of equivalent quality as determined by the subadviser), commonly known as "junk bonds." Junk bonds involve a higher degree of credit risk and price volatility than other, higher-rated fixed income securities. The Fund may invest in U.S. government securities and municipal securities (including Treasury Inflation- Protected Securities or "TIPs"), GNMAs, and other agency-related fixed income securities, and there is no limit on the Fund's investment in these securities. The Fund may also invest up to 45% of its total assets in foreign government and emerging market fixed income securities (excluding Yankee bonds). Foreign currency forwards, options and futures may be used to protect the Fund's foreign securities from adverse currency movements relative to the U.S. dollar, as well as to gain exposure to currencies and markets expected to increase or decrease in value relative to other securities.

Individual fixed income securities are selected by a team of T. Rowe Price portfolio managers using the firm's fundamental research and credit analysis. In evaluating fixed income securities, the portfolio managers will consider a variety of factors including the issuer's financial condition and operating history, the depth and quality of its management, and its sensitivities to economic conditions. Portfolio managers will also consider the issuer's debt levels and ability to service its outstanding debt, its access to capital markets and external factors such as the economic and political conditions in the issuer's country.

The Fund's equity investments, which will be limited to 40% of total assets, will be selected using a value-oriented investment strategy with a focus on large-cap, dividend-paying common stocks. Preferred stocks and securities convertible into equity securities may also be purchased. The subadviser invests in stocks and other securities that appear to be temporarily undervalued by various measures and may be temporarily out of favor, but have good prospects for capital appreciation and dividend growth.

Other than the specific investment limits described above, there is no minimum or maximum percentage of assets which the subadviser will invest in any particular type of fixed income security. In managing the Fund, the subadviser may vary the allocation of the Fund's assets to a particular market segment based on their outlook for, and on the relative valuations of these market segments. When adjusting the allocations to the various markets, the

subadviser rice may also weigh such factors as the outlook for the economy and market conditions, both on a global and local (country) basis, corporate earnings, and the yield advantages of one fixed income sector over another. Maturities of the Fund's fixed income investments reflect the manager's outlook for interest rates.

The Fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.

In pursuing its investment strategy, the subadviser has the discretion to purchase some securities that do not meet the Fund's normal investment criteria, as described above, when it perceives an unusual opportunity for gain. These special situations might arise when the subadviser believes a security could increase in value for a variety of reasons including a change in management, a debt restructuring or other extraordinary corporate event, or a temporary imbalance in the supply of or demand for the securities.

The Fund may also hold a certain portion of its assets in money market reserves which can consist of shares of the T. Rowe Price Reserve Investment Fund (or any other internal T. Rowe Price money market fund) as well as U.S. and foreign dollar-denominated money market securities, including repurchase agreements, in the two highest rating categories or equivalent ratings as determined by the subadviser, maturing in one year or less.

The Fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures and options. Such securities may bear interest or pay dividends at below (or even relatively nominal) rates. The SAI contains a more complete description of such instruments and risks associated therewith.

PAST PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

2006

                         ONE   DATE FIRST
                        YEAR    AVAILABLE
                        ----   ----------
Spectrum Income Trust
Series NAV(A)

STRATEGIC BOND TRUST

SUBADVISER: Western Asset Management Company

INVESTMENT OBJECTIVE: To seek a high level of total return consistent with preservation of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income securities.

The Fund's assets may be allocated among the following five sectors of the fixed income market:

- U.S. government obligations,

- investment grade domestic corporate fixed income securities,

- below investment grade or non-investment grade high yield corporate fixed income securities,

- mortgage-backed and asset-backed securities and

- investment grade and below investment grade or non-investment grade high yield international fixed income securities.

The Fund invests in fixed income securities across a range of credit qualities and may invest a substantial portion of its assets in obligations rated below investment grade by a recognized rating agency, or, if unrated, of equivalent quality as determined by the subadviser. Below investment grade securities are commonly referred to as "junk bonds."

The subadviser will determine the amount of assets to be allocated to each type of security based on its assessment of the maximum level of total return that can be achieved from a Fund which is invested in these securities without incurring undue risks to principal value. The allocation decisions are based on the subadviser's analysis of current economic and market conditions and the relative risks and opportunities presented in these markets.

In making this determination, the subadviser relies in part on quantitative analytical techniques that measure relative risks and opportunities of each type of security. The subadviser also relies on its own assessment of economic and market conditions on both a global and local (country) basis. The subadviser considers economic factors including current and projected levels of growth and inflation, balance of payment status and monetary policy. The allocation of assets to international debt securities is further influenced by current and expected currency relationships and political and sovereign factors. The Fund's assets may not always be allocated to the highest yielding securities if the subadviser believes that such investments would impair the Fund's ability to preserve shareholder capital. The subadviser will continuously review this allocation of assets and make such adjustments as it deems appropriate. The Fund does not plan to establish a minimum or a maximum percentage of the assets which it will invest in any particular type of fixed income security.

The types and characteristics of the U.S. government obligations, mortgage-backed and asset-backed securities and investment grade corporate and international fixed income securities purchased by the Fund are set forth in the discussion of investment objectives and policies for the Investment Quality Bond, U.S. Government Securities and Global Bond Trusts, and in the section entitled "Other Instruments" in the SAI. The types and characteristics of the money market securities purchased by the Fund are similar to the investment objective of the Money Market Trust, to obtain maximum current income consistent with preservation of principal and liquidity. Potential investors should review these other discussions in considering an investment in shares of the Fund. The Fund may invest without limitation in high yield domestic and foreign fixed income securities and up to 100% of the Fund's net assets may be invested in foreign securities. The subadviser has discretion to select the range of maturities of the various fixed income securities in which the Fund invests. Such maturities may vary substantially from time to time depending on economic and market conditions.

The high yield sovereign fixed income securities in which the Fund may invest are U.S. dollar-denominated and non-dollar-denominated fixed income securities issued or guaranteed by governments or governmental entities of developing and emerging countries. The subadviser expects that these countries will consist primarily of those

which have issued or have announced plans to issue Brady Bonds, but the Fund is not limited to investing in the debt of such countries. Brady Bonds are debt securities issued under the framework of the Brady Plan.

Although the subadviser does not anticipate investing in excess of 75% of the Fund's net assets in domestic and developing country fixed income securities that are rated below investment grade, the Fund may invest a greater percentage in such securities when, in the opinion of the subadviser, the yield available from such securities outweighs their additional risks. By investing a portion of the Fund's assets in securities rated below investment grade, as well as through investments in mortgage-backed securities and international debt securities, as described below, the subadviser seeks to provide investors with a higher yield than a high-quality domestic corporate bond fund with less risk than a fund that invests principally in securities rated below investment grade. Certain of the debt securities in which the Fund may invest may have, or be considered comparable to securities having, the lowest ratings for non-subordinated debt instruments assigned by Moody's or S&P (i.e., rated "C" by Moody's or "CCC" or lower by S&P).

In light of the risks associated with investing in high yield corporate and sovereign debt securities, the subadviser considers various factors in evaluating the credit worthiness of an issue. These factors will typically include:

       CORPORATE DEBT SECURITIES                SOVEREIGN DEBT INSTRUMENTS
       -------------------------                --------------------------
-   issuer's financial condition         -   economic and political conditions
                                             within the issuer's country

-   issuer's sensitivity to economic     -   issuer's external and overall debt
    conditions and trends                    levels, and its ability to pay
                                             principal and interest when due

-   issuer's operating history           -   issuer's access to capital markets
                                             and other sources of funding

-   experience and track record of the   -   issuer's debt service payment
    issuer's management                      history

The subadviser also reviews the ratings, if any, assigned to a security by any recognized rating agencies, although its judgment as to the quality of a debt security may differ from that suggested by the rating published by a rating service. The Fund's ability to achieve its investment objective may be more dependent on the subadviser credit analysis than would be the case if it invested in higher quality debt securities.

The Fund may invest in fixed-and floating-rate loans, which investments generally will be in the form of loan participations and assignments of such loans.

PAST PERFORMANCE (A, B)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 5.94% (for the quarter ended 6/2003) and the lowest return was 3.29% (for the quarter ended 9/1998).

(PERFORMANCE GRAPH)

11.0%   1.3%   2.2%   7.4%   6.2%   9.0%   13.1%   6.7%   2.7%      %
1997   1998   1999   2000   2001   2002    2003   2004   2005   2006

                                           ONE    FIVE    TEN    DATE FIRST
                                          YEAR   YEARS   YEARS    AVAILABLE
                                          ----   -----   -----   ----------
Strategic Bond Trust
   Series I                               2.70%  7.48%   7.34%   02/19/1993
   Series II(B)                           2.44%  7.32%   7.26%   01/28/2002
   Series NAV(A)                          2.76%  7.49%   7.35%   02/28/2005
Lehman Brothers Aggregate Bond Index(A)   2.43%  5.87%   6.16%

(A) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher

(B) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

STRATEGIC INCOME TRUST

SUBADVISER: MFC Global Investment Management (U.S.), LLC

INVESTMENT OBJECTIVE: To seek a high level of current income.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its assets in foreign government and corporate debt securities from developed and emerging markets U.S. Government and agency securities and domestic high yield bonds.

The Fund may also invest in preferred stock and other types of debt securities, including domestic corporate debt securities and mortgage-backed securities.

Although the Fund invests in securities rates as low as CC/Ca and their unrated equivalents, it generally intends to keep its average credit quality in the investment grade. There is no limit on the Fund's average maturity.

The Fund may invest in asset-backed securities rated, at the time of purchase, less than A (but not rated lower than B by S&P or Moody's). Under normal circumstances, no more than 15% of the Fund's total assets will be invested in asset-backed securities rated less than A by both rating agencies.

In managing the Fund, the subadviser allocates assets among the three major types of securities based on analysis of economic factors such as projected international interest rate movements, industry cycles and political trends. However, the subadviser may invest up to 100% of the Fund's assets in any one sector.

Within each types of security, the subadviser looks for investments that are appropriate for the overall Fund in terms of yield, credit quality, structure and industry distribution. In selecting securities, relative yields and risk/reward ratios are the primary considerations.

The Fund may use certain higher-risk investments, including derivatives (investments whose value is based on indexes, securities or currencies) and restricted or illiquid securities. In addition, the Fund may invest up to 10% of net assets in domestic or foreign stocks.

The Fund may trade securities actively, which could increase its transaction costs (thus lowering performance).

PAST PERFORMANCE (A, B)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 1.63% (for the quarter ended 9/2005) and the lowest return was 0.60% (for the quarter ended 3/2005).

(PERFORMANCE GRAPH)

 2.1%
2005   2006

                                           ONE     LIFE OF    DATE FIRST
                                           YEAR   PORTFOLIO    AVAILABLE
                                          -----   ---------   ----------
Strategic Income Trust
   Series I                               2.13%               05/03/2004
   Series II                              1.92%               05/03/2004
   Series NAV(B)                          2.19%               04/29/2005
Lehman Brothers Aggregate Bond Index(A)   2.43%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(B) Series NAV shares were first offered April 29, 2005. For periods prior to April 29, 2005, the performance shown reflects the performance of Series I shares. Series I shares have higher expenses than Series NAV shares. Had the performance for periods prior to April 29, 2005 reflected Series NAV expenses, performance would be higher.

TOTAL RETURN TRUST

SUBADVISER: Pacific Investment Management Company LLC

INVESTMENT OBJECTIVE: To seek maximum total return, consistent with preservation of capital and prudent investment management.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 65% of its total assets in a diversified fund of fixed income instruments of varying maturities.

In selecting securities for the Fund, the subadviser utilizes economic forecasting, interest rate anticipation, credit and call risk analysis, foreign currency exchange rate forecasting, and other security selection techniques. The proportion of the Fund's assets committed to investment in securities with particular characteristics (such as maturity, type and coupon rate) will vary based on the subadviser's outlook for the U.S. and foreign economies, the financial markets, and other factors.

The types of fixed income securities in which the Fund may invest include the following securities which, unless otherwise noted, may be issued by domestic or foreign issuers and may be denominated in U.S. dollars or non-U.S. currencies:

- securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises;

- corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper;

- mortgage-backed and other asset-backed securities;

- inflation-indexed bonds issued by both governments and corporations;

- structured notes, including hybrid or "indexed" securities and event-linked bonds;

- loan participations and assignments;

- delayed funding loans and revolving credit facilities;

- bank certificates of deposit, fixed time deposits and bankers' acceptances;

- debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises;

- repurchase agreements and reverse repurchase agreements;

- obligations of non-U.S governments or their subdivisions, agencies and government-sponsored enterprises; and

- obligations of international agencies or supranational entities.

Fixed-income securities may have fixed, variable, or floating rates of interest, including rates of interest that vary inversely at a multiple of a designated or floating rate, or that vary according to change in relative values of currencies.

The Fund invests primarily in investment grade securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's or S&P, or, if unrated, determined by the subadviser to be of comparable quality. The Fund may also invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar denominated securities of foreign issuers. The Fund may invest in baskets of foreign currencies (such as the Euro) and direct currency. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar denominated securities or currencies) to 20% of its total assets. The average Fund duration will normally vary within a three to six year time frame.

The Fund may make short sales of a security, including short sales "against the box."

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 6.43% (for the quarter ended 9/2001) and the lowest return was 2.19% (for the quarter ended 6/2004).

(PERFORMANCE GRAPH)

10.9%   8.3%   9.5%   5.0%   5.0%   2.4%      %
2000   2001   2002   2003   2004   2005   2006

                             ONE    FIVE    LIFE OF    DATE FIRST
                            YEAR   YEARS   PORTFOLIO    AVAILABLE
                            ----   -----   ---------   ----------
Total Return Trust
   Series I                 2.40%  6.00%               05/01/1999
   Series II(C)             2.25%  5.88%               01/28/2002
   Series NAV(B)            2.49%  6.02%               02/28/2005
Lehman Brothers Aggregate
   Bond Index(A)            2.43%  5.87%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for the index is only provided as of a month end.

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had such performance reflected NAV share expenses performance would be higher.

(C) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

U.S. GOVERNMENT SECURITIES TRUST

SUBADVISER: Western Asset Management Company

INVESTMENT OBJECTIVE: To obtain a high level of current income consistent with preservation of capital and maintenance of liquidity.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in debt obligations and mortgage-backed securities issued or guaranteed by the U.S. government, its agencies or instrumentalities and derivative securities such as collateralized mortgage obligations backed by such securities and futures contracts. The Fund may invest the balance of its assets in non-U.S. government securities including, but not limited to, fixed rate and adjustable rate mortgage-backed securities, asset-backed securities, corporate debt securities and money market instruments.

The Fund invests in:

- mortgage-backed securities guaranteed by the Government National Mortgage Association that are supported by the full faith and credit of the U.S. government and which are the "modified pass-through" type of mortgage-backed security ("GNMA Certificates"). Such securities entitle the holder to receive all interest and principal payments due whether or not payments are actually made on the underlying mortgages;

- U.S. Treasury obligations (including repurchase agreements collateralized by U.S. Treasury obligations) (U.S. Treasury obligations are supported by the full faith and credit of the U.S. government);

- obligations issued or guaranteed by agencies or instrumentalities of the U.S. Government which are backed by their own credit and may not be backed by the full faith and credit of the U.S. Government (including repurchase agreements collateralized by these obligations);

- mortgage-backed securities guaranteed by agencies or instrumentalities of the U.S. Government which are supported by their own credit but not the full faith and credit of the U.S. Government, such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association; and

- futures contracts or financial instruments and indices.

- collateralized mortgage obligations issued by private issuers for which the underlying mortgage-backed securities serving as collateral are backed (i) by the credit alone of the U.S. Government agency or instrumentality which issues or guarantees the mortgage-backed securities, or (ii) by the full faith and credit of the U.S. Government.

As noted above, the Fund may invest not only in U.S. government securities that are backed by the full faith and credit of the U.S. government, such as GNMA Certificates and U.S. Treasury obligations, but also in U.S. Government securities that are backed only by their own credit and not the full faith and credit of the U.S. government (such as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation).

The Fund may invest the balance of its assets in non-U.S. government securities such as, but not limited to, fixed rate and adjustable rate mortgage-backed securities, asset-backed securities, corporate debt securities and money market instruments.

For purposes of diversification requirements established pursuant to the Internal Revenue Code, all securities of the same issuer are treated as a single investment and each U.S. Government agency or instrumentality is treated as a separate issuer. As a result of these requirements, the Fund may not invest more than 55% of the value of its total assets in GNMA Certificates or in securities issued or guaranteed by any other single U.S. Government agency or instrumentality.

PAST PERFORMANCE (A, B, C, D)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 4.48% (for the quarter ended 9/2001) and the lowest return was 1.54% (for the quarter ended 3/1996).

(PERFORMANCE GRAPH)

 8.5%   7.5%   -0.2%   10.9%   7.0%   8.0%   1.7%   2.9%   1.6%      %
1997   1998    1999    2000   2001   2002   2003   2004   2005   2006

                                      ONE    FIVE    TEN    DATE FIRST
                                     YEAR   YEARS   YEARS    AVAILABLE
                                     ----   -----   -----   ----------
U.S. Government Securities Trust
   Series I                          1.58%  4.21%   5.06%   03/18/1988
   Series II(C)                      1.45%  4.10%   5.01%   01/28/2002
   Series NAV(B)                     1.60%  4.21%   5.06%   02/28/2005
Citigroup 1-10 Year Treasury Index   1.57%  4.54%   5.35%

(A) Effective December 13, 1991, the portfolio changed its subadviser and its investment objective. Performance reflects results prior to these changes.

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(C) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

U.S. HIGH YIELD BOND TRUST

SUBADVISER: Wells Capital Management, Incorporated

INVESTMENT OBJECTIVE: To seek total return with a high level of current income.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in corporate debt securities that are, at the time of investment, below investment grade, including preferred and other convertible securities in below investment grade debt securities (sometimes referred to as "junk bonds" or high yield securities). The Fund also invests in corporate debt securities and may buy preferred and other convertible securities and bank loans.

The subadviser actively manages a diversified portfolio of below investment grade debt securities (often called "junk bonds" or high yield securities). The subadviser does not manage the portfolio to a specific maturity or duration. The subadviser focuses on individual security selection (primarily using a "bottom-up" approach) and seeks to identify high yield securities that appear comparatively undervalued. The subadviser uses its knowledge of various industries to assess the risk/return tradeoff among issues within particular industries, in seeking to identify compelling relative value investments. The subadviser analyzes the issuers' long-term prospects and focus on characteristics such as management, asset coverage, free cash flow generation, liquidity and business risk. The subadviser research and analysis highlights industry drivers, competitive position and operating trends with an emphasis on cash flow. The subadviser also talks to management, and consults industry contacts, debt and equity analysts, and rating agencies.

The subadviser purchases securities for the Fund when attractive risk/reward ideas are identified and sells securities when either the securities become overvalued or circumstances change in a way that adversely affects this risk/return profile. Rigorous credit analysis of individual issuers is an integral part of the selection process. The subadviser attempts to invest in high yield securities of issuers which it believes have ample asset coverage for their debt securities in comparison to other high yield security issuers in an effort to minimize default risk and maximize risk-adjusted returns. The strategy is focused on selecting investments that can capture the significant current income and capital appreciation potential of the high yield market while also managing downside risk. The total return sought by the Fund consists of income earned on the Fund's investments, together with the appreciation that may result from decreases in interest rates or improving credit fundamentals for a particular industry or issuer.

Under normal circumstances, the subadviser invests:

- Up to 15% of total assets in any one industry; and

- Up to 5% of total assets in any one issuer.

The subadviser will generally invest in below investment grade debt securities that are rated at least "Caa" by Moody's or "CCC" by S&P, or that are unrated but deemed by the subadviser to be of comparable quality but may also invest in securities rated below these ratings (or unrated securities of comparable quality). The average credit quality of the Fund's securities is expected to be at least B- as rated by S&P.

PAST PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance

would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

2006

                                            ONE   DATE FIRST
                                           YEAR    AVAILABLE
                                           ----   ----------
U.S. High Yield Bond Trust Series NAV(A)

INVESTMENT OBJECTIVE:    To seek total return, consisting of long-term capital
                         appreciation and current income.

INVESTMENT STRATEGIES:   Under normal market conditions, the Fund invests in
                         equity and fixed income securities of issuers located
                         within and outside the U.S. The Fund will allocate its
                         assets between fixed income securities and equity
                         securities.

The Fund is a multi-asset Fund and invests in each of the major asset classes:
U.S. fixed income, U.S. equities, international fixed income and international equities, based upon the subadviser's assessment of prevailing market conditions in the U.S. and abroad.

Within the equity portion of the Fund, the subadviser selects securities whose fundamental values it believes are greater than their market prices. In this context, the fundamental value of a given security is the subadviser's assessment of what a security is worth. The subadviser bases its estimates of value upon economic, industry and company analysis, as well as upon a company's management team, competitive advantage and core competencies. The subadviser then compares its assessment of a security's value against the prevailing market prices, with the aim of constructing a Fund of stocks with attractive relative price/value characteristics.

For each security under analysis, the fundamental value estimate is compared to the company's current market price to ascertain whether a valuation anomaly exists. A stock with a market price below the estimated intrinsic or fundamental value would be considered a candidate for inclusion in the Fund. The comparison between price and intrinsic or fundamental value allows comparisons across industries and countries.

While the subadviser's investment decisions with respect to the equity portion of the portfolio are based primarily on price/value discrepancies as identified by its fundamental valuation process, under certain circumstances the subadviser may utilize growth-oriented strategies within the U.S. equity asset class for a portion of the allocation to manage risk exposures; but only after subjecting such strategies to a rigorous due diligence process to judge their suitability for the Fund.

To invest in growth equities, the subadviser will seek to invest in companies that possess a dominant market position and franchise, a major technological edge or a unique competitive advantage, in part by using a proprietary quantitative screening system that ranks stocks using a series of growth, valuation and momentum metrics.

In selecting fixed income securities, the subadviser uses an internally developed valuation model that quantifies return expectations for all major bond markets, domestic and foreign. The model employs a qualitative credit review process that assesses the ways in which macroeconomic forces (such as inflation, risk premiums and interest rates) may affect industry trends. Against the output of this model, the subadviser considers the viability of specific debt securities compared to certain qualitative factors, such as management strength, market position, competitive environment and financial flexibility, as well as certain quantitative factors, such as historical operating results, calculation of credit ratios, and expected future outlook. The Fund may invest in both investment grade and high yield (lower-rated) securities.

The subadviser's fixed income strategy combines judgments about the absolute value of the fixed income universe and the relative value of issuer sectors, maturity intervals, duration of securities, quality and coupon segments and specific circumstances facing the issuers of fixed income securities. Duration measures a fixed income security's price sensitivity to interest rates by indicating the approximate change in a fixed income security's price if interest rates move up or down in one percent (1%) increments. Duration management involves adjusting the sensitivity to interest rates of the holdings within a country. The subadviser manages duration by choosing a maturity mix that provides opportunity for appreciation while also limiting interest rate risks.

The Fund's risk is carefully monitored with consideration given to the risk generated by individual positions, sector, country and currency views.

The Fund may invest in cash or cash equivalent instruments, including shares of an affiliated investment company. When market conditions warrant, the Fund may make substantial temporary defensive investments in cash equivalents, which may affect the Fund's ability to pursue its investment objective. The subadviser actively manages the Fund. As such, increased Fund turnover may result in higher costs for brokerage commissions, transaction costs and taxable gains.

Investments in fixed income securities may include debt securities of governments throughout the world (including the U.S.), their agencies and instrumentalities, debt securities of corporations, mortgage-backed securities and asset-backed securities. Investment in equity securities may include common stock, preferred stock, IPOs and ETFs. The Fund may invest in certain issuers by investing in other open-end investment companies, including investment companies advised by the subadviser, to the extent permitted by applicable law. In addition, the Fund attempts to generate positive returns through sophisticated currency management techniques. These decisions are integrated with analysis of global market and economic conditions.

The Fund may, but is not required to, use derivative instruments for risk management purposes or as part of the Fund's investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, or index, and may relate to stocks, bonds, interest rates, currencies or currency exchange rates, and related indexes. Examples of derivatives include options, futures, forward agreements, swap agreements (including, but not limited to, interest rate and credit default swaps), and credit-linked securities. The Fund may use derivatives to earn income and enhance returns, to manage or adjust the risk profile of the Fund, to replace more traditional direct investments, or to obtain exposure to certain markets.

PAST PERFORMANCE (A, B, C, D, E)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 14.38% (for the quarter ended 6/2003) and the lowest return was [_____]% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

-13.4%  -23.2%  26.4%  12.7%   6.2%      %
 2001    2002   2003   2004   2005   2006

                                         ONE    FIVE    LIFE OF    DATE FIRST
                                        YEAR   YEARS   PORTFOLIO    AVAILABLE
                                        ----   -----   ---------   ----------
Global Allocation Trust
   Series I                             6.20%  0.14%               05/01/2000
   Series II(D)                         5.93%  0.03%               01/28/2002
   Series NAV(C)                        6.30%  0.23%               02/28/2005
Global Securities Markets Index(A, B)   7.09%  5.35%
S&P 500 Index(A)                        4.91%  0.54%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for this index is only provided as of a month end.

(B) The Global Securities Markets Index is an unmanaged index compiled by UBS Global Asset Management. It is currently constructed as follows: 40% Russell 3000 Index, 22% MSCI World ex-USA (free) Index, 21% Citigroup Broad Investment Grade (BIG) Bond Index, 9% Citigroup World Government Bond non-US Index, 3% Merrill Lynch High Yield Cash Pay Constrained Index, 3% MSCI Emerging Free Markets Index and 2% J.P. Morgan EMBI Global Index.

(C) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(D) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

(E) Current subadvisers assignment became effective May 1, 2003.

INCOME & VALUE TRUST

SUBADVISER: Capital Guardian Trust Company

INVESTMENT OBJECTIVE: To seek the balanced accomplishment of (a) conservation of principal and (b) long-term growth of capital and income.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests its assets in both equity and fixed income securities. The subadviser has full discretion to determine the allocation of assets between equity and fixed income securities. Generally, between 25% and 75% of the Fund's total assets will be invested in fixed income securities unless the subadvier determines that some other proportion would better serve the Fund's investment objective.

At least 80% of the fixed income portion of the portfolio will consist of the following:

- securities rated "Baa" or better at the time of purchase by Moody's or "BBB" by Standard & Poor's or deemed by the subadviser to be of equivalent investment quality including mortgage-related and asset-backed securities;

- non-U.S. dollar fixed income securities (up to 15% of the Fund's assets including up to 5% in emerging market fixed income securities);

- securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities; and/or

- cash or cash equivalents including commercial bank obligations and commercial paper.

Fixed-income securities may include ADRs, Yankee Bonds and Eurodollar instruments which are U.S. dollar denominated and non-U.S. dollar fixed income securities subject to the limits set forth above.

The subadviser has a large and experienced research team that includes equity and fixed-income analysts - focused on gathering in-depth, firsthand information on companies and securities in the U.S. markets - as well as economists who conduct global macroeconomic research. The subadviser emphasizes research and actively manages portfolios across asset classes, using a bottom-up approach to selecting individual securities. A team of senior portfolio managers determines tactical allocation shifts between these actively managed portfolios. These shifts are based on the expected returns of these active portfolios rather than the expected returns for the indices they are managed against.

Equity securities shall be traded on national securities exchanges, NASDAQ or in other national OTC markets and may include ADRs and other U.S. registered securities of foreign issuers which are denominated in U.S. dollars.

PAST PERFORMANCE (A, B, C, D)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance

would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 13.68% (for the quarter ended 6/2003) and the lowest return was [______]% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

15.9%  15.3%   8.5%   4.9%   1.0%  -15.9%  26.5%   7.6%   5.2%      %
1997   1998   1999   2000   2001    2002   2003   2004   2005   2006

                        ONE    FIVE    TEN    DATE FIRST
                       YEAR   YEARS   YEARS    AVAILABLE
                       ----   -----   -----   ----------
Income & Value Trust
   Series I            5.22%  3.99%   7.36%   08/03/1989
   Series II(D)        4.98%  3.85%   7.28%   01/28/2002
   Series NAV(C)       5.22%  3.99%   7.36%   04/29/2005
Combined Index(B)      4.06%  3.01%   6.32%
Citigroup BIG Index    2.57%  5.93%   6.19%
S&P 500 Index          4.91%  0.54%   9.07%

(A) Effective May 1, 1999, the portfolio changed its subadviser and its investment objective. Performance reflects results prior to these changes.

(B) The Combined Index represents 32.5% of the return of the Dow Jones Wilshire 5000 Index, 10% of the MSCI EAFE Index, 40% of the Lehman Brothers Aggregate Bond Index, 10% of the 90 Day T-Bill, and 7.5% of the Merrill Lynch High Yield Index through April 30, 1999, and 60% of the return of the S&P 500 Index and 40% of the return of the Citigroup Broad Investment Grade Bond Index from May 1, 1999 and thereafter.

(C) NAV shares were first offered April 29, 2005. Performance prior to April 29, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(D) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

MANAGED TRUST

SUBADVISERS: Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") and Declaration Management and Research LLC ("Declaration")

INVESTMENT OBJECTIVE: To seek income and long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests primarily in a diversified mix of: (a) common stocks of large capitalization U.S. companies; and (b) bonds with an overall intermediate term average maturity.

The Fund employs a multi-manager approach with two subadvisers, each of which employs its own investment approach and independently manages its portion of the Fund. The Fund will be rebalanced quarterly so that each subadviser manages the following portion of the Fund:

60%* GMO

40%* Declaration

* Percentages are approximate. Since the Fund is only rebalanced quarterly, the actual portion of the Fund managed by each subadviser will vary during each calendar quarter.

This allocation methodology may change in the future.

GMO

In managing its portion of the Fund, GMO seek to outperform its benchmark, currently, the S&P 500 Index, an index of large capitalization U.S. stocks, independently maintained and published by Standard & Poor's.

GMO typically invests its portion of the Fund in equity investments in U.S. companies with larger capitalizations to gain broad exposure to the U.S. equity market. GMO defines "larger capitalizations" as capitalizations similar to the capitalizations of companies that issue stocks included in the S&P 500 Index ($[__________] to $[__________] as of December 31, 2006. Under normal circumstances, GMO invests at least 80% of its portion of the Fund in investments tied economically to the U.S.

GMO uses proprietary research and quantitative models to seek out stocks it believes are undervalued or it believes have improving fundamentals. Generally, these stocks trade at prices below what GMO believes to be their fundamental value. GMO also uses proprietary techniques to adjust the Fund for factors such as stock selection discipline (criteria used for selecting stocks), industry and sector weights, and market capitalization. The factors considered by GMO and the models it uses may change over time.

GMO intends that its portion of the Fund will be fully invested and generally will not take temporary defensive positions through investment in cash and high quality money market instruments. GMO in managing its portion of the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivative instruments, including options, futures, and swap contracts, to (i) hedge equity exposure; (ii) replace direct investing (e.g., creating equity exposure through the use of futures contracts or other derivative instruments); or (iii) manage risk by implementing shifts in investment exposure.

DECLARATION

Declaration selects bonds using a combination of proprietary research and quantitative tools. Declaration invests in bond and bond sectors that it believes are attractively priced based on market fundamentals and technical factors. Declaration opportunistically emphasizes bonds with yields in excess of Treasury securities.

Declaration normally has no more than 10% of its bond total assets in high yield bonds (commonly know as "junk bonds") and normally invests in foreign securities only if U.S. dollar denominated.

Except as otherwise stated under "Temporary Defensive Investing" the portion of the Fund managed by Declaration normally has 10% or less (usually lower) of its total assets in cash and cash equivalents.

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series NAV shares. During the period shown in the bar chart, the highest quarterly return was 14.77% (for the quarter ended 12/1998) and the lowest return was 10.91% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

18.7%  20.4%   9.1%   0.0%  -2.8%  -13.2%  19.0%   8.2%   2.7%      %
1997   1998   1999   2000   2001    2002   2003   2004   2005   2006

                                        ONE    FIVE    TEN    DATE FIRST
                                       YEAR   YEARS   YEARS    AVAILABLE
                                       ----   -----   -----   ----------
Managed Trust Series NAV(A)            2.71%  2.19%   6.77%   03/29/1986
Managed Combined Index(B)              4.00%  2.99%   7.86%
Lehman Brothers Aggregate Bond Index   2.43%  5.87%   6.16%
S&P 500 Index(B)                       4.91%  0.54%   9.07%

(A) The Series NAV shares of the Managed Trust were first issued on April 29, 2005 in connection with JHT's acquisition on that date of all the assets of the Managed Fund of John Hancock Variable Series Trust I ("JHVST") in exchange for Series NAV shares pursuant to an agreement and plan of reorganization. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the sole class of shares of the JHVST Managed Fund, JHT's predecessor. These shares were first issued March 29, 1986.

(B) The Combined Index represents 50% S&P 500 Index and 50% Lehman Brothers Aggregate Bond Index from April 1986 to December 1997, then 60% S&P 500 Index and 40% Lehman Brothers Aggregate Bond Index from January 1998 thereafter.

(C) Current subadviser assignment became effective August 1, 2005.

SPECIALTY FUNDS

FINANCIAL SERVICES TRUST

SUBADVISER: Davis Selected Advisers, L.P.

INVESTMENT OBJECTIVE: To seek growth of capital.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) are invested in companies that, at the time of investment, are principally engaged in financial services and the Fund invests primarily in common stocks of financial services companies.

A company is "principally engaged" in financial services if it owns financial services-related assets constituting at least 50% of the value of its total assets, or if at least 50% of its revenues are derived from its provision of financial services. Companies in the financial services industry include commercial banks, industrial banks, savings institutions, finance companies, diversified financial services companies, investment banking firms, securities brokerage houses, investment advisory companies, leasing companies, insurance companies and companies providing similar services. The Fund may also invest in other equity securities and in foreign and fixed income securities.

The subadviser uses the Davis Investment Discipline in managing the Fund's portfolio. The subadviser conducts extensive research to seek to identify companies with durable business models that can be purchased at attractive valuations relative to their intrinsic value. The subadviser emphasizes individual stock selection and believes that the ability to evaluate management is critical. The subadviser routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. Such research, however rigorous, involves predictions and forecasts that are inherently uncertain.

The subadviser has developed the following list of characteristics that it believes help companies to create shareholder value over the long term and manage risk. While few companies possess all of these characteristics at any given time, the subadviser seeks to invest in companies that demonstrate a majority, or an approximate mix of these characteristics, although there is no guarantee that it will be successful in doing so.

- Proven track record

- Significant personal ownership in business

- Strong balance sheet

- Low cost structure

- High after-tax returns on capital

- High quality of earnings

- Non-obsolescent products/services

- Dominant or growing market share

- Participation in a growing market

- Global presence and brand names

The subadviser's goal is to invest in companies for the long term. The subadviser considers selling a company if it believes the stock's market price exceeds its estimates of intrinsic value, or if the ratio of the risks and rewards of continuing to own the company is no longer attractive.

The Fund may engage in active and frequent trading to achieve its principal investment strategies which will increase transaction costs.

The Fund concentrates (that is invests at least 25% or more) its investments in securities of companies engaged in the financial services industries, a comparatively narrow segment of the economy, and may therefore experience greater volatility than funds investing in a broader range of industries. Moreover, a fund which concentrates its

investments in a particular sector is particularly susceptible to the impact of market, economic, regulatory and other factors affecting that sector.

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 20.96% (for the quarter ended 6/2003) and the lowest return was 15.36% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

       33.6%  10.4%   9.8%      %
2002   2003   2004   2005   2006

                             ONE    FIVE   DATE FIRST
                            YEAR   YEARS    AVAILABLE
                            ----   -----   ----------
Financial Services Trust
   Series I                 9.78%          04/30/2001
   Series II(B)             9.62%          01/28/2002
   Series NAV(A)            9.78%          04/29/2005
Lipper Financial Services
   Fund Index(A)            5.93%

(A) NAV shares were first offered April 29, 2005. Performance shown is that of Series I shares. Series I shares have higher expenses than NAV shares. Had such performance reflected NAV share expenses performance would be higher.

(B) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

GLOBAL REAL ESTATE TRUST

SUBADVISER: Deutsche Investment Management Americas, Inc. ("DIMA") -RREEF American L.L.C. provides sub-subadvisory services to DIMA in its management of the Global Real Estate Trust ("DIMA RREEF")

INVESTMENT OBJECTIVE: To seek a combination of long-term capital appreciation and current income.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities of U.S. REITs, foreign entities with tax-transparent structures similar to REITs and U.S. and foreign real estate operating companies. Equity securities include common stock, preferred stock and securities convertible into common stock. The Fund will be invested in issuers located in at least three different countries, including the United States.

The Fund may invest its assets in short-term debt securities, notes, bonds, securities of companies not principally engaged in real estate, stock index futures contracts and similar instruments and American, European and Global Depositary Receipts.

A company is considered to be a real estate operating company if, in the opinion of DIMA RREEF, at least 50% of its revenues or 50% of the market value of its assets at the time its securities are purchased by the Fund are attributed to the ownership, construction, management or sale of real estate.

DIMA RREEF looks for real estate securities it believes will provide superior returns to the Fund, and attempts to focus on companies with the potential for stock price appreciation and a record of paying dividends.

To find these issuers, DIMA RREEF tracks economic conditions and real estate market performance in major metropolitan areas and analyzes performance of various property types within those regions. To perform this analysis, it uses information from a global network of real estate professionals to evaluate the holdings of real estate companies and REITs in which the Fund may invest. Its analysis also includes the companies' management structure, financial structure and business strategy. DIMA RREEF also considers the effect of the real estate securities markets in general when making investment decisions. DIMA RREEF does not attempt to time the market.

The Fund may realize some short-term gains or losses if DIMA RREEF chooses to sell a security because it believes that one or more of the following is true:

- A security is not fulfilling its investment purpose;

- A security has reached its optimum valuation; or

- A particular company or general economic conditions have changed.

DIMA RREEF's United States fund management team will select all North and South American investments. Foreign investments will be selected by fund management teams within affiliates of DIMA RREEF under common control with Deutsche Bank AG, the indirect parent company of DIMA RREEF. All fund management teams will contribute to the global regional allocation process.

DESCRIPTION OF REITS

A REIT invests primarily in income-producing real estate or makes loans to persons involved in the real estate industry.

Some REITs, called equity REITs, buy real estate and pay investors income from the rents received from the real estate owned by the REIT and from any profits on the sale of its properties. Other REITs, called mortgage REITs, lend money to building developers and other real estate companies and pay investors income from the interest paid on those loans. There are also hybrid REITs which engage in both owning real estate and making loans.

If a REIT meets certain requirements, it is not taxed on the income it distributes to its investors.

Based on its recent practices, DIMA RREEF expects that the Fund's assets will be invested primarily in equity REITs. In changing market conditions, the Fund may invest in other types of REITs. While a REIT is an entity defined by U.S. tax laws, various countries have created entities similar to REITs.

PAST PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [______]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

(PERFORMANCE GRAPH)

    %
2006

                            ONE    LIFE OF    DATE FIRST
                           YEAR   PORTFOLIO    AVAILABLE
                           ----   ---------   ----------
Global Real Estate Trust
   Series I
   Series II
   Series NAV
[__________] Index

HEALTH SCIENCES TRUST

SUBADVISER: T. Rowe Price Associates, Inc.

INVESTMENT OBJECTIVE: To seek long-term capital appreciation.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks of companies engaged, at the time of investment, in the research, development, production, or distribution of products or services related to health care, medicine, or the life sciences (collectively termed "health sciences").

While the Fund may invest in companies of any size, the majority of its assets are expected to be invested in large-and mid-capitalization companies.

The subadviser's portfolio managers divide the health sciences sector into four main areas: pharmaceuticals, health care services companies, products and devices providers, and biotechnology firms. Their allocation among these four areas will vary depending on the relative potential within each area and the outlook for the overall health sciences sector. While most assets will be invested in U.S. common stocks, the Fund may purchase other securities, including foreign securities, futures, and options in keeping with its objective.

The Fund concentrates its investments (invests more than 25% of its total assets) in securities of companies in the health sciences sector, a comparatively narrow segment of the economy, and therefore may experience greater volatility than funds investing in a broader range of industries.

In managing the Fund, the subadviser uses a fundamental, bottom-up analysis that seeks to identify high quality companies and the most compelling investment opportunities. In general, the Fund will follow a growth investment strategy, seeking companies whose earnings are expected to grow faster than inflation and the economy in general. When stock valuations seem unusually high, however, a "value" approach, which gives preference to seemingly undervalued companies, may be emphasized.

The Fund may invest up to 35% of its total assets in foreign securities (including emerging market securities) and may have exposure to foreign currencies through its investment in these securities, its direct holdings of foreign currencies or through its use of foreign currency exchange contracts for the purchase or sale of a fixed quantity of a foreign currency at a future date.

In pursuing its investment objective, the Fund's management has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an unusual opportunity for gain. These special situations might arise when the Fund's management believes a security could increase in value for a variety of reasons including a change in management, an extraordinary corporate event, or a temporary imbalance in the supply of or demand for the securities.

The Fund holds a certain portion of its assets in money market reserves which can consist of shares of the T. Rowe Price Reserve Investment Fund (or any other internal T. Rowe Price money market fund) as well as U.S. and foreign dollar-denominated money market securities, including repurchase agreements, in the two highest rating categories, maturing in one year or less.

The Fund may sell securities for a variety of reasons such as to secure gains, limit losses or redeploy assets into more promising opportunities.

PAST PERFORMANCE (A, B, C, D)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 18.13% (for the quarter ended 6/2003) and the lowest return was [_____]% (for the quarter ended 6/2002).

(PERFORMANCE GRAPH)

-27.2%  36.2%  15.3%  12.5%      %
 2002   2003   2004   2005   2006

                                             ONE     FIVE   DATE FIRST
                                             YEAR   YEARS    AVAILABLE
                                            -----   -----   ----------
Health Sciences Trust
   Series I                                 12.50%          04/30/2001
   Series II(C)                             12.28%          01/28/2002
   Series NAV(B)                            12.57%          04/29/2005
Lipper Health/Biotechnology Fund Index(A)   11.48%

(A) The return of the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for the index is only provided as of month end.

(B) NAV shares were first offered April 29, 2005. Performance shown is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(C) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

(D) Since June 1, 2001, a portion of the Health Sciences Trust expenses were reimbursed.

MUTUAL SHARES TRUST

SUBADVISERS: Franklin Mutual Advisers, LLC

INVESTMENT OBJECTIVE: To seek capital appreciation, which may occasionally be short-term. Income is a secondary objective.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests mainly in equity securities (including convertible securities or securities the subadviser expects to be exchanged for common or preferred stock) of companies of any nation that the subadviser believes are available at market prices less than their value based on certain recognized or objective criteria (intrinsic value).

Following this value-oriented strategy, the Fund invests primarily in:

- Undervalued Securities. Securities trading at a discount to intrinsic value.

And, to a lesser extent, the Fund also invests in:

- Risk Arbitrage Securities. Securities of companies involved in restructurings (such as mergers, acquisitions, consolidations, liquidations, spinoffs, or tender or exchange offers) or that the subadviser believes are inexpensive relative to an economically equivalent security of the same or another company.

- Distressed Companies. Securities of companies that are, or are about to be, involved in reorganizations, financial realigning or bankruptcy.

In pursuit of its value-oriented strategy, the Fund is not limited to pre-set maximums or minimums governing the size of the companies in which it may invest. The Fund currently invests predominantly in mid- and large-cap companies with market capitalization values (share price times the number of common stock shares outstanding) greater than $1.5 billion and a portion of its assets may be invested in small-cap companies.

While the Fund generally purchases securities for investment purposes, the subadviser may seek to influence or control management, or invest in other companies to do so, when it believes the Fund may benefit.

The Fund expects to invest a significant portion (up to 35%) of its assets in foreign securities, which may include sovereign debt and participations in foreign government debt.

The Fund's investments in distressed companies typically involve the purchase of bank debt, lower-rated or defaulted debt securities, comparable unrated debt securities or other indebtedness (or participations in the indebtedness) of such companies. Such other indebtedness generally represents a specific commercial loan or portion of a loan made to a company by a financial institution such as a bank. Loan participations represent fractional interests in a company's indebtedness and are generally made available by banks or other institutional investors. By purchasing all or a part of a company's direct indebtedness, a Fund, in effect, steps into the shoes of the lender. If the loan is secured, the Fund will have a priority claim to the assets of the company ahead of unsecured creditors and stockholders. The Fund generally makes such investments to achieve capital appreciation, rather than to seek income.

When engaging in an arbitrage strategy, the Fund typically buys one security while at the same time selling short another security. The Fund generally buys the security that the subadviser believes is either inexpensive relative to the price of the other security or otherwise undervalued, and sells short the security that the subadviser believes is either expensive relative to the price of the other security or otherwise overvalued. In doing so, the Fund attempts to profit from a perceived relationship between the values of the two securities. The Fund generally engages in an arbitrage strategy in connection with an announced corporate restructuring or other corporate action or event.

The subadviser employs a research driven, fundamental value strategy for the Fund. In choosing equity investments, the subadviser focuses on the market price of a company's securities relative to the subadviser's own evaluation of the company's asset value, including an analysis of book value, cash flow potential, long-term earnings and multiples of earnings. Similarly, debt securities and other indebtedness, including loan participations, are generally

selected based on the subadviser's own analysis of the security's intrinsic value rather than the coupon rate or rating of the security. The subadviser examines each investment separately and there are no set criteria as to specific value parameters, asset size, earnings or industry type.

PAST PERFORMANCE

Past performance is not provided since the Fund commenced operations in May 2007.

NATURAL RESOURCES TRUST

SUBADVISER: Wellington Management Company LLP

INVESTMENT OBJECTIVE: To seek long-term total return.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity and equity-related securities of natural resource-related companies worldwide, including emerging markets. Natural resource-related companies include companies that own or develop energy, metals, forest products and other natural resources, or supply goods and services to such companies.

The Fund seeks to invest in companies that are expected to benefit from rising demand for natural resources and natural resource-based products and services. The Fund invests in four major sectors: 1) energy, 2) metals and mining, 3) forest products and 4) other natural resource-based companies which are described below.

ENERGY

The energy sector includes companies engaged in exploration, extraction, servicing, processing, distribution and transportation of oil, natural gas and other energy sources.

METALS AND MINING

The metals and mining sector includes companies engaged in exploration, mining, processing, fabrication, marketing or distribution of precious and non-precious metals and minerals.

FOREST PRODUCTS

The forest products sector includes timber, pulp and paper product companies.

OTHER NATURAL RESOURCES-BASED COMPANIES

Other natural resources sectors consist of companies engaged in producing, processing and distributing agricultural products, fertilizer, and miscellaneous raw materials.

The Fund's "normal" allocation across the natural resources sectors is approximately:

60% -- Energy and energy related

30% -- Metals and mining

10% -- Forest products, miscellaneous commodities companies, and non-ferrous metals.

The "normal" sector allocation reflects the subadviser's view on availability and relative attractiveness of investment opportunities within the natural resources area. The Fund's sector allocation might differ significantly from this "normal" allocation at any specific point in time.

The subadviser uses a value-based approach to invest in a broad range of natural resources sectors. The subadviser utilizes a moderate rotation among sectors in conjunction with bottom-up stock selection. Under normal market conditions the Fund is fully invested.

Natural resources companies often operate in countries that are different from the country in which their securities trade. Country allocation is primarily a result of the sector and security selection; however, a key element of the subadviser's analysis is understanding the economic and political dynamics of each of these countries. The Fund may invest without limitation in foreign securities. The Fund utilizes currency hedging to protect the value of the Fund's assets when the subadviser deems it advisable to do so.

The subadviser utilizes fundamental research to identify companies with the best growth prospects and relative values. A large number of companies worldwide in the relevant sub-sectors are monitored and stocks are added or deleted from the Fund on the basis of relative attractiveness. The subadviser uses a variety of tools such as income

statement and balance sheet analysis, cash flow projections and asset value calculations to analyze companies. Particularly in the oil and gas industry, specific accounting issues play an important role.

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 25.72% (for the quarter ended 9/2005) and the lowest return was 0.85% (for the quarter ended 12/2005).

(PERFORMANCE GRAPH)

24.3%  46.8%      %
2004   2005   2006

                                           ONE     LIFE OF    DATE FIRST
                                          YEAR    PORTFOLIO    AVAILABLE
                                         ------   ---------   ----------
Natural Resources Trust
   Series I                               46.77%              05/01/2003
   Series II                              46.42%              05/01/2003
   Series NAV(B)                          46.88%              02/28/2005
Lipper Natural Resources Fund Index(A)    46.41%
Combined Index(A, C)                      27.74%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(C) The Combined Index is comprised of 60% MSCI World Energy Index, 30% MSCI World Metals & Mining Index, and 10% MSCI World Paper & Forest Products Index.

REAL ESTATE EQUITY TRUST

SUBADVISER: T. Rowe Price Associates, Inc.

INVESTMENT OBJECTIVE: To seek long-term growth through a combination of capital appreciation and current income.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of net assets (plus any borrowing for investment purposes) in the equity securities of real estate companies. The definition of real estate companies is broad and includes those that derive at least 50% of revenues or profits from, or commit at least 50% of assets to, real estate activities.

The Fund is likely to maintain a substantial portion of assets in REITs. REITs are pooled investment vehicles that typically invest directly in real estate, in mortgages and loans collateralized by real estate, or in a combination of the two. "Equity" REITs invest primarily in real estate that produces income from rentals. "Mortgage" REITs invest primarily in mortgages and derive their income from interest payments. The Fund generally invests in equity REITs. Other investments in the real estate industry may include real estate operating companies, brokers, developers, and builders of residential, commercial, and industrial properties; property management firms, finance, mortgage, and mortgage servicing firms; construction supply and equipment manufacturing companies; and firms dependent on real estate holdings for revenues and profits, including lodging, leisure, timber, mining, and agriculture companies.

The types of properties owned, and sometimes managed, by REITs include: office buildings, apartment and condominiums, retail properties, industrial and commercial sites, hotels and resorts, health care facilities, manufactured housing, self-storage facilities, leisure properties, special use facilities.

REITs usually specialize in a particular type of property and may concentrate their investments in particular geographical areas. For this reason and others, a fund investing in REITs provides investors with an efficient, low-cost means of diversifying among various types of property in different regions.

The Fund will not own real estate directly and will have no restrictions on the size of companies selected for investment. Up to 20% of Fund's net assets may be invested in companies deriving a substantial portion of revenues or profits from servicing real estate firms or in companies unrelated to the real estate business.

Stock selection is based on fundamental, bottom-up analysis that generally seeks to identify high-quality companies with both good appreciation prospectus and income-producing potential. Factors considered by the the subadviser in selecting real estate companies include one or more of the following: relative valuation; free cash flow; undervalued assets; quality and experience of management; type of real estate owned; and the nature of a company's real estate activities.

In pursing its investment objective, the subadviser has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an unusual opportunity for gain. These special situations might arise when the subadviser believes a security could increase in value for a variety of reasons, including a change in management, an extraordinary corporate event, or a temporary imbalance in the supply of or demand for the securities.

While most assets will be invested in U.S. common stocks, other securities may also be purchased, including foreign stocks (up to 25% of total assets), convertible securities, futures, and options, in keeping with the objectives of the Fund. The Fund may invest in debt securities of any type, including municipal securities, without regard to quality or rating. The Fund may purchase up to 10% of its total assets in any type of non-investment grade debt securities (or "junk bond") including those in default. Fund investments in convertible securities are not subject to this limit. Below investment grade bonds or junk bonds can be more volatile and have greater risk of default than investment grade bonds.

The Fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.

PAST PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

    %
2006

                            ONE   DATE FIRST
                           YEAR    AVAILABLE
                           ----    ---------
Real Estate Equity Trust             05/06
Series NAV(A)
Russell 2000 Index
Combined Index(B,)

REAL ESTATE SECURITIES TRUST

SUBADVISER: Deutsche Investment Management Americas, Inc. ("DIMA") -RREEF American L.L.C. provides sub-subadvisory services to DIMA in its management of the Global Real Estate Trust
("DIMA RREEF")

INVESTMENT OBJECTIVE: To seek to achieve a combination of long-term capital appreciation and current income.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of REITs and real estate companies. Equity securities include common stock, preferred stock and securities convertible into common stock.

A company is considered to be a real estate company if, in the opinion of DIMA RREEF, at least 50% of its revenues or 50% of the market value of its assets at the time its securities are purchased by the Fund are attributed to the ownership, construction, management or sale of real estate.

DIMA RREEF looks for real estate securities it believes will provide superior returns to the Fund, and attempts to focus on companies with the potential for stock price appreciation and a record of paying dividends.

To find these issuers, DIMA RREEF tracks economic conditions and real estate market performance in major metropolitan areas and analyzes performance of various property types within those regions. To perform this analysis, it uses information from a nationwide network of real estate professionals to evaluate the holdings of real estate companies and REITs in which the Fund may invest. Its analysis also includes the companies' management structure, financial structure and business strategy. The goal of these analyses is to determine which of the issuers DIMA RREEF believes will be the most profitable to the Fund. DIMA RREEF also considers the effect of the real estate securities markets in general when making investment decisions. DIMA RREEF does not attempt to time the market.

DESCRIPTION OF REITS

A REIT invest primarily in income-producing real estate or makes loans to persons involved in the real estate industry.

Some REITs, called equity REITs, buy real estate and pay investors income from the rents received from the real estate owned by the REIT and from any profits on the sale of its properties. Other REITs, called mortgage REITs, lend money to building developers and other real estate companies and pay investors income from the interest paid on those loans. There are also hybrid REITs which engage in both owning real estate and making loans.

If a REIT meets certain requirements, it is not taxed on the income it distributes to its investors.

The Fund may realize some short-term gains or losses if DIMA RREEF chooses to sell a security because it believes that one or more of the following is true:

- A security is not fulfilling its investment purpose;

- A security has reached its optimum valuation; or

- A particular company or general economic conditions have changed.

Based on its recent practices, DIMA RREEF expects that the Fund's assets will be invested primarily in equity REITs. In changing market conditions, the Fund may invest in other types of REITs.

OTHER INVESTMENTS

When DIMA RREEF believes that it is prudent, the Fund may invest a portion of its assets in other types of securities. These securities may include convertible securities, short-term securities, bonds, notes, securities of companies not principally engaged in the real estate industry, non-leveraged stock index futures contracts and other

similar securities. (Stock index futures contracts, can help the Fund's cash assets remain liquid while performing more like stocks).

The Fund may invest up to 10% of its total assets in securities of foreign real estate companies.

The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund.

TEMPORARY DEFENSIVE INVESTING

To meet redemption requests or pending investment of its assets or during unusual market conditions, the Fund may place all or a portion of its assets in liquid, high grade fixed income securities such as money market instruments, certificates of deposit, commercial paper, short-term corporate debt securities, variable rate demand notes, governments securities and repurchase agreements. To the extent the Fund is in a defensive position, the ability to achieve its investment objective will be limited.

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

(PERFORMANCE GRAPH)

18.4%  -16.4%  -8.0%  25.7%   3.1%   2.6%  39.1%  32.0%  11.8%
1997    1998   1999   2000   2001   2002   2003   2004   2005

                                ONE     FIVE    TEN    DATE FIRST
                                YEAR   YEARS   YEARS    AVAILABLE
                               -----   -----   -----   ----------
Real Estate Securities Trust
   Series I                    11.85%  16.81%  12.86%  04/30/1987
   Series II(C)                11.65%  16.67%  12.79%  01/28/2002
   Series NAV(B)               11.94%  16.83%  12.87%  02/28/2005
Morgan Stanley
   REIT Index(B)               12.13%  18.71%  14.35%

(A) On November 25, 2002, the portfolio changed its subadviser. Performance reflects results prior to this change. On December 31, 1996, Manulife Series Fund, Inc. merged with JHT. Performance presented for this portfolio is

based upon the performance of the respective predecessor Manulife Series Fund, Inc. portfolio for periods prior to December 31, 1996.

(B) NAV shares were first offered February 28, 2005. Performance prior to February 28, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(C) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

SCIENCE & TECHNOLOGY TRUST

SUBADVISER: T. Rowe Price Associates, Inc. ("T. Rowe Price") and RCM Capital Management LLC ("RCM")

INVESTMENT OBJECTIVE: To seek long-term growth of capital. Current income is incidental to the Fund's objective.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in the common stocks of companies expected to benefit from the development, advancement, and/or use of science and technology. For purposes of satisfying this requirement, common stock may include equity linked notes and derivatives relating to common stocks, such as options on equity linked notes.

The Fund employs a multi-manager approach with two subadvisers, each of which employs its own investment approach and independently manages its portion of the Fund. The Fund will be rebalanced quarterly so that each subadviser manages the following portion of the Fund:

50%* T. Rowe Price

50%* RCM

* Percentages are approximate. Since the Fund is only rebalanced quarterly, the actual portion of the Fund managed by each subadviser will vary during each calendar quarter.

This allocation methodology may change in the future.

In managing its portion of the Fund, RCM may enter into short sales including short sales against the box.

Some industries likely to be represented in the Fund include:

- Computers including hardware, software and electronic components

- telecommunications

- media and information services

- environmental services

- e-commerce

- life sciences and health care, including pharmaceuticals, medical devices, and biotechnology

- chemicals and synthetic materials

- defense and aerospace

While most of the Fund's assets are invested in U.S. common stocks, the Fund may also purchase other types of securities, including U.S. and non-U.S. dollar denominated foreign securities, convertible stocks and bonds, and warrants in keeping with its objectives.

Stock selection for the Fund generally reflects a growth approach based on an assessment of a company's fundamental prospects for above-average earnings, rather than on a company's size. As a result, Fund holdings can range from securities of small companies developing new technologies to securities of blue chip firms with established track records of developing and marketing technological advances. The Fund may also invest in companies that are expected to benefit from technological advances even if they are not directly involved in research and development. The Fund may invest in suitable technology companies through IPOs.

The Fund holds a certain portion of its assets in money market reserves which can consist of shares of the T. Rowe Price Reserve Investment Fund (or any other internal T. Rowe Price money market fund) as well as U.S. and foreign dollar-denominated money market securities, including repurchase agreements, in the two highest rating categories, maturing in one year or less.

The Fund may sell securities for a variety of reasons such as to secure gains, limit losses or redeploy assets into more promising opportunities.

The Fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures and options. Such securities may bear interest or pay dividends at below market (or even relatively nominal) rates. The SAI contains a more complete description of such instruments and the risk associated therewith.

The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified Fund.

In pursuing the Fund's investment objective, the subadviser has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when they perceive an unusual opportunity for gain. These special situations might arise when the subadviser believes a security could increase in value for a variety of reasons including a change in management, an extraordinary corporate event, or a temporary imbalance in the supply of or demand for the securities.

PAST PERFORMANCE (A, B, C, D)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 47.10% (for the quarter ended 12/1998) and the lowest return was 40.43% (for the quarter ended 9/2001).

(PERFORMANCE GRAPH)

43.3%  99.5%  -34.1%  -41.2%  -40.8%  50.4%   0.9%   2.1%      %
1998   1999    2000    2001    2002   2003   2004   2005   2006

                                       ONE    FIVE     LIFE OF    DATE FIRST
                                      YEAR    YEARS   PORTFOLIO    AVAILABLE
                                      ----   ------   ---------   ----------
Science & Technology Trust Series I   2.08%  -11.63%              01/01/1997
   Series II(C)                       1.82%  -11.70%              01/28/2002
   Series NAV(B)                      2.17%  -11.61%              04/29/2005
Lipper Science & Technology
   Fund Index(A)                      5.37%  -8.68%

(A) The return of the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for the index is only provided as of month end.

(B) NAV shares were first offered April 29, 2005. Performance prior to April 29, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(C) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

(D) Since June 1, 2000, a portion of the Science & Technology Trust expenses was reimbursed. If such expenses had not been reimbursed, returns would be lower.

UTILITIES TRUST

SUBADVISER: Massachusetts Financial Services Company

INVESTMENT OBJECTIVE: To seek capital growth and current income (income above that available from a Fund invested entirely in equity securities).

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in securities of companies in the utilities industry. Securities in the utilities industry may include equity and debt securities of domestic and foreign companies (including emerging markets).

FIXED INCOME INVESTMENTS

The Fund invests in the following fixed income securities:

- corporate bonds, which are bonds or other debt obligations issued by corporations or similar entities, including up to but not including 20% of its net assets in lower rated bonds, commonly known as junk bonds (see "Other Risks of Investing -- Lower Rated Fixed Income Securities" for further information on these securities).

- mortgage-backed securities and asset-backed securities, (see "Other Risks of Investing -- Asset Backed Securities/Mortgage Backed Securities" for further information on these securities).

- U.S. government securities, which are bonds or other debt obligations issued by, or whose principal and interest payments are guaranteed by, the U.S. government or one of its agencies or instrumentalities or a government sponsored enterprise. Certain U.S. Government securities in which the Fund may invest, such as U.S. Treasury obligations (including bills, notes and bonds) and mortgage-backed securities guaranteed by the Government National Mortgage Association (GNMA), are backed by the full faith and credit of the United States Government and ordinarily involve minimal credit risk. Other U.S. Government securities in which the Fund may invest involve increased credit risk because they are backed only by the credit of a U.S. federal agency or government sponsored enterprise, such as the Federal Home Loan Banks (FHLBs), the Federal Home Loan Mortgage Corporation (Freddie Mac) or the Federal National Mortgage Association (Fannie Mae). Although government sponsored enterprises such as FHLBs, Freddie Mac and Fannie Mae may be charted or sponsored by Congress, they are not funded by Congressional appropriations and their securities are not issued or guaranteed by the U.S. Treasury or supported by the full faith and credit of the United States Government.

FOREIGN SECURITIES

The Fund may not exceed 35% of its net assets in foreign securities (including emerging markets securities, Brady bonds and depositary receipts) such as:

- Equity securities of foreign companies in the utilities industry,

- Fixed income securities of foreign companies in the utilities industry,

- Fixed income securities issued by foreign governments.

The Fund may have exposure to foreign currencies through its investments in foreign securities, its direct holdings of foreign currencies, or through its use of foreign currency exchange contracts for the purchase or sale of a fixed quantity of a foreign currency at a future date.

GENERAL

The Fund may also invest to a limited extent in: (a) municipal bonds, (b) variable and floating rate obligations, (c) zero coupon bonds, deferred interest bonds and PIK bonds, (d) investment companies, (e) restricted securities, (f) indexed/structured securities and (g) repurchase agreements, (h) short-term instruments and (i) when-issued securities. These investment techniques and practices are described further in the prospectus under "Additional Investment Policies and Transactions" and in the SAI.

The subadviser considers a company to be in the utilities industry if, at the time of investment, the subadviser determines that a substantial portion (i.e., at least 50%) of the company's assets or revenues are derived from one or more utilities. Securities in which the Fund invests are not selected based upon what sector of the utilities industry a company is in (i.e., electric, gas, telecommunications) or upon a company's geographic region. Companies in the utilities industry include: (i) companies engaged in the manufacture, production, generation, transmission, sale or

distribution of electric, gas or other types of energy, water or other sanitary services; and (ii) companies engaged in telecommunications, including telephone, cellular, telegraph, satellite, microwave, cable television and other communications media.

The subadviser uses a bottom-up investment approach in buying and selling investments for the fund. Investments are selected primarily based on fundamental analysis of issuers or instruments in light of market, economic, political, and regulatory conditions. Factors considered for equity securities may include analysis of earnings, cash flows, competititive position, and management ability. Quantitative analysis of these and other factors may also be considered. Factors considered for debt instruments may include the instrument's credit quality, collateral characteristics and indenture provisions and the issuer's management ability, capital structure, leverage, and ability to meet its current obligations. Quantitative analysis of the structure of a debt instrument and its features may also be considered.

EQUITY SECURITIES

The Fund may invest in equity securities, inclulding common stocks and related securities, such as preferred stocks, convertible securities and depositary receipts. A convertible security is a security that may be converted within a specified period of time into a certain amount of common stock of the same or a different issuer. A convertible security generally provides:

- a fixed income stream, and

- the opportunity, through its conversion feature, to participate in an increase in the market price of the underlying common stock.

Equity securities may be listed on a securities exchange or traded in the over-the-counter markets.

The Fund may engage in active and frequent trading to achieve its principal investment strategies which will increase transaction costs.

The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified Fund.

PAST PERFORMANCE (A, B, C)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 19.87% (for the quarter ended 6/2003) and the lowest return was 15.58% (for the quarter ended 6/2002).

(PERFORMANCE GRAPH)

-23.5%  34.5%  29.4%  16.8%      %
 2002   2003   2004   2005   2006

                                  ONE     FIVE   DATE FIRST
                                 YEAR    YEARS    AVAILABLE
                                ------   -----   ----------
Utilities Trust
   Series I                      16.82%          04/30/2001
   Series II(C)                  16.56%          01/28/2002
   Series NAV(B)                 16.73%          04/29/2005
S&P Utilities Sector Index(A)    16.84%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(B) NAV shares were first offered April 29, 2005. Performance prior to April 29, 2005 is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(C) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

SUBADVISERS:           MFC Global Investment Management (U.S.A.) Limited ("MFC
                       Global (U.S.A.)")

                       -    MFC Global Investment Management (U.S.), LLC
                            provides sub-subadvisory services to MFC Global
                            (U.S.A.) in its management of the Absolute Return
                            Trust.

INVESTMENT OBJECTIVE:  To seek maximum real return, consistent with preservation
                       of real capital and prudent investment management.

INVESTMENT STRATEGIES: To pursue this goal, the Fund invests in a number of the
                       other Funds of the John Hancock funds complex.

The Fund may also invest in the securities of other investment companies and in other types of investments as described below.

In employing its investment strategies for the Fund, the subadviser attempts to achieve an average annual total rate of return for the Fund that meets or exceeds the Consumer Price Index (All Urban Consumers) plus 6% (before fees) over a long-term time horizon (approximately five to eight years) while attempting to maintain a low probability of negative returns in any 12-month time period. The Adviser and the subadviser do not represent or guarantee that the Fund will meet this total return goal or achieve positive returns every year.

The Fund may purchase shares of other Funds of the John Hancock funds complex except the Lifestyle Trusts, Index Allocation Trust, American Growth Trust, American International Trust, American Blue Chip Income and Growth Trust, American Bond Trust, American Growth-Income Trust, American Global Growth Trust, American High-Income Trust, American New World Trust, American Global Small Cap Trust and American Asset Allocation Trust. The underlying Funds that the Fund can invest in as a group hold a wide range of equity type securities in their portfolios. These include small-, mid- and large-capitalization stocks, domestic and foreign securities (including emerging market securities) and sector holdings such as utilities and science and technology stocks. Each of the Funds has its own investment strategy which, for example, may focus on growth stocks or value stocks or may employ a strategy combining growth and income stocks and/or may invest in derivatives such as options on securities and futures contracts. Certain of the Funds in which the Fund invests focus their investment strategy on fixed-income securities, which may include investment grade and below investment grade debt securities with maturities that range from short to longer term. The fixedincome Funds collectively hold various types of debt instruments such as corporate bonds and mortgage backed, government issued, domestic and international securities.

The Fund is non-diversified for purposes of the 1940 Act.

OTHER PERMITTED INVESTMENTS

The Fund may:

- Purchase U.S. government securities and short-term paper.

- Purchase shares of other registered open-end investment companies (and registered unit investment trusts) within the same "group of investment companies" as that term is defined in Section 12 of the Investment Company Act of 1940, as amended (the "1940 Act").

- Purchase shares of other registered open-end investment companies (and registered unit investment trusts) where the adviser is not the same as, or affiliated with, the Adviser to the Fund, including exchange traded funds.

- Purchase domestic and foreign equity and fixed-income securities.

- Invest in equity securities, which may include common and preferred stocks of large-, medium- and small-capitalization companies in both developed (including the U.S.) and emerging markets.

- Invest in fixed-income securities, which may include debt securities of governments throughout the world (including the U.S.), their agencies and instrumentalities, debt securities of corporations and supranationals, inflation protected securities, convertible bonds, mortgaged-backed securities, asset-backed securities and collateralized debt securities. Investments in fixed-income securities may include securities of issuers in both developed (including the U.S.) and emerging markets and may include fixed-income securities rated below investment grade.

- Purchase securities of registered closed-end investment companies that are part of the same "group of investment companies" as that term is defined in
Section 12 of the 1940 Act.

- Invest up to 15% of its net assets in illiquid securities of such entities as limited partnerships and other pooled investment vehicles such as hedge funds.

- Make short sales of securities (borrow and sell securities not owned by the Fund), either to realize appreciation when a security that the Fund does not own declines in value or as a hedge against potential declines in the value of a Fund security.

- Invest in publicly traded partnerships, including publicly traded partnerships that invest principally in commodities or commodities-linked derivatives.

The Fund may use various investment strategies such as hedging and other related transactions. For example, the Fund may use derivative instruments (such as options, futures and swaps) for hedging purposes, including hedging various market risks and managing the effective maturity or duration of debt instruments held by the Fund. In addition, these strategies may be used to gain exposure to a particular securities market. The Fund also may purchase and sell commodities and may enter into swap contracts and other commodity-linked derivative instruments including those linked to physical commodities.

PAST PERFORMANCE

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of [__________] shares. During the period shown in the bar chart, the highest quarterly return was [_____]% (for the quarter ended [__________]) and the lowest return was [_____]% (for the quarter ended [__________]).

2006

                                       ONE   DATE FIRST
                                      YEAR    AVAILABLE
                                      ----   ----------
Absolute Return Trust Series NAV(A)             05/06

SUBADVISER:            MFC Global Investment Management (U.S.A.) Limited

INVESTMENT OBJECTIVE:  Seeks long term growth of capital. Current income is also
                       a consideration.

INVESTMENT STRATEGIES: Under normal market conditions, the Fund invests in a
                       number of the other index portfolios of JHT ("Underlying
                       Funds"). The Fund invests approximately 70% of its total
                       assets in Underlying Funds which invest primarily in
                       equity securities and approximately 30% of its total
                       assets in Underlying Funds which invest primarily in
                       fixed income securities.

The Underlying Funds eligible for purchase by the Fund are the 500 Index Trust, the Mid Cap Index Trust, the Small Cap Index Trust, the International Equity Index Trust A and the Bond Index Trust A. The Underlying Funds are grouped according to whether they invest primarily in fixed income securities or equity securities. The Underlying Fund investing primarily in fixed income securities is the Bond Index Trust A. All other Underlying Funds invest primarily in equities securities. The Underlying Funds are described in Appendix B in this Prospectus.

The Fund may invest in various Underlying Funds that as a group hold a wide range of equity type securities in their portfolios. These include small-, mid- and large-capitalization stocks, domestic and foreign securities (including emerging market securities) and sector holdings such as utilities and science and technology stocks. Each of the Underlying Funds has its own investment strategy which, for example, may focus on growth stocks or value stocks or may employ a strategy combining growth and income stocks and/or may invest in derivatives such as options on securities and futures contracts. Certain of the Underlying Funds in which the Index Allocation Trust invests focus their investment strategy on fixed-income securities, which may include investment grade and below investment grade debt securities with maturities that range from short to longer term. The fixed-income Underlying Funds collectively hold various types of debt instruments such as corporate bonds and mortgage backed, government issued, domestic and international securities.

Because substantially all of the securities in which the Index Allocation Trust may invest are Underlying Funds, the Index Allocation Trust is non-diversified for purposes of the 1940 Act.

Variations in the target percentage allocations between the two types of Underlying Funds (fixed income and equity) are permitted up to 10% in either direction. For example, based on its investment allocation of approximately 30% of assets in fixed income securities and 70% of assets in equity securities, the Index Allocation Trust may have a fixed income/equity allocation of 80%/20% or 60%/40%. Variations beyond the permissible deviation range of 10% are not permitted except that, in light of market or economic conditions, the subadviser may determine that the normal percentage limitations should be exceeded to protect the portfolio or to achieve the portfolio's objective.

The Fund is monitored daily. To maintain target allocations in the Underlying Funds, daily cash flow for the Fund will be directed to the Underlying Fund that most deviates from target. Quarterly, the subadviser may also rebalance the Fund's Underlying Funds to maintain target allocations. The subadviser may from time to time adjust the percent of assets invested in any specific Underlying Fund held by the Fund. Such adjustments may be made to increase or decrease the Fund's holdings of particular asset classes, such as common stocks of foreign issuers, or to adjust portfolio quality or the duration of fixed income securities. Adjustments may also be made to increase or reduce the percent of the Fund's assets subject to the management of a particular Underlying Fund subadviser. In addition, changes may be made to reflect fundamental changes in the investment environment.

The investment performance of the Fund will reflect both its subadviser's allocation decisions with respect to Underlying Funds and the investment decisions made by the Underlying Funds' subadvisers. The Index Allocation Trust bears its own expenses and, in addition, indirectly bears its proportionate share of the expenses of the Underlying Fund in which it invests.

The Fund purchases only NAV shares of the Underlying Funds. (NAV shares are not subject to any Rule 12b-1 fees).

USE OF HEDGING AND OTHER STRATEGIC TRANSACTIONS

The Fund is not authorized to use any of the various investment strategies referred to under "Hedging and Other Strategic Transactions."

PAST PERFORMANCE

[__________]

DESCRIPTIONS OF THE UNDERLYING FUNDS

Each of the Underlying Funds -- the 500 Index Trust, the Mid Cap Index Trust, the Small Cap Index Trust, the International Equity Index Trust A and the Bond Index Trust A -- is described in this prospectus. Each is an index Fund which differs from an actively managed Fund. Actively managed Funds seek to outperform their respective indices through research and analysis. Over time, their performance may differ significantly from their respective indices. Index Funds, however, seek to mirror the performance of their target indices, minimizing performance differences over time.

SUBADVISER:            MFC Global Investment Management (U.S.A.) Limited

INVESTMENT OBJECTIVE:  To seek long-term growth of capital.

INVESTMENT STRATEGIES: The Founding Allocation Trust differs from the portfolios
                       previously described (other than other fund of funds) in
                       that the Founding Allocation Trust invests in other Fund
                       portfolios and in other investment companies
                       (collectively, "Underlying Funds") as well as other types
                       of investments as described below.

The Founding Allocation Trust currently invests primarily in three Fund portfolios: Global Trust, Income Trust and Mutual Shares Trust. However, it is also authorized to invest without limitation in other Underlying Funds and in other types of investments as described below.

The Founding Allocation Trust may purchase any of JHT portfolios except other JHT funds of funds and the American Asset Allocation Trust, American Blue Chip Income and Growth Trust, American Bond Trust, American Global Growth Trust, American Global Small Capitalization Trust, American Growth Trust, American Growth-Income Trust, American High-Income Bond Trust, American International Trust and American New World Trust. When purchasing shares of other Fund portfolios, the Founding Allocation Trust only purchases NAV shares (which are not subject to Rule 12b-1 fees).

The Founding Allocation Trust is non-diversified for purposes of the 1940 Act.

OTHER PERMITTED INVESTMENTS

The Founding Allocation Trust may also:

- Purchase U.S. government securities and short-term paper.

- Purchase shares of other registered open-end investment companies (and registered unit investment trusts) within the same "group of investment companies" as that term is defined in Section 12 of the 1940 Act, subject to the limits set forth under the 1940 Act and rules thereunder.

- Purchase shares of other registered open-end investment companies (and registered unit investment trusts) where the adviser is not the same as, or affiliated with, the adviser to the Founding Allocation Trust, including exchange traded funds ("ETFs"), subject to the limits set forth under the 1940 Act and rules thereunder.

- Purchase securities of registered closed-end investment companies.

- Purchase domestic and foreign equity and fixed income securities.

- Investments in equity securities may include common and preferred stocks of large, medium and small capitalization companies in both developed (including the U.S.) and emerging markets.

- Investments in fixed income securities may include debt securities of governments throughout the world (including the U.S.), their agencies and instrumentalities, debt securities of corporations and supranationals, inflation protected securities, convertible bonds, mortgaged-backed securities, asset-backed securities and collateralized debt securities. Investments in fixed income securities may include securities of issuers in both developed (including the U.S.) and emerging markets and may include fixed income securities rated below investment grade (sometimes referred to as "junk bonds").

- Invest up to 15% of its net assets in illiquid securities of entities such as limited partnerships and other pooled investment vehicles, including hedge funds.

- Make short sales of securities (borrow and sell securities not owned by the portfolio), either to realize appreciation when a security that the portfolio does not own declines in value or as a hedge against potential declines in the value of a portfolio security.

- Invest in publicly traded partnerships, including publicly traded partnerships that invest principally in commodities or commodity-linked derivatives.

- Purchase and sell commodities and enter into swap contracts and other commodity-linked derivative instruments including those linked to physical commodities.

The Founding Allocation Trust is monitored daily. To maintain target allocations in the Underlying Funds, daily cash flow for the Founding Allocation Trust will be directed to its Underlying Portfolios that most deviate from its target allocation. Quarterly, the subadviser may also rebalance the Founding Allocation Trust's Underlying

Portfolios to maintain target allocations.

PAST PERFORMANCE

Performance is not provided since the portfolio commenced operations in May 2007.

THE LIFESTYLE TRUSTS

SUBADVISERS: MFC Global Investment Management (U.S.A.) Limited ("MFC Global

(U.S.A.)")

- Deutsche Investment Management Americas, Inc. provides subadvisory consulting services to MFC Global (U.S.A.) in its management of the Lifestyle Trusts.

There are five Lifestyle Trusts -- Aggressive, Growth, Balanced, Moderate and Conservative. The Lifestyle Trusts differ from the portfolios previously described in that each Lifestyle Trust invests in a number of the other Funds of JHT which invest primarily in either equity securities or fixed income securities, as applicable ("Underlying Funds"). Each Lifestyle Trust has a target percentage allocation between the two types of Underlying Funds (fixed income and equity).

FUND                          INVESTMENT OBJECTIVE                  INVESTMENT STRATEGIES
----                     ------------------------------   -----------------------------------------
LIFESTYLE AGGRESSIVE     Long-term growth of capital.     The Fund invests 100% of its assets in
                         Current income is not a          Underlying Funds which invest primarily
                         consideration.                   in equity securities.

LIFESTYLE GROWTH         Long-term growth of capital.     The Fund invests approximately 20% of its
                         Current income is also a         assets in Underlying Funds which invest
                         consideration.                   primarily in fixed income securities and
                                                          approximately 80% in Underlying Funds
                                                          which invest primarily in equity
                                                          securities.

LIFESTYLE BALANCED       A balance between a high level   The Fund invests approximately 40% of its
                         of current income and growth     assets in Underlying Funds which invest
                         of capital, with a greater       primarily in fixed income securities and
                         emphasis on growth of capital.   approximately 60% in Underlying Funds
                                                          which invest primarily in equity
                                                          securities.

LIFESTYLE MODERATE       A balance between a high level   The Fund invests approximately 60% of its
                         of current income and growth     assets in Underlying Funds which invest
                         of capital, with a greater       primarily in fixed income securities and
                         emphasis on income.              approximately 40% in Underlying Funds
                                                          which invest primarily in equity
                                                          securities.

LIFESTYLE CONSERVATIVE   A high level of current income   The Fund invests approximately 80%of its
                         with some consideration given    assets in Underlying Funds which invest
                         to growth of capital.            primarily in fixed income securities and
                                                          approximately 20% in Underlying Funds
                                                          which invest primarily in equity
                                                          securities.

PAST PERFORMANCE (A, B, C, D, E, F, G, H, I)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 18.07% (for the quarter ended 6/2003) and the lowest return was [_____]% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

 4.8%  14.6%  -5.1%  -13.8%  -20.7%  34.9%  16.1%  10.6%    %
1998   1999   2000    2001    2002   2003   2004   2005   2006

                              ONE     FIVE    LIFE OF    DATE FIRST
                              YEAR   YEARS   PORTFOLIO    AVAILABLE
                             -----   -----   ---------   ----------
Lifestyle Aggressive Trust
   Series I                  10.64%  3.43%               01/07/1997
   Series II(H)              10.47%  3.40%               01/28/2002
   Series NAV(G)             10.80%  3.44%               04/29/2005
S&P 500 Index(A, B)           4.91%  0.54%

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 14.90% (for the quarter ended 6/2003) and the lowest return was [_____]% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

 6.1%  16.5%  -3.2%  -9.2%  -15.8%  29.5%  14.6%  8.7%       %
1998   1999   2000   2001    2002   2003   2004   2005   2006

                          ONE    FIVE    LIFE OF    DATE FIRST
                         YEAR   YEARS   PORTFOLIO    AVAILABLE
                         ----   -----   ---------   ----------
Lifestyle Growth Trust
   Series I              8.66%  4.28%               01/07/1997
   Series II(H)          8.51%  4.22%               01/28/2002
   Series NAV(G)         8.68%  4.28%               04/29/2005
S&P 500 Index(A)         4.91%  0.54%
Combined Index(A, C)     4.47%  1.82%

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 11.62% (for the quarter ended 6/2003) and the lowest return was [_____]% (for the quarter ended 9/1998).

(PERFORMANCE GRAPH)

 5.7%  12.4%   2.3%  -4.9%  -10.0%  24.0%  13.5%   6.9%      %
1998   1999   2000   2001    2002   2003   2004   2005   2006

                            ONE    FIVE    LIFE OF    DATE FIRST
                           YEAR   YEARS   PORTFOLIO    AVAILABLE
                           ----   -----   ---------   -----------
Lifestyle Balanced Trust
   Series I                6.88%  5.20%               01/07/1997
   Series II(H)            6.80%  5.16%               01/28/2002
   Series NAV(G)           6.82%  5.19%               04/29/2005
Combined Index(A, D)       4.00%  2.99%
S&P 500 Index(A)           4.91%  0.54%

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 8.71% (for the quarter ended 6/2003) and the lowest return was [_____]% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

 9.8%   7.8%   3.9%  -1.1%  -4.1%  17.8%  11.0%   4.2%      %
1998   1999   2000   2001   2002   2003   2004   2005   2006

                              ONE    FIVE    LIFE OF    DATE FIRST
                             YEAR   YEARS   PORTFOLIO    AVAILABLE
                             ----   -----   ---------   ----------
Lifestyle Moderate Trust
   Series I                  4.15%  5.27%               01/07/1997
   Series II(H)              4.00%  5.24%               01/28/2002
   Series NAV(G)             4.15%  5.27%               04/29/2005
Lehman Brothers
   Aggregate Bond Index(A)   2.43%  5.87%
Combined Index(A, E)         3.51%  4.06%

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 5.64% (for the quarter ended 6/2003) and the lowest return was [_____]% (for the quarter ended 6/2004).

(PERFORMANCE GRAPH)

10.2%   4.2%   7.5%   3.3%   1.8%  11.5%   8.6%   2.9%      %
1998   1999   2000   2001   2002   2003   2004   2005   2006

                                ONE    FIVE    LIFE OF    DATE FIRST
                               YEAR   YEARS   PORTFOLIO    AVAILABLE
                               ----   -----   ---------   ----------
Lifestyle Conservative Trust
   Series I                    2.88%  5.54%               01/07/1997
   Series II(H)                2.81%  5.50%               01/28/2002
   Series NAV(G)               3.04%  5.57%               04/29/2005
Lehman Brothers
   Aggregate Bond Index(A)     2.43%  5.87%
Combined Index(A, F)           2.98%  5.02%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(B) The S&P 500 Index was added to more accurately reflect the investment objective of the Lifestyle Aggressive Trust.

(C) The Combined Index was added to more accurately reflect the investment objective of the Lifestyle Growth Trust. The Combined Index consists of 80% of the S&P 500 Index and 20% of the Lehman Brothers Aggregate Bond Index.

(D) The Combined Index was added to more accurately reflect the investment objective of the Lifestyle Balanced Trust. The Combined Index consists of 60% of the S&P 500 Index and 40% of the Lehman Brothers Aggregate Bond Index.

(E) The Combined Index was added to more accurately reflect the investment objective of the Lifestyle Moderate Trust. The Combined Index consists of 40% of the S&P 500 Index and 60% of the Lehman Brothers Aggregate Bond Index.

(F) The Combined Index was added to more accurately reflect the investment objective of the Lifestyle Conservative Trust. The Combined Index consists of 20% of the S&P 500 Index and 80% of the Lehman Brothers Aggregate Bond Index.

(G) NAV shares were first offered April 29, 2005. For periods prior to April 29, 2005, performance shown is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(H) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflects the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

(I) During the time periods shown below, a portion of the Lifestyle Trust's expenses were reimbursed. If such expenses had not been reimbursed, returns would be lower.

INDEX FUNDS

There are nine Index Funds -- International Equity Index A, International Equity Index B, Small Cap Index, Mid Cap Index, Total Stock Market Index, Index 500, Index 500 B, Bond Index A and Bond Index B -- each with its own investment objective and policy. The Index Funds differ from the actively managed funds described in this prospectus. Actively managed funds seek to outperform their respective indices through research and analysis. Over time, their performance may differ significantly from their respective indices. Index Funds, however, seek to mirror the performance of their target indices, minimizing performance differences over time.

SMALL CAP INDEX TRUST
MID CAP INDEX TRUST
TOTAL STOCK MARKET INDEX TRUST
INDEX 500 TRUST
INDEX 500 TRUST B (NAV SHARES ONLY)

SUBADVISER: MFC Global Investment Management (U.S.A.) Limited ("MFC Global
(U.S.A.)")

An index is an unmanaged group of securities whose overall performance is used as an investment benchmark. Indices may track broad investment markets, such as the global equity market, or more narrow investment markets, such as the U.S. small cap equity market. Each Index Fund managed by MFC Global (U.S.A.) attempts to match the performance of a particular index by: (a) holding all, or a representative sample, of the securities that comprise that index and/or (b) by holding securities (which may or may not be included in the index) that the subadviser believes as a group will behave in a manner similar to the index. However, an index fund has operating expenses and transaction costs, while a market index does not. Therefore, an index fund, while it attempts to track its target index closely, typically will be unable to match the performance of the index exactly. The composition of an index changes from time to time. The subadviser will reflect those changes in the compositions of the Funds' portfolios as soon as practicable.

                                                                                         MARKET CAP OF INDEX AS OF
Portfolio           INVESTMENT OBJECTIVE               INVESTMENT STRATEGY*                 DECEMBER 31, 2006
---------         ------------------------   ----------------------------------------   -------------------------
Small Cap Index   To seek to approximate     Under normal market conditions, the        $ [__________] million to
                  the aggregate total        Fund invests at least 80% of its net       $ [__________] billion
                  return of as mall cap      assets (plus any borrowings for
                  U.S. domestic equity       investment purposes) in (a) the common
                  market index.              stocks that are included in the Russell
                                             2000 Index and (b) securities (which
                                             may or may not be included in the
                                             Russell 2000 Index) that MFC Global
                                             (U.S.A.) believes as a group will
                                             behave in a manner similar to the index.

Mid Cap Index     To seek to approximate     Under normal market conditions, the        $ [__________] million to
                  the aggregate total        Fund invests at least 80% of its net       $ [__________] billion
                  return of a mid cap U.S.   assets (plus any borrowings for
                  domestic equity market     investment purposes) in (a) the common
                  index.                     stocks that are included in the S&P 400
                                             Index and (b) securities (which may or
                                             may not be included in the S&P 400
                                             Index) that MFC Global (U.S.A.)
                                             believes as a group

                                             will behave in a manner similar to the
                                             index.

Total Stock       To seek to approximate     Under normal market conditions, the        Less than $[__________]
   Market Index   the aggregate total        Fund invests at least 80% of its net       million to $ [__________]
                  return of abroad U.S.      assets (plus any borrowings for            billion
                  domestic equity market     investment purposes) in (a) the common
                  index.                     stocks that are included in the Dow
                                             Jones Wilshire 5000 Index and (b)
                                             securities (which may or may not be
                                             included in the Dow Jones Wilshire 5000
                                             Index) that MFC Global (U.S.A.)
                                             believes as a group will behave in a
                                             manner similar to the index.

Index 500         To seek to approximate     Under normal market conditions, the        $ [__________] million to
                  the aggregate total        Fund invests at least 80% of its net       $ [__________] billion
                  return of abroad U.S.      assets (plus any borrowings for
                  domestic equity market     investment purposes) in (a) the common
                  index.                     stocks that are included in the S&P 500
                                             Index and (b) securities (which may or
                                             may not be included in the S&P 500
                                             Index) that MFC Global (U.S.A.)
                                             believes as a group will behave in a
                                             manner similar to the index.

Index 500 B       To seek to approximate     Under normal market conditions, the        $ [__________] million to
                  the aggregate total        Fund invests at least 80% of its net       $ [__________] billion
                  return of abroad U.S.      assets (plus any borrowings for
                  domestic equity market     investment purposes) in (a) the common
                  index.                     stocks that are included in the S&P 500
                                             Index and (b) securities (which may or
                                             may not be included in the S&P 500
                                             Index) that MFC Global (U.S.A.)
                                             believes as a group will behave in a
                                             manner similar to the index.

* "Standard & Poor's(R)," "S&P 500(R)," "Standard & Poor's 500(R)," and "Standard & Poor's 400(R)" are trademarks of The McGraw-Hill Companies, Inc. "Russell 1000(R)," "Russell 2000(R)," "Russell 2000(R) Growth," "Russell 3000(R)" and "Russell Midcap(R)" are trademarks of Frank Russell Company. "Dow Jones Wilshire 5000(R)" is a trademark of Wilshire Associates. None of the Index Trusts are sponsored, endorsed, managed, advised, sold or promoted by any of these companies, and none of these companies make any representation regarding the advisability of investing in JHT.

USE OF HEDGING AND OTHER STRATEGIC TRANSACTIONS

The Small Cap Index Trust and Total Stock Market Index Trust may invest in Futures Contacts. The Mid Cap Index Trust, Index 500 Trust and Index 500 Trust B may invest in futures contracts and Depositary Receipts. The Funds

may invest in derivatives (investments whose value is based on securities, indexes or currencies). A more complete description of these investment strategies appears under "Hedging and Other Strategic Transactions" below in this Prospectus and in the SAI.

PAST PERFORMANCE (A, B, C, D)

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 22.77% (for the quarter ended 6/2003) and the lowest return was [_____]% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

 1.5%  -21.5%  45.8%  17.3%   3.9%
2001    2002   2003   2004   2005

                         ONE    FIVE    LIFE OF    DATE FIRST
                        YEAR   YEARS   PORTFOLIO    AVAILABLE
                        ----   -----   ---------   ----------
Small Cap Index Trust
   Series I             3.89%  7.21%               05/01/2000
   Series II(C)         3.70%  7.08%               01/28/2002
   Series NAV(B)        3.96%  7.22%               04/29/2005
Russell 2000 Index(A)   4.55%  8.22%

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 17.71% (for the quarter ended 12/2001) and the lowest return was [_____]% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

-1.7%  -15.2%  34.6%  15.8%  12.0%
2001    2002   2003   2004   2005

                           ONE     FIVE    LIFE OF    DATE FIRST
                           YEAR   YEARS   PORTFOLIO    AVAILABLE
                           ----   -----   ---------   ----------
Mid Cap Index Trust
   Series I               12.02%  7.80%               05/01/2000
   Series II(C)           11.79%  7.67%               01/28/2002
   Series NAV(B)          12.08%  7.81%               04/29/2005
S&P Midcap 400 Index(A)   12.55%  8.60%

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 16.26% (for the quarter ended 6/2003) and the lowest return was [_____]% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

-11.4%  -21.3%  30.5%  11.7%   5.7%
 2001    2002   2003   2004   2005

                                  ONE    FIVE    LIFE OF    DATE FIRST
                                 YEAR   YEARS   PORTFOLIO    AVAILABLE
                                 ----   -----   ---------   ----------
Total Stock Market Index Trust
   Series I                      5.69%  1.46%               05/01/2000
   Series II(C)                  5.41%  1.33%               01/28/2002
   Series NAV(B)                 5.78%  1.47%               04/29/2005
DJ Wilshire 5000 Index(A)        6.32%  2.14%

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 15.32% (for the quarter ended 6/2003) and the lowest return was [_____]% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

-12.4%  -22.5%  28.0%  10.3%   4.3%
 2001    2002   2003   2004   2005

                    ONE    FIVE    LIFE OF    DATE FIRST
                   YEAR   YEARS   PORTFOLIO    AVAILABLE
                   ----   -----   ---------   ----------
500 Index Trust
   Series I        4.29%  -0.01%              05/01/2000
   Series II(C)    4.12%  -0.16%              01/28/2002
S&P 500 Index(A)   4.91%   0.54%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the (06) [portfolio] since information for this index is only provided as of a month end.

(B) NAV shares were first offered April 29, 2005. Performance shown is that of Series I shares. Series I shares have higher expenses than NAV shares. Had the performance reflected NAV share expenses performance would be higher.

(C) Series II shares were first offered January 28, 2002. For periods prior to January 28, 2002, the performance shown reflect the performance of Series I shares. Series I shares have lower expenses than Series II shares. Had the performance for periods prior to January 28, 2002 reflected Series II expenses, performance would be lower.

(D) Since May 2000, certain expenses of each of the Index Trusts (except the 500 Index Trust) were reimbursed. If such expenses had not been reimbursed, returns would be lower.

PAST PERFORMANCE (A, B)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series NAV shares. During the period shown in the bar chart, the highest quarterly return was 21.27% (for the quarter ended 12/1998) and the lowest return was 17.33% (for the quarter ended 9/2002).

(PERFORMANCE GRAPH)

The principal risks of investing in the Fund, which could adversely affect its NAV and performance, include:

32.8%  28.4%  21.1%  -9.2%  -12.0%  -22.3%  28.4%  10.7%   4.7%
1997   1998   1999   2000    2001    2002   2003   2004   2005

PAST PERFORMANCE

                     ONE            FIVE               LIFE OF SINCE      DATE FIRST
                    YEAR           YEARS            PORTFOLIO INCEPTION    AVAILABLE
                    ----   ----------------------   -------------------   ----------
500 Index Trust B
Series NAV(A)       4.65%  0.35% Class NAV shares                         05/01/1996[__]
S&P 500 Index(B)    4.91%  0.54% [Index]

(A) The Series NAV shares of the 500 Index Trust B were first issued on April 29, 2005 in connection with JHT's acquisition on that date of all the assets of the Equity Index Fund of John Hancock Variable Series Trust I ("JHVST") in exchange for Series NAV shares pursuant to an agreement and plan of reorganization. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the sole class of shares of the JHVST Equity Index Fund, JHT's predecessor. These shares were first issued on May 1, 1996.

(B) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since information for this index is only provided as of a month end.

INTERNATIONAL EQUITY INDEX TRUST A

(Series I and Series II Are Available for Sale)

(NAV Shares are Available for sale to the Lifestyle Trusts, the Index Allocation Trust and the Absolute Return Trust)

SUBADVISER:            SSgA Funds Management, Inc.

INVESTMENT OBJECTIVE:  To seek to track the performance of abroad-based equity
                       index of foreign companies primarily in developed
                       countries and, to a lesser extent, in emerging market
                       countries.

INVESTMENT STRATEGY:   Under normal market conditions, the Fund invests at least
                       80% of its assets in securities listed in the Morgan
                       Stanley Capital International ("MSCI(R)") All
                       CountryWorld Excluding U.S. Index*. As of December 31,
                       2006, the market capitalization range of the Index was
                       $[_____] million to $[_____] billion.

* "MSCI(R)" is a trademark of Morgan Stanley & Co. Incorporated ("Morgan Stanley"). The International Equity Index Trusts are not sponsored, endorsed, managed, advised, sold or promoted by Morgan Stanley, and Morgan Stanley does not make any representation regarding the advisability of investing in JHT.

The investment objective and policies of the International Equity Index Trust A and the International Equity Index Trust B (collectively, the "International Equity Index Trusts") are identical and are set forth above. The International Equity Index Trusts differ from an actively managed fund. Actively managed fund seek to outperform their respective indices through research and analysis. Over time, their performance may differ significantly from their respective indices. Index funds, however, seek to mirror the performance of their target indices, minimizing performance differences over time.

An index is an unmanaged group of securities whose overall performance is used as an investment benchmark. Indices may track broad investment markets, such as the global equity market, or more narrow investment markets, such as the U.S. small cap equity market. The International Equity Index Trusts attempt to match the performance of the Morgan Stanley Capital International All Country World Excluding U.S. Index (the "MSCI ACW ex-US Index") by holding all, or a representative sample, of the securities that comprise the index. However, an index fund has operating expenses and transaction costs, while a market index does not. Therefore, the International Equity Index Trusts, while they attempt to track their target index closely, typically will be unable to match the performance of the index exactly.

The subadviser employs a passive management strategy by normally investing in all stocks included in the MSCI ACW ex-US Index. The subadviser normally invests in each stock in roughly the same proportion as represented by the index. The subadviser seeks to replicate as closely as possible the aggregate risk characteristics and country diversification of the index. The index composition changes from time to time. The subadviser will reflect those changes in the composition as soon as practicable.

The International Equity Index Trusts are normally fully invested. The subadviser invests in stock index futures to maintain market exposure and manage cash flow. Although the Funds may employ foreign currency hedging techniques, they normally maintain the currency exposure of the underlying equity investments.

The Funds may purchase other types of securities that are not primary investment vehicles, for example, American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), European Depositary Receipts (EDRs), certain Exchange Traded Funds (ETFs), cash equivalents, and certain derivatives (investments whose value is based on indices or other securities). As an example of how derivatives may be used, the Funds may invest in stock index futures to manage cash flow.

PAST PERFORMANCE (A, B, C)

INTERNATIONAL EQUITY INDEX TRUST A

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series I shares. During the period shown in the bar chart, the highest quarterly return was 11.68% (for the quarter ended 9/2005) and the lowest return was 0.13% (for the quarter ended 6/2005).

(PERFORMANCE GRAPH)

16.2%
2005

PAST PERFORMANCE

                                 ONE                LIFE OF SINCE      DATE FIRST
                                 YEAR            PORTFOLIO INCEPTION    AVAILABLE
                       -----------------------   -------------------   ----------
International Equity
Index Trust A
   Series I(C)         16.20%                                          05/03/2004
   Series II(C)        15.94%                                          05/03/2004
MSCI AC World
   USA Index(A)        17.11% Class NAV shares        [_____]%         [________]
Combined Index(A, B)   17.78% [Index]                 [_____]%

(A) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(B) The Combined Index represents the following indices over the periods indicated: MSCI EAFE Index (from January, 1994 through April, 1998); MSCI EAFE GDP index (from May, 1998 through June, 1999); 90% MSCI EAFE GDP Index/10% MSCI Emerging Markets Free Index (from July, 1999 through October, 2003); MSCI ACW Free ex US (after November, 2003).

(C) The Series I and Series II shares of the International Equity Index Trust A were first issued on April 29, 2005 in connection with JHT's acquisition on that date of all the assets of Series I and Series II of the International Equity Index Fund of John Hancock Variable Series Trust I (the "JHVST Fund") in exchange for Series I and Series II shares of the International Equity Index Trust A pursuant to an agreement and plan of reorganization. Performance presented for periods prior to April 29, 2005 reflects the performance of the Series I or Series II shares of the JHVST Fund, JHT's predecessor. The performance of the Series I and Series II shares of the JHVST Fund includes the actual performance of those shares from the date they commenced operations, May 3, 2004, and for prior periods reflects the actual performance of the NAV shares of the JHVST Fund. The NAV shares of the JHVST Fund commenced operations on May 2, 1988. The performance of the NAV shares would have been lower if it reflected the higher expenses of the Series I and Series II shares.

PAST PERFORMANCE B (A, B, C)

-5.0%  20.8%  30.9%  -17.4%  -20.3%  -15.2%  42.0%  20.2%  16.6%      %
1997   1998   1999    2000    2001    2002   2003   2004   2005   2006

                                                                        DATE FIRST
                       ONE YEAR   FIVE YEARS          TEN YEARS          AVAILABLE
                       --------   ----------   ----------------------   ----------
International Equity
Index Trust B
   Series NAV(A)        16.56%       6.12%     6.18%                    05/02/1988
Combined Index(B, C)    17.78%       6.84%     7.32% Class NAV shares
MSCI AC World ex
   USA Index(B)         17.11%       1.32%     3.74% [Index]

(A) The Series NAV shares of the International Equity Index Trust B were first issued on March 25, 2004 in connection with JHT's acquisition on that date of all the assets of the NAV shares of the International Equity Index Fund of John Hancock Variable Series Trust I ("JHVST") in exchange for Series NAV shares pursuant to an agreement and plan of reorganization. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the NAV shares of the JHVST International Equity Index Fund, JHT's predecessor. These shares were first issued on May 2, 1988.

(B) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(C) The Combined Index represents the following indices over the periods indicated: MSCI EAFE Index (from January, 1994 through April, 1998); MSCI EAFE GDP index (from May, 1998 through June, 1999); 90% MSCI EAFE GDP Index/10% MSCI Emerging Markets Free Index (from July, 1999 through October, 2003); MSCI ACW Free ex US (after November, 2003).

SUBADVISER:            Declaration Management & Research LLC

INVESTMENT OBJECTIVE:  To seek to track the performance of the Lehman Brothers
                       Aggregate Bond Index (which represents the U.S.
                       investment grade bond market).

INVESTMENT STRATEGY:   Under normal market conditions, the Funds will invest at
                       least 80% of their net assets (plus any borrowing for
                       investment purposes) in securities listed in the Lehman
                       Brothers Aggregate Bond Index.

The Funds are index fund which differ from actively managed funds. Actively managed portfolios seek to outperform their respective indices through research and analysis. Over time, their performance may differ significantly from their respective indices. The Funds, however, seek to mirror the performance of their target indices, minimizing performance differences over time.

An index is an unmanaged group of securities whose overall performance is used as an investment benchmark. Indices may track broad investment markets, such as the global equity market, or more narrow investment markets, such as the U.S. small cap equity market. Each of the Funds attempts to match the performance of the Lehman Brothers Aggregate Bond Index by holding a representative sample of the securities that comprise the Lehman Index. However, an index fund has operating expenses and transaction costs, while a market index does not. Therefore, each Fund, while it attempts to track its target index closely, typically will be unable to match the performance of the index exactly.

The Funds are intermediate term bond funds of high and medium credit quality that seek to track the performance of the Lehman Index, which broadly represents the U.S. investment grade bond market.

The subadviser employs a passive management strategy using quantitative techniques to select individual securities that provide a representative sample of the securities in the Lehman Index.

The Lehman Index consists of dollar denominated, fixed rate, investment grade debt securities with maturities generally greater than one year and outstanding par values of at least $200 million, including:

- U.S. Treasury and agency securities;

- Asset-backed and mortgage-backed securities, including mortgage pass-through securities and commercial mortgage- backed securities ("CMBS") and collateralized mortgage offerings ("CMOs");

- Corporate bonds, both U.S. and foreign (if dollar denominated); and

- Foreign government and agency securities (if dollar denominated).

The subadviser selects securities to match, as closely as practicable, the Lehman Index's duration, cash flow, sector, credit quality, callability and other key performance characteristics.

The Lehman Index composition may change from time to time. The subadviser will reflect those changes as soon as practicable.

The Funds may purchase other types of securities that are not primary investment vehicles. These would include, for example, certain derivatives (investments whose value is based on indexes or other securities).

PAST PERFORMANCE

BOND INDEX TRUST A

Performance is not provided since the portfolio commenced operations in February 2006.

PAST PERFORMANCE (A, B, C, D)

-2.6%  11.8%   7.8%  10.0%   3.6%   4.0%   2.4%
1999   2000   2001   2002   2003   2004   2005

                             ONE             FIVE            DATE FIRST
                             YEAR            YEARS            AVAILABLE
                            -----   ----------------------   ----------
Bond Index Trust B
   Series NAV(A)            2.39%   5.51%                    04/30/1998
Combined Index(B, C)        2.43%   5.88% Class NAV shares   [________]
Lehman Brothers Aggregate
   Bond Index(B)            2.43%   5.87% [Index]

(A) The Series NAV shares of the Bond Index Trust B were first issued on April 29, 2005 in connection with JHT's acquisition on that date of all the assets of the Bond Index Fund of John Hancock Variable Series Trust I ("JHVST") in exchange for Series NAV shares pursuant to an agreement and plan of reorganization. Performance presented for periods prior to April 29, 2005 reflects the actual performance of the sole class of shares of the JHVST Bond Index Fund, JHT's predecessor. These shares were first issued on April 30, 1998.

(B) The return for the index under "Life of [Portfolio]" is calculated from the month end closest to the inception date of the [portfolio] since the information for this index is only provided as of a month end.

(C) The Combined Index represents the Lehman Brothers Government/Credit Bond Index from May 1998 to January 2001; and the Lehman Brothers Aggregate Bond Index from February 2001 and thereafter.

(D) Current subadvisers assignment became effective April 29, 2005.

AMERICAN FEEDER FUNDS

AMERICAN ASSET ALLOCATION TRUST
AMERICAN BLUE CHIP INCOME AND GROWTH TRUST
AMERICAN BOND TRUST
AMERICAN GLOBAL GROWTH TRUST
AMERICAN GLOBAL SMALL CAPITALIZATION TRUST
AMERICAN GROWTH TRUST
AMERICAN GROWTH-INCOME TRUST
AMERICAN HIGH-INCOME BOND TRUST
AMERICAN INTERNATIONAL TRUST
AMERICAN NEW WORLD TRUST

MASTER-FEEDER STRUCTURE

Each of the American Asset Allocation Trust, American Blue Chip Income and Growth Trust, American Bond Trust, American Global Growth Trust, American Global Small Capitalization Trust, American Growth Trust, American Growth-Income Trust, American High-Income Bond Trust, American International Trust and American New World Trust (the "Trust Feeder Funds") operates as a "feeder fund" which means that the Fund does not buy investment securities directly. Instead, each invests in a "master fund" which in turn purchases investment securities. Each Fund has the same investment objective and limitations as its master fund. Each master fund is a series of American Funds Insurance Series ("American Funds Master Funds"). Each Fund's master fund is listed below:

             TRUST FEEDER FUND                           AMERICAN FUND MASTER FUND
             -----------------                           -------------------------
American Asset Allocation Trust              Asset Allocation Fund (Class 1 shares)
American Blue Chip Income and Growth Trust   Blue Chip Income and Growth Fund (Class 2 shares)
American Bond Trust                          Bond Fund (Class 2 shares)
American Global Growth Trust                 Global Growth Fund (Class 1 shares)
American Global Small Capitalization Trust   Global Small Capitalization Fund (Class 1 shares)
American Growth Trust                        Growth Fund (Class 2 shares)
American Growth-Income Trust                 Growth-Income Fund (Class 2 shares)
American High-Income Bond Trust              High-Income Bond Fund (Class 1 shares)
American International Trust                 International Fund (Class 2 shares)
American New World Trust                     New World Fund (Class 1 shares)

THE PROSPECTUS FOR THE AMERICAN FUND MASTER FUNDS IS DELIVERED TOGETHER WITH THIS PROSPECTUS.

Series I shares of JHT Feeder Funds are only available for sale to separate accounts that are used to support variable life insurance policies issued by certain insurance companies affiliated with the Adviser.

PAST PERFORMANCE

Performance information is not provided since the portfolio commenced operation in May, 2007.

ADVISER TO MASTER FUND: Capital Research and Management Company ("CRMC")

INVESTMENT OBJECTIVE:   To seek to produce income exceeding the average yield on
                        U.S. stocks generally (as represented by the average
                        yield on the Standard & Poor's 500 Composite Index) and
                        to provide an opportunity for growth of principal
                        consistent with sound common stock investing.

INVESTMENT STRATEGIES:  The American Blue Chip Income and Growth Trust invests
                        all of its assets in the master fund, Class 2 shares of
                        the Blue Chip Income and Growth Fund, a series of
                        American Funds Insurance Series. The Blue Chip Income
                        and Growth Fund invests primarily in common stocks of
                        larger, more established companies based in the U.S.
                        with market capitalizations of $4 billion and above. The
                        fund may also invest up to 10% of its assets in common
                        stocks of larger, non-U.S. companies, so long as they
                        are listed or traded in the U.S. The fund will invest,
                        under normal market conditions, at least 90% of its
                        assets in equity securities.

Temporary Defensive Investing

The Blue Chip Income and Growth Fund may also hold cash or money market instruments. The size of the fund's cash position will vary and will depend on various factors, including market conditions and purchases and redemptions of fund shares. A larger cash position could detract from the achievement of a fund's objective in a period of rising market prices; conversely, it would reduce a fund's magnitude of loss in the event of a general downturn and provide liquidity to make additional investments or to meet redemptions.

PAST PERFORMANCE(A, B)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series II shares. During the time period shown in the bar chart, the highest quarterly return was _____% (for the quarter ended __________) and the lowest return was _____% (for the quarter ended __________).

                               One    Life of    Date First
                              Year   Portfolio    Available
                              ----   ---------   ----------
American Blue Chip Income
   and Growth Trust
   Series II                    %        %       05/05/2003
   Series I(A)                  %        %       07/09/2003
Russell 1000 Value Index(B)     %        %
S&P 500 Index(B)                %        %

(A) Series I shares were first offered July 9, 2003. For periods prior to July 9, 2003, the performance shown reflects the performance of Series II shares. Series II shares have higher expenses than Series I shares. Had the performance for periods prior to July 9, 2003 reflected Series I expenses, performance would be higher.

(B) The return for the index under "Life of [Portfolio]" is calculated for the month end closest to the inception date of the [portfolio] since information for this index is only provided as of a month end.

ADVISER TO MASTER FUND: Capital Research and Management Company ("CRMC")

INVESTMENT OBJECTIVE:   To seek to maximize current income and preserve capital.

INVESTMENT STRATEGIES:  The American Bond Trust invests all of its assets in the
                        master fund, Class 2 shares of the Bond Fund, a series
                        of American Funds Insurance Series. The Bond Fund
                        normally invests at least 80% of its assets in bonds.
                        (This policy is subject to change only upon 60 days'
                        notice to shareholders.) The Bond Fund will invest at
                        least 65% of its assets in investment-grade debt
                        securities (including cash and cash equivalents) and may
                        invest up to 35% of its assets in bonds that are rated
                        Ba or below by Moody's and BB or below by S&P or that
                        are unrated but determined to be of equivalent quality
                        (so called "junk bonds"). It may invest in bonds of
                        issuers domiciled outside the United States.

Temporary Defensive Investing

The Bond Fund may also hold cash or money market instruments. The size of the fund's cash position will vary and will depend on various factors, including market conditions and purchases and redemptions of fund shares. A larger cash position could negatively affect the fund's investment results in a period of rising market prices; conversely, it would reduce a fund's magnitude of loss in the event of a general downturn and provide liquidity to make additional investments or to meet redemptions.

PAST PERFORMANCE (A)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series II shares. During the time period shown in the bar chart, the highest quarterly return was _____% (for the quarter ended __________) and the lowest return was _____% (for the quarter ended __________).

                       ONE    LIFE OF
                      YEAR   PORTFOLIO
                      ----   ---------
American Bond Trust
   Series II
   Series I
__________ Index(A)

(A) The return for the index under "Life of [Portfolio]" is calculated for the month end closest to the inception date of the [portfolio] since information for this index is only provided as of a month end.

ADVISER TO MASTER FUND: Capital Research and Management Company ("CRMC")

INVESTMENT OBJECTIVE:   To seek to make the shareholders' investment grow over
                        time.

INVESTMENT STRATEGIES:  The American Global Growth Trust invests all of its
                        assets in the master fund, Class 1 shares of the Global
                        Growth Fund, a series of American Funds Insurance
                        Series. The Global Growth Fund invests primarily in
                        common stocks of companies located around the world. The
                        fund is designed for investors seeking capital
                        appreciation through stocks. Investors in the Global
                        Growth Trust should have a long-term perspective and be
                        able to tolerate potentially wide price fluctuations.

Temporary Defensive Investing

The Global Growth Fund may also hold cash or money market instruments. The size of the fund's cash position will vary and will depend on various factors, including market conditions and purchases and redemptions of fund shares. A larger cash position could detract from the achievement of the fund's objective in a period of rising market prices; conversely, it would reduce the fund's magnitude of loss in the event of a general downturn and provide liquidity to make additional investments or to meet redemptions.

PAST PERFORMANCE

Performance information is not provided since the portfolio commenced operation in May, 2007.

ADVISER TO MASTER FUND: Capital Research and Management Company ("CRMC")

INVESTMENT OBJECTIVE:   To seek to make the shareholders' investment grow over
                        time.

INVESTMENT STRATEGIES:  The American Global Small Capitalization Trust invests
                        all of its assets in the master fund, Class 1 shares of
                        the Global Small Capitalization Fund, a series of
                        American Funds Insurance Series. The Global Small
                        Capitalization Fund invests primarily in stocks of
                        smaller companies located around the world. Normally,
                        the fund invests at least 80% of its assets in equity
                        securities of companies with small market
                        capitalizations, measured at the time of purchase.
                        However, the fund's holdings of small capitalization
                        stocks may fall below the 80% threshold due to
                        subsequent market action. CRMC currently defines "small
                        market capitalization" companies to be companies with
                        market capitalizations of $3.5 billion or less. CRMC has
                        periodically reevaluated and adjusted this definition
                        and may continue to do so in the future. The fund is
                        designed for investors seeking capital appreciation
                        through stocks. Investors in the Global Small
                        Capitalization Trust should have a long-term perspective
                        and be able to tolerate potentially wide price
                        fluctuations.

Temporary Defensive Investing

The Global Small Capitalization Fund may also hold cash or money market instruments. The size of the funds' cash position will vary and will depend on various factors, including market conditions and purchases and redemptions of fund shares. A larger cash position could detract from the achievement of the fund's objective in a period of rising market prices; conversely, it would reduce the fund's magnitude of loss in the event of a general downturn and provide liquidity to make additional investments or to meet redemptions.

PAST PERFORMANCE

Performance information is not provided since the portfolio commenced operation in May, 2007.

ADVISER TO MASTER FUND: Capital Research and Management Company ("CRMC")

INVESTMENT OBJECTIVE:   To seek to make the shareholders' investment grow.

INVESTMENT STRATEGIES:  The American Growth Trust invests all of its assets in
                        the master fund, Class 2 shares of the Growth Fund, a
                        series of American Funds Insurance Series. The Growth
                        Fund invests primarily in common stocks of companies
                        that appear to offer superior opportunities for growth
                        of capital. The Growth Fund may also invest up to 15% of
                        its assets in equity securities of issuers domiciled
                        outside the U.S. and Canada and not included in the S&P
                        500 Composite Index.

Temporary Defensive Investing

The Growth Fund may also hold cash or money market instruments. The size of the funds' cash position will vary and will depend on various factors, including market conditions and purchases and redemptions of fund shares. A larger cash position could detract from the achievement of the fund's objective in a period of rising market prices; conversely, it would reduce the fund's magnitude of loss in the event of a general downturn and provide liquidity to make additional investments or to meet redemptions.

The Growth Fund may invest in the securities of companies which the subadviser believes are poised for growth. In certain economic, political or market conditions, the price of such securities may fall to a greater extent than a decline in the overall equity markets (e.g., as represented by the Standard and Poor's Composite 500 Index) or such securities may underperform value securities.

PAST PERFORMANCE (A, B)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series II shares. During the time period shown in the bar chart, the highest quarterly return was _____% (for the quarter ended __________) and the lowest return was _____% (for the quarter ended __________).

                                ONE    LIFE OF    DATE FIRST
                               YEAR   PORTFOLIO    AVAILABLE
                               ----   ---------   ----------
American Growth Trust
   Series II                     %        %       05/05/2003
   Series I(A)                   %        %       07/09/2003
Russell 1000 Growth Index(B)     %        %
S&P 500 Index                    %        %

(A) Series I shares were first offered July 9, 2003. For periods prior to July 9, 2003, the performance shown reflects the performance of Series II shares. Series II shares have higher expenses than Series I shares. Had the performance for periods prior to July 9, 2003 reflected Series I expenses, performance would be higher.

(B) The return for the index under "Life of [Portfolio]" is calculated for the month end closest to the inception date of the [portfolio] since information for this index is only provided as of a month end.

ADVISER TO MASTER FUND: Capital Research and Management Company ("CRMC")

INVESTMENT OBJECTIVE:   To seek to make the shareholders' investments grow and
                        to provide the shareholder with income over time.

INVESTMENT STRATEGIES:  The American Growth-Income Trust invests all of its
                        assets in the master fund, Class 2 shares of the
                        Growth-Income Fund, a series of American Funds Insurance
                        Series. The Growth-Income Fund invests primarily in
                        common stocks or other securities which demonstrate the
                        potential for appreciation and/or dividends. The fund
                        may invest a portion of its assets in securities of
                        issuers domiciled outside the U.S. and not included in
                        the Standard & Poor's 500 Composite Index.

Temporary Defensive Investing

The Growth-Income Fund may also hold cash or money market instruments. The size of the fund's cash position will vary and will depend on various factors, including market conditions and purchases and redemptions of fund shares. A larger cash position could detract from the achievement of the fund's objective in a period of rising market prices; conversely, it would reduce the fund's magnitude of loss in the event of a general downturn and provide liquidity to make additional investments or to meet redemptions.

PAST PERFORMANCE (A, B)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series II shares. During the time period shown in the bar chart, the highest quarterly return was _____% (for the quarter ended 12/03) and the lowest return was _____% (for the quarter ended 9/04).

                                 ONE     LIFE OF    DATE FIRST
                                YEAR    PORTFOLIO    AVAILABLE
                               ------   ---------   ----------
American Growth-Income Trust
   Series II                   _____%     _____%    05/05/2003
   Series I(A)                 _____%     _____%    07/09/2003

Russell 1000 Value Index(B)    _____%     _____%
S&P 500 Index(B)               _____%     _____%

(A) Series I shares were first offered July 9, 2003. For periods prior to July 9, 2003, the performance shown reflects the performance of Series II shares. Series II shares have higher expenses than Series I shares. Had the performance for periods prior to July 9, 2003 reflected Series I expenses, performance would be higher.

(B) The return for the index under "Life of [Portfolio]" is calculated for the month end closest to the inception date of the [portfolio] since information for this index is only provided as of a month end.

ADVISER TO MASTER FUND: Capital Research and Management Company ("CRMC")

INVESTMENT OBJECTIVE:   To seek to provide a high level of current income and,
                        secondarily, capital appreciation.

INVESTMENT STRATEGIES:  The American High-Income Bond Trust invests all of its
                        assets in the master fund, Class 1 shares of the
                        High-Income Bond Fund, a series of American Funds
                        Insurance Series. The High-Income Bond Fund invests at
                        least 65% of its assets in higher yielding and generally
                        lower quality debt securities (rated Ba or below by
                        Moody's or BB or below by S&P or unrated but determined
                        to be of equivalent quality). Such securities are
                        sometimes referred to as "junk bonds." The fund may also
                        invest up to 25% of its assets in securities of non-U.S.
                        issuers. Normally, the fund invests at least 80% of its
                        assets in bonds. The fund may also invest up to 20% of
                        its assets in equity securities that provide an
                        opportunity for capital appreciation.

                        The fund is designed for investors seeking a high level
                        of current income and who are able to tolerate greater
                        credit risk and price fluctuations than funds investing
                        in higher quality bonds.

Temporary Defensive Investing

The High-Income Fund may also hold cash or money market instruments. The size of the funds' cash position will vary and will depend on various factors, including market conditions and purchases and redemptions of fund shares. A larger cash position could detract from the achievement of a fund's objective in a period of rising market prices; conversely, it would reduce a fund's magnitude of loss in the event of a general downturn and provide liquidity to make additional investments or to meet redemptions.

PAST PERFORMANCE

Performance information is not provided since the portfolio commenced operation in May, 2007.

ADVISER TO MASTER FUND: Capital Research and Management Company ("CRMC")

INVESTMENT OBJECTIVE:   To seek to make the shareholders' investment grow.

INVESTMENT STRATEGIES:  The American International Trust invests all of its
                        assets in the master fund, Class 2 shares of the
                        International Fund, a series of American Funds Insurance
                        Series. The International Fund invests primarily in
                        common stocks of companies located outside the United
                        States.

Temporary Defensive Investing

The International Fund may also hold cash or money market instruments. The size of the fund's cash position will vary and will depend on various factors, including market conditions and purchases and redemptions of fund shares. A larger cash position could detract from the achievement of the fund's objective in a period of rising market prices; conversely, it would reduce the fund's magnitude of loss in the event of a general downturn and provide liquidity to make additional investments or to meet redemptions.

PAST PERFORMANCE (A, B)

The performance information below does not reflect fees and expenses of any variable insurance contract which may use JHT as its underlying investment medium. If such fees and expenses had been reflected, performance would be lower. The past performance of any fund is not necessarily an indication of how a fund will perform in the future.

The bar chart reflects the performance of Series II shares. During the time period shown in the bar chart, the highest quarterly return was _____% (for the quarter ended __________) and the lowest return was _____% (for the quarter ended __________).

                                ONE     LIFE OF    DATE FIRST
                                YEAR   PORTFOLIO    AVAILABLE
                               -----   ---------   ----------
American International Trust
   Series II                   _____%    _____%    05/05/2003
   Series I(A)                 _____%    _____%    07/09/2003
MSCI EAFE Index(B)             _____%    _____%

(A) Series I shares were first offered July 9, 2003. For periods prior to July 9, 2003, the performance shown reflects the performance of Series II shares. Series II shares have higher expenses than Series I shares. Had the performance for periods prior to July 9, 2003 reflected Series I expenses, performance would be higher.

(B) The return for the index under "Life of [Portfolio]" is calculated for the month end closest to the inception date of the [portfolio] since information for this index is only provided as of a month end.

ADVISER TO MASTER FUND: Capital Research and Management Company ("CRMC")

INVESTMENT OBJECTIVE:   To seek to make the shareholders' investment grow over
                        time.

INVESTMENT STRATEGIES:  The New World Trust invests all of its assets in the
                        master fund, Class 1 shares of the New World Fund, a
                        series of American Funds Insurance Series. The New World
                        Fund invests primarily in stocks of companies with
                        significant exposure to countries with developing
                        economies and/or markets. The fund may also invest in
                        debt securities of issuers, including issuers of lower
                        rated bonds, with exposure to these countries. The fund
                        is designed for investors seeking capital appreciation.
                        Investors in the New World Trust should have a long-term
                        perspective and be able to tolerate potentially wide
                        price fluctuations.

The fund may invest in equity securities of any company, regardless of where it is based, if the fund's investment adviser determines that a significant portion of the company's assets or revenues (generally 20% or more) is attributable to developing countries. Under normal market conditions, the fund will invest at least 35% of its assets in equity and debt securities of issuers primarily based in qualified countries that have developing economies and/or markets. In addition, the fund may invest up to 25% of its assets in nonconvertible debt securities of issuers, including issuers of lower rated bonds and government bonds, primarily based in what the subadviser deems qualified countries or that have a significant portion of their assets or revenues attributable to developing countries. The fund may also, to a limited extent, invest in securities of issuers based in nonqualified developing countries.

In determining whether a country is qualified, the fund will consider such factors as the country's per capita gross domestic product; the percentage of the country's economy that is industrialized; market capital as a percentage of gross domestic product; the overall regulatory environment; the presence of government regulation limiting or banning foreign ownership; and restrictions on repatriation of initial capital, dividends, interest and/or capital gains. The fund's investment adviser will maintain a list of qualified countries and securities in which the fund may invest. Qualified developing countries in which the fund may invest currently include, but are not limited to, Argentina, Brazil, Chile, China, Colombia, Croatia, Czech Republic, Dominican Republic, Egypt, Hungary, India, Israel, Jordan, Lebanon, Malaysia, Mexico, Morocco, Panama, Peru, the Philippines, Poland, Russian Federation, South Africa, Thailand, Turkey and Venezuela.

Temporary Defensive Investing

The New World Fund may also hold cash or money market instruments. The size of the fund's cash position will vary and will depend on various factors, including market conditions and purchases and redemptions of fund shares. A larger cash position could detract from the achievement of the fund's objective in a period of rising market prices; conversely, it would reduce the fund's magnitude of loss in the event of a general downturn and provide liquidity to make additional investments or to meet redemptions.

PAST PERFORMANCE

Performance information is not provided since the portfolio commenced operation in May, 2007.