John Hancock Funds II
10/21/2025 | Press release | Distributed by Public on 10/21/2025 13:28
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-21779
JOHN HANCOCK FUNDS II
(Exact name of registrant as specified in charter)
200 BERKELEY STREET, BOSTON, MA 02116
(Address of principal executive offices) (Zip code)
SALVATORE SCHIAVONE
TREASURER
200 BERKELEY STREET
BOSTON, MA 02116
(Name and address of agent for service)
Registrant's telephone number, including area code:
(617) 543-9634
Date of fiscal year end:
August 31
Date of reporting period:
August 31, 2025
ITEM 1. REPORTS TO STOCKHOLDERS
The Registrant prepared the following annual reports to shareholders for the year ended August 31, 2025:
-
John Hancock Lifestyle Blend Aggressive Portfolio
-
John Hancock Lifestyle Blend Balanced Portfolio
-
John Hancock Lifestyle Blend Conservative Portfolio
-
John Hancock Lifestyle Blend Growth Portfolio
-
John Hancock Lifestyle Blend Moderate Portfolio
John Hancock Lifestyle Blend Aggressive Portfolio
Class 1/JIIOX
Annual SHAREHOLDER REPORT | August 31, 2025
This annual shareholder report contains important information about the John Hancock Lifestyle Blend Aggressive Portfolio (the fund) for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at jhinvestments.com/underlying-funds. You can also request this information by contacting us at 800-344-1029.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Lifestyle Blend Aggressive Portfolio (Class 1/JIIOX) |
$34 | 0.32% |
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
Lifestyle Blend Aggressive Portfolio (Class 1/JIIOX) returned 12.87% for the year ended August 31, 2025. The world financial markets produced robust total returns in the 12-month period that ended on August 31, 2025. Investor sentiment was well supported by the combination of positive global growth, strong corporate earnings, and accommodative central bank policies. Equities logged double-digit gains, albeit with a stretch of volatility in March-April 2025 caused by concerns about the United States' implementation of tariffs. Bonds also performed well, with the strongest returns coming from higher-yielding market segments.
TOP PERFORMANCE CONTRIBUTORS
The equity allocation made the largest contribution | Large-, mid-, and small-cap U.S. stocks, international equities, defensive equities, and the real assets portfolio all delivered positive absolute returns.
Certain areas of the fixed-income portfolio | Allocations to intermediate-term core bonds, high yield bonds, and emerging market debt contributed positively.
TOP PERFORMANCE DETRACTORS
Overall fixed-income allocation | Despite the specific positives mentioned above, the fund's holdings in bonds posted a net loss due to a negative return for a position in U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities).
Dedicated sector portfolio | Holdings in health care finished with a loss.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Lifestyle Blend Aggressive Portfolio (Class 1/JIIOX) | 12.87% | 10.64% | 10.24% |
| S&P 500 Index | 15.88% | 14.74% | 14.60% |
| Morningstar U.S. Aggressive Target Allocation Index | 15.13% | 12.15% | 11.73% |
| John Hancock Lifestyle Aggressive Index | 13.44% | 11.17% | 10.93% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $661,778,323 |
| Total number of portfolio holdings | 28 |
| Total advisory fees paid (net) | $1,315,010 |
| Portfolio turnover rate | 20% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 62.8% |
| Equity | 61.0% |
| Fixed income | 1.8% |
| Unaffiliated investment companies | 36.6% |
| Equity | 35.6% |
| Alternative and specialty | 1.0% |
| U.S. Government and Agency obligations | 0.6% |
| U.S. Government | 0.6% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/underlying-funds, you can find additional information about the fund, including the fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF4780911
4042A-1
8/25
10/25
John Hancock Lifestyle Blend Aggressive Portfolio
John Hancock Lifestyle Blend Aggressive Portfolio
Class A/JABQX
Annual SHAREHOLDER REPORT | August 31, 2025
This annual shareholder report contains important information about the John Hancock Lifestyle Blend Aggressive Portfolio (the fund) for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Lifestyle Blend Aggressive Portfolio (Class A/JABQX) |
$72 | 0.68% |
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
Lifestyle Blend Aggressive Portfolio (Class A/JABQX) returned 12.40% (excluding sales charges) for the year ended August 31, 2025. The world financial markets produced robust total returns in the 12-month period that ended on August 31, 2025. Investor sentiment was well supported by the combination of positive global growth, strong corporate earnings, and accommodative central bank policies. Equities logged double-digit gains, albeit with a stretch of volatility in March-April 2025 caused by concerns about the United States' implementation of tariffs. Bonds also performed well, with the strongest returns coming from higher-yielding market segments.
TOP PERFORMANCE CONTRIBUTORS
The equity allocation made the largest contribution | Large-, mid-, and small-cap U.S. stocks, international equities, defensive equities, and the real assets portfolio all delivered positive absolute returns.
Certain areas of the fixed-income portfolio | Allocations to intermediate-term core bonds, high yield bonds, and emerging market debt contributed positively.
TOP PERFORMANCE DETRACTORS
Overall fixed-income allocation | Despite the specific positives mentioned above, the fund's holdings in bonds posted a net loss due to a negative return for a position in U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities).
Dedicated sector portfolio | Holdings in health care finished with a loss.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Lifestyle Blend Aggressive Portfolio (Class A/JABQX) | 6.81% | 9.16% | 9.49% |
| Lifestyle Blend Aggressive Portfolio (Class A/JABQX)-excluding sales charge | 12.40% | 10.29% | 10.06% |
| S&P 500 Index | 15.88% | 14.74% | 14.60% |
| Morningstar U.S. Aggressive Target Allocation Index | 15.13% | 12.15% | 11.73% |
| John Hancock Lifestyle Aggressive Index | 13.44% | 11.17% | 10.93% |
|
Class A shares were first offered on 4-26-21. Returns prior to this date are those of Class 1 shares and have not been adjusted for class-specific expenses; otherwise, returns would vary.
|
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Figures reflect maximum sales charge on Class A shares of 5.00%. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investmentsor by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $661,778,323 |
| Total number of portfolio holdings | 28 |
| Total advisory fees paid (net) | $1,315,010 |
| Portfolio turnover rate | 20% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 62.8% |
| Equity | 61.0% |
| Fixed income | 1.8% |
| Unaffiliated investment companies | 36.6% |
| Equity | 35.6% |
| Alternative and specialty | 1.0% |
| U.S. Government and Agency obligations | 0.6% |
| U.S. Government | 0.6% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF4780911
4042A-A
8/25
10/25
John Hancock Lifestyle Blend Aggressive Portfolio
John Hancock Lifestyle Blend Aggressive Portfolio
Class R6/JIIRX
Annual SHAREHOLDER REPORT | August 31, 2025
This annual shareholder report contains important information about the John Hancock Lifestyle Blend Aggressive Portfolio (the fund) for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Lifestyle Blend Aggressive Portfolio (Class R6/JIIRX) |
$29 | 0.27% |
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
Lifestyle Blend Aggressive Portfolio (Class R6/JIIRX) returned 12.89% for the year ended August 31, 2025. The world financial markets produced robust total returns in the 12-month period that ended on August 31, 2025. Investor sentiment was well supported by the combination of positive global growth, strong corporate earnings, and accommodative central bank policies. Equities logged double-digit gains, albeit with a stretch of volatility in March-April 2025 caused by concerns about the United States' implementation of tariffs. Bonds also performed well, with the strongest returns coming from higher-yielding market segments.
TOP PERFORMANCE CONTRIBUTORS
The equity allocation made the largest contribution | Large-, mid-, and small-cap U.S. stocks, international equities, defensive equities, and the real assets portfolio all delivered positive absolute returns.
Certain areas of the fixed-income portfolio | Allocations to intermediate-term core bonds, high yield bonds, and emerging market debt contributed positively.
TOP PERFORMANCE DETRACTORS
Overall fixed-income allocation | Despite the specific positives mentioned above, the fund's holdings in bonds posted a net loss due to a negative return for a position in U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities).
Dedicated sector portfolio | Holdings in health care finished with a loss.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $1,000,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Lifestyle Blend Aggressive Portfolio (Class R6/JIIRX) | 12.89% | 10.69% | 10.29% |
| S&P 500 Index | 15.88% | 14.74% | 14.60% |
| Morningstar U.S. Aggressive Target Allocation Index | 15.13% | 12.15% | 11.73% |
| John Hancock Lifestyle Aggressive Index | 13.44% | 11.17% | 10.93% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investmentsor by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $661,778,323 |
| Total number of portfolio holdings | 28 |
| Total advisory fees paid (net) | $1,315,010 |
| Portfolio turnover rate | 20% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 62.8% |
| Equity | 61.0% |
| Fixed income | 1.8% |
| Unaffiliated investment companies | 36.6% |
| Equity | 35.6% |
| Alternative and specialty | 1.0% |
| U.S. Government and Agency obligations | 0.6% |
| U.S. Government | 0.6% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF4780911
4042A-R6
8/25
10/25
John Hancock Lifestyle Blend Aggressive Portfolio
John Hancock Lifestyle Blend Growth Portfolio
Class 1/JLGOX
Annual SHAREHOLDER REPORT | August 31, 2025
This annual shareholder report contains important information about the John Hancock Lifestyle Blend Growth Portfolio (the fund) for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at jhinvestments.com/underlying-funds. You can also request this information by contacting us at 800-344-1029.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Lifestyle Blend Growth Portfolio (Class 1/JLGOX) |
$36 | 0.34% |
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
Lifestyle Blend Growth Portfolio (Class 1/JLGOX) returned 11.33% for the year ended August 31, 2025. The world financial markets produced robust total returns in the 12-month period that ended on August 31, 2025. Investor sentiment was well supported by the combination of positive global growth, strong corporate earnings, and accommodative central bank policies. Equities logged double-digit gains, albeit with a stretch of volatility in March-April 2025 caused by concerns about the United States' implementation of tariffs. Bonds also performed well, with the strongest returns coming from higher-yielding market segments.
TOP PERFORMANCE CONTRIBUTORS
The equity allocation made the largest contribution | Large-, mid-, and small-cap U.S. stocks, international equities, defensive equities, and the real assets portfolio all delivered positive absolute returns.
The fixed-income portfolio | Allocations to intermediate-term core bonds, high yield bonds, and emerging market debt were among the allocations that contributed positively. Positions in bank loans, short-term bonds, and short-term Treasury Inflation Protected Securities also helped results.
TOP PERFORMANCE DETRACTORS
U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) | Yields on longer-term government bonds rose in the period, weighing on STRIPS' performance.
Dedicated sector portfolio | Holdings in health care finished with a loss.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Lifestyle Blend Growth Portfolio (Class 1/JLGOX) | 11.33% | 8.88% | 8.86% |
| S&P 500 Index | 15.88% | 14.74% | 14.60% |
| Morningstar U.S. Moderately Aggressive Target Allocation Index | 13.37% | 10.12% | 10.14% |
| John Hancock Lifestyle Growth Index | 12.01% | 9.53% | 9.70% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $1,377,747,897 |
| Total number of portfolio holdings | 35 |
| Total advisory fees paid (net) | $3,255,052 |
| Portfolio turnover rate | 22% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 58.5% |
| Equity | 49.2% |
| Fixed income | 9.3% |
| Unaffiliated investment companies | 39.0% |
| Equity | 32.1% |
| Fixed income | 5.9% |
| Alternative and specialty | 1.0% |
| U.S. Government and Agency obligations | 2.5% |
| U.S. Government | 2.5% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/underlying-funds, you can find additional information about the fund, including the fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF4780911
4052A-1
8/25
10/25
John Hancock Lifestyle Blend Growth Portfolio
John Hancock Lifestyle Blend Growth Portfolio
Class A/JABPX
Annual SHAREHOLDER REPORT | August 31, 2025
This annual shareholder report contains important information about the John Hancock Lifestyle Blend Growth Portfolio (the fund) for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Lifestyle Blend Growth Portfolio (Class A/JABPX) |
$74 | 0.70% |
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
Lifestyle Blend Growth Portfolio (Class A/JABPX) returned 10.90% (excluding sales charges) for the year ended August 31, 2025. The world financial markets produced robust total returns in the 12-month period that ended on August 31, 2025. Investor sentiment was well supported by the combination of positive global growth, strong corporate earnings, and accommodative central bank policies. Equities logged double-digit gains, albeit with a stretch of volatility in March-April 2025 caused by concerns about the United States' implementation of tariffs. Bonds also performed well, with the strongest returns coming from higher-yielding market segments.
TOP PERFORMANCE CONTRIBUTORS
The equity allocation made the largest contribution | Large-, mid-, and small-cap U.S. stocks, international equities, defensive equities, and the real assets portfolio all delivered positive absolute returns.
The fixed-income portfolio | Allocations to intermediate-term core bonds, high yield bonds, and emerging market debt were among the allocations that contributed positively. Positions in bank loans, short-term bonds, and short-term Treasury Inflation Protected Securities also helped results.
TOP PERFORMANCE DETRACTORS
U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) | Yields on longer-term government bonds rose in the period, weighing on STRIPS' performance.
Dedicated sector portfolio | Holdings in health care finished with a loss.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Lifestyle Blend Growth Portfolio (Class A/JABPX) | 5.33% | 7.43% | 8.13% |
| Lifestyle Blend Growth Portfolio (Class A/JABPX)-excluding sales charge | 10.90% | 8.54% | 8.69% |
| S&P 500 Index | 15.88% | 14.74% | 14.60% |
| Morningstar U.S. Moderately Aggressive Target Allocation Index | 13.37% | 10.12% | 10.14% |
| John Hancock Lifestyle Growth Index | 12.01% | 9.53% | 9.70% |
|
Class A shares were first offered on 4-26-21. Returns prior to this date are those of Class 1 shares and have not been adjusted for class-specific expenses; otherwise, returns would vary.
|
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Figures reflect maximum sales charge on Class A shares of 5.00%. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investmentsor by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $1,377,747,897 |
| Total number of portfolio holdings | 35 |
| Total advisory fees paid (net) | $3,255,052 |
| Portfolio turnover rate | 22% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 58.5% |
| Equity | 49.2% |
| Fixed income | 9.3% |
| Unaffiliated investment companies | 39.0% |
| Equity | 32.1% |
| Fixed income | 5.9% |
| Alternative and specialty | 1.0% |
| U.S. Government and Agency obligations | 2.5% |
| U.S. Government | 2.5% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF4780911
4052A-A
8/25
10/25
John Hancock Lifestyle Blend Growth Portfolio
John Hancock Lifestyle Blend Growth Portfolio
Class R6/JLGSX
Annual SHAREHOLDER REPORT | August 31, 2025
This annual shareholder report contains important information about the John Hancock Lifestyle Blend Growth Portfolio (the fund) for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Lifestyle Blend Growth Portfolio (Class R6/JLGSX) |
$32 | 0.30% |
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
Lifestyle Blend Growth Portfolio (Class R6/JLGSX) returned 11.38% for the year ended August 31, 2025. The world financial markets produced robust total returns in the 12-month period that ended on August 31, 2025. Investor sentiment was well supported by the combination of positive global growth, strong corporate earnings, and accommodative central bank policies. Equities logged double-digit gains, albeit with a stretch of volatility in March-April 2025 caused by concerns about the United States' implementation of tariffs. Bonds also performed well, with the strongest returns coming from higher-yielding market segments.
TOP PERFORMANCE CONTRIBUTORS
The equity allocation made the largest contribution | Large-, mid-, and small-cap U.S. stocks, international equities, defensive equities, and the real assets portfolio all delivered positive absolute returns.
The fixed-income portfolio | Allocations to intermediate-term core bonds, high yield bonds, and emerging market debt were among the allocations that contributed positively. Positions in bank loans, short-term bonds, and short-term Treasury Inflation Protected Securities also helped results.
TOP PERFORMANCE DETRACTORS
U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) | Yields on longer-term government bonds rose in the period, weighing on STRIPS' performance.
Dedicated sector portfolio | Holdings in health care finished with a loss.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $1,000,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Lifestyle Blend Growth Portfolio (Class R6/JLGSX) | 11.38% | 8.92% | 8.90% |
| S&P 500 Index | 15.88% | 14.74% | 14.60% |
| Morningstar U.S. Moderately Aggressive Target Allocation Index | 13.37% | 10.12% | 10.14% |
| John Hancock Lifestyle Growth Index | 12.01% | 9.53% | 9.70% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investmentsor by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $1,377,747,897 |
| Total number of portfolio holdings | 35 |
| Total advisory fees paid (net) | $3,255,052 |
| Portfolio turnover rate | 22% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 58.5% |
| Equity | 49.2% |
| Fixed income | 9.3% |
| Unaffiliated investment companies | 39.0% |
| Equity | 32.1% |
| Fixed income | 5.9% |
| Alternative and specialty | 1.0% |
| U.S. Government and Agency obligations | 2.5% |
| U.S. Government | 2.5% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF4780911
4052A-R6
8/25
10/25
John Hancock Lifestyle Blend Growth Portfolio
John Hancock Lifestyle Blend Balanced Portfolio
Class 1/JIBOX
Annual SHAREHOLDER REPORT | August 31, 2025
This annual shareholder report contains important information about the John Hancock Lifestyle Blend Balanced Portfolio (the fund) for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at jhinvestments.com/underlying-funds. You can also request this information by contacting us at 800-344-1029.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Lifestyle Blend Balanced Portfolio (Class 1/JIBOX) |
$39 | 0.37% |
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
Lifestyle Blend Balanced Portfolio (Class 1/JIBOX) returned 9.38% for the year ended August 31, 2025. The world financial markets produced robust total returns in the 12-month period that ended on August 31, 2025. Investor sentiment was well supported by the combination of positive global growth, strong corporate earnings, and accommodative central bank policies. Equities logged double-digit gains, albeit with a stretch of volatility in March-April 2025 caused by concerns about the United States' implementation of tariffs. Bonds also performed well, with the strongest returns coming from higher-yielding market segments.
TOP PERFORMANCE CONTRIBUTORS
The equity allocation made the largest contribution | Large-, mid-, and small-cap U.S. stocks, international equities, defensive equities, and the real assets portfolio all delivered positive absolute returns.
The fixed-income portfolio | Allocations to intermediate-term core bonds, high yield bonds, and emerging market debt were among the allocations that contributed positively.
TOP PERFORMANCE DETRACTORS
U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) | Yields on longer-term government bonds rose in the period, weighing on STRIPS' performance.
Dedicated sector portfolio | Holdings in health care finished with a loss.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Lifestyle Blend Balanced Portfolio (Class 1/JIBOX) | 9.38% | 6.77% | 7.28% |
| S&P 500 Index | 15.88% | 14.74% | 14.60% |
| Morningstar U.S. Moderate Target Allocation Index | 11.16% | 8.02% | 8.59% |
| John Hancock Lifestyle Balanced Index | 9.65% | 6.97% | 7.93% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $1,386,435,784 |
| Total number of portfolio holdings | 36 |
| Total advisory fees paid (net) | $3,712,858 |
| Portfolio turnover rate | 24% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 55.5% |
| Equity | 36.2% |
| Fixed income | 19.3% |
| Unaffiliated investment companies | 39.7% |
| Equity | 25.6% |
| Fixed income | 13.1% |
| Alternative and specialty | 1.0% |
| U.S. Government and Agency obligations | 4.8% |
| U.S. Government | 4.8% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/underlying-funds, you can find additional information about the fund, including the fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF4780911
4062A-1
8/25
10/25
John Hancock Lifestyle Blend Balanced Portfolio
John Hancock Lifestyle Blend Balanced Portfolio
Class A/JABMX
Annual SHAREHOLDER REPORT | August 31, 2025
This annual shareholder report contains important information about the John Hancock Lifestyle Blend Balanced Portfolio (the fund) for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Lifestyle Blend Balanced Portfolio (Class A/JABMX) |
$76 | 0.73% |
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
Lifestyle Blend Balanced Portfolio (Class A/JABMX) returned 8.98% (excluding sales charges) for the year ended August 31, 2025. The world financial markets produced robust total returns in the 12-month period that ended on August 31, 2025. Investor sentiment was well supported by the combination of positive global growth, strong corporate earnings, and accommodative central bank policies. Equities logged double-digit gains, albeit with a stretch of volatility in March-April 2025 caused by concerns about the United States' implementation of tariffs. Bonds also performed well, with the strongest returns coming from higher-yielding market segments.
TOP PERFORMANCE CONTRIBUTORS
The equity allocation made the largest contribution | Large-, mid-, and small-cap U.S. stocks, international equities, defensive equities, and the real assets portfolio all delivered positive absolute returns.
The fixed-income portfolio | Allocations to intermediate-term core bonds, high yield bonds, and emerging market debt were among the allocations that contributed positively.
TOP PERFORMANCE DETRACTORS
U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) | Yields on longer-term government bonds rose in the period, weighing on STRIPS' performance.
Dedicated sector portfolio | Holdings in health care finished with a loss.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Lifestyle Blend Balanced Portfolio (Class A/JABMX) | 3.51% | 5.37% | 6.57% |
| Lifestyle Blend Balanced Portfolio (Class A/JABMX)-excluding sales charge | 8.98% | 6.45% | 7.12% |
| S&P 500 Index | 15.88% | 14.74% | 14.60% |
| Morningstar U.S. Moderate Target Allocation Index | 11.16% | 8.02% | 8.59% |
| John Hancock Lifestyle Balanced Index | 9.65% | 6.97% | 7.93% |
|
Class A shares were first offered on 4-26-21. Returns prior to this date are those of Class 1 shares and have not been adjusted for class-specific expenses; otherwise, returns would vary.
|
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Figures reflect maximum sales charge on Class A shares of 5.00%. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investmentsor by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $1,386,435,784 |
| Total number of portfolio holdings | 36 |
| Total advisory fees paid (net) | $3,712,858 |
| Portfolio turnover rate | 24% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 55.5% |
| Equity | 36.2% |
| Fixed income | 19.3% |
| Unaffiliated investment companies | 39.7% |
| Equity | 25.6% |
| Fixed income | 13.1% |
| Alternative and specialty | 1.0% |
| U.S. Government and Agency obligations | 4.8% |
| U.S. Government | 4.8% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF4780911
4062A-A
8/25
10/25
John Hancock Lifestyle Blend Balanced Portfolio
John Hancock Lifestyle Blend Balanced Portfolio
Class R6/JIBRX
Annual SHAREHOLDER REPORT | August 31, 2025
This annual shareholder report contains important information about the John Hancock Lifestyle Blend Balanced Portfolio (the fund) for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Lifestyle Blend Balanced Portfolio (Class R6/JIBRX) |
$35 | 0.33% |
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
Lifestyle Blend Balanced Portfolio (Class R6/JIBRX) returned 9.43% for the year ended August 31, 2025. The world financial markets produced robust total returns in the 12-month period that ended on August 31, 2025. Investor sentiment was well supported by the combination of positive global growth, strong corporate earnings, and accommodative central bank policies. Equities logged double-digit gains, albeit with a stretch of volatility in March-April 2025 caused by concerns about the United States' implementation of tariffs. Bonds also performed well, with the strongest returns coming from higher-yielding market segments.
TOP PERFORMANCE CONTRIBUTORS
The equity allocation made the largest contribution | Large-, mid-, and small-cap U.S. stocks, international equities, defensive equities, and the real assets portfolio all delivered positive absolute returns.
The fixed-income portfolio | Allocations to intermediate-term core bonds, high yield bonds, and emerging market debt were among the allocations that contributed positively.
TOP PERFORMANCE DETRACTORS
U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) | Yields on longer-term government bonds rose in the period, weighing on STRIPS' performance.
Dedicated sector portfolio | Holdings in health care finished with a loss.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $1,000,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Lifestyle Blend Balanced Portfolio (Class R6/JIBRX) | 9.43% | 6.81% | 7.33% |
| S&P 500 Index | 15.88% | 14.74% | 14.60% |
| Morningstar U.S. Moderate Target Allocation Index | 11.16% | 8.02% | 8.59% |
| John Hancock Lifestyle Balanced Index | 9.65% | 6.97% | 7.93% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investmentsor by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $1,386,435,784 |
| Total number of portfolio holdings | 36 |
| Total advisory fees paid (net) | $3,712,858 |
| Portfolio turnover rate | 24% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 55.5% |
| Equity | 36.2% |
| Fixed income | 19.3% |
| Unaffiliated investment companies | 39.7% |
| Equity | 25.6% |
| Fixed income | 13.1% |
| Alternative and specialty | 1.0% |
| U.S. Government and Agency obligations | 4.8% |
| U.S. Government | 4.8% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF4780911
4062A-R6
8/25
10/25
John Hancock Lifestyle Blend Balanced Portfolio
John Hancock Lifestyle Blend Moderate Portfolio
Class 1/JLMOX
Annual SHAREHOLDER REPORT | August 31, 2025
This annual shareholder report contains important information about the John Hancock Lifestyle Blend Moderate Portfolio (the fund) for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at jhinvestments.com/underlying-funds. You can also request this information by contacting us at 800-344-1029.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Lifestyle Blend Moderate Portfolio (Class 1/JLMOX) |
$44 | 0.42% |
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
Lifestyle Blend Moderate Portfolio (Class 1/JLMOX) returned 7.67% for the year ended August 31, 2025. The world financial markets produced robust total returns in the 12-month period that ended on August 31, 2025. Investor sentiment was well supported by the combination of positive global growth, strong corporate earnings, and accommodative central bank policies. Equities logged double-digit gains, albeit with a stretch of volatility in March-April 2025 caused by concerns about the United States' implementation of tariffs. Bonds also performed well, with the strongest returns coming from higher-yielding market segments.
TOP PERFORMANCE CONTRIBUTORS
The equity allocation made the largest contribution | All segments of the equity portfolio-most notably large-, mid-, and small-cap U.S. stocks, international equities, defensive equities, and the real assets portfolio-delivered positive absolute returns.
The fixed-income portfolio | Allocations to intermediate-term core bonds, high yield bonds, and emerging market debt were among the allocations that contributed positively. Positions in bank loans, short-term bonds, and short-term Treasury Inflation Protected Securities also helped results.
TOP PERFORMANCE DETRACTORS
U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) | Yields on longer-term government bonds rose in the period, weighing on STRIPS' performance.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Lifestyle Blend Moderate Portfolio (Class 1/JLMOX) | 7.67% | 4.80% | 5.72% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | (0.68)% | 1.80% |
| Morningstar U.S. Moderately Conservative Target Allocation Index | 8.82% | 5.26% | 6.26% |
| John Hancock Lifestyle Moderate Index | 7.99% | 4.98% | 6.22% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $467,030,977 |
| Total number of portfolio holdings | 36 |
| Total advisory fees paid (net) | $1,325,283 |
| Portfolio turnover rate | 23% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 51.1% |
| Fixed income | 29.5% |
| Equity | 21.6% |
| Unaffiliated investment companies | 42.4% |
| Fixed income | 21.2% |
| Equity | 20.2% |
| Alternative and specialty | 1.0% |
| U.S. Government and Agency obligations | 6.4% |
| U.S. Government | 6.4% |
| Short-term investments and other | 0.1% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/underlying-funds, you can find additional information about the fund, including the fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF4780911
4072A-1
8/25
10/25
John Hancock Lifestyle Blend Moderate Portfolio
John Hancock Lifestyle Blend Moderate Portfolio
Class A/JABKX
Annual SHAREHOLDER REPORT | August 31, 2025
This annual shareholder report contains important information about the John Hancock Lifestyle Blend Moderate Portfolio (the fund) for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Lifestyle Blend Moderate Portfolio (Class A/JABKX) |
$81 | 0.78% |
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
Lifestyle Blend Moderate Portfolio (Class A/JABKX) returned 7.28% (excluding sales charges) for the year ended August 31, 2025. The world financial markets produced robust total returns in the 12-month period that ended on August 31, 2025. Investor sentiment was well supported by the combination of positive global growth, strong corporate earnings, and accommodative central bank policies. Equities logged double-digit gains, albeit with a stretch of volatility in March-April 2025 caused by concerns about the United States' implementation of tariffs. Bonds also performed well, with the strongest returns coming from higher-yielding market segments.
TOP PERFORMANCE CONTRIBUTORS
The equity allocation made the largest contribution | All segments of the equity portfolio-most notably large-, mid-, and small-cap U.S. stocks, international equities, defensive equities, and the real assets portfolio-delivered positive absolute returns.
The fixed-income portfolio | Allocations to intermediate-term core bonds, high yield bonds, and emerging market debt were among the allocations that contributed positively. Positions in bank loans, short-term bonds, and short-term Treasury Inflation Protected Securities also helped results.
TOP PERFORMANCE DETRACTORS
U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) | Yields on longer-term government bonds rose in the period, weighing on STRIPS' performance.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Lifestyle Blend Moderate Portfolio (Class A/JABKX) | 1.94% | 3.41% | 5.02% |
| Lifestyle Blend Moderate Portfolio (Class A/JABKX)-excluding sales charge | 7.28% | 4.48% | 5.55% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | (0.68)% | 1.80% |
| Morningstar U.S. Moderately Conservative Target Allocation Index | 8.82% | 5.26% | 6.26% |
| John Hancock Lifestyle Moderate Index | 7.99% | 4.98% | 6.22% |
|
Class A shares were first offered on 4-26-21. Returns prior to this date are those of Class 1 shares and have not been adjusted for class-specific expenses; otherwise, returns would vary.
|
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Figures reflect maximum sales charge on Class A shares of 5.00%. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investmentsor by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $467,030,977 |
| Total number of portfolio holdings | 36 |
| Total advisory fees paid (net) | $1,325,283 |
| Portfolio turnover rate | 23% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 51.1% |
| Fixed income | 29.5% |
| Equity | 21.6% |
| Unaffiliated investment companies | 42.4% |
| Fixed income | 21.2% |
| Equity | 20.2% |
| Alternative and specialty | 1.0% |
| U.S. Government and Agency obligations | 6.4% |
| U.S. Government | 6.4% |
| Short-term investments and other | 0.1% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF4780911
4072A-A
8/25
10/25
John Hancock Lifestyle Blend Moderate Portfolio
John Hancock Lifestyle Blend Moderate Portfolio
Class R6/JLMRX
Annual SHAREHOLDER REPORT | August 31, 2025
This annual shareholder report contains important information about the John Hancock Lifestyle Blend Moderate Portfolio (the fund) for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Lifestyle Blend Moderate Portfolio (Class R6/JLMRX) |
$38 | 0.37% |
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
Lifestyle Blend Moderate Portfolio (Class R6/JLMRX) returned 7.72% for the year ended August 31, 2025. The world financial markets produced robust total returns in the 12-month period that ended on August 31, 2025. Investor sentiment was well supported by the combination of positive global growth, strong corporate earnings, and accommodative central bank policies. Equities logged double-digit gains, albeit with a stretch of volatility in March-April 2025 caused by concerns about the United States' implementation of tariffs. Bonds also performed well, with the strongest returns coming from higher-yielding market segments.
TOP PERFORMANCE CONTRIBUTORS
The equity allocation made the largest contribution | All segments of the equity portfolio-most notably large-, mid-, and small-cap U.S. stocks, international equities, defensive equities, and the real assets portfolio-delivered positive absolute returns.
The fixed-income portfolio | Allocations to intermediate-term core bonds, high yield bonds, and emerging market debt were among the allocations that contributed positively. Positions in bank loans, short-term bonds, and short-term Treasury Inflation Protected Securities also helped results.
TOP PERFORMANCE DETRACTORS
U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) | Yields on longer-term government bonds rose in the period, weighing on STRIPS' performance.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $1,000,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Lifestyle Blend Moderate Portfolio (Class R6/JLMRX) | 7.72% | 4.85% | 5.76% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | (0.68)% | 1.80% |
| Morningstar U.S. Moderately Conservative Target Allocation Index | 8.82% | 5.26% | 6.26% |
| John Hancock Lifestyle Moderate Index | 7.99% | 4.98% | 6.22% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investmentsor by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $467,030,977 |
| Total number of portfolio holdings | 36 |
| Total advisory fees paid (net) | $1,325,283 |
| Portfolio turnover rate | 23% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 51.1% |
| Fixed income | 29.5% |
| Equity | 21.6% |
| Unaffiliated investment companies | 42.4% |
| Fixed income | 21.2% |
| Equity | 20.2% |
| Alternative and specialty | 1.0% |
| U.S. Government and Agency obligations | 6.4% |
| U.S. Government | 6.4% |
| Short-term investments and other | 0.1% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF4780911
4072A-R6
8/25
10/25
John Hancock Lifestyle Blend Moderate Portfolio
John Hancock Lifestyle Blend Conservative Portfolio
Class 1/JLCGX
Annual SHAREHOLDER REPORT | August 31, 2025
This annual shareholder report contains important information about the John Hancock Lifestyle Blend Conservative Portfolio (the fund) for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at jhinvestments.com/underlying-funds. You can also request this information by contacting us at 800-344-1029.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Lifestyle Blend Conservative Portfolio (Class 1/JLCGX) |
$46 | 0.45% |
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
Lifestyle Blend Conservative Portfolio (Class 1/JLCGX) returned 6.51% for the year ended August 31, 2025. The world financial markets produced robust total returns in the 12-month period that ended on August 31, 2025. Investor sentiment was well supported by the combination of positive global growth, strong corporate earnings, and accommodative central bank policies. Equities logged double-digit gains, albeit with a stretch of volatility in March-April 2025 caused by concerns about the United States' implementation of tariffs. Bonds also performed well, with the strongest returns coming from higher-yielding market segments.
TOP PERFORMANCE CONTRIBUTORS
The fixed-income portfolio | Allocations to intermediate-term core bonds, high yield bonds, and emerging market debt were among the allocations that contributed positively. Positions in bank loans, short-term bonds, and short-term Treasury Inflation Protected Securities also helped results.
The equity allocation made a significant contribution | All segments of the equity portfolio-most notably large-, mid-, and small-cap U.S. stocks, international equities, defensive equities-delivered positive absolute returns.
TOP PERFORMANCE DETRACTORS
No meaningful detractors | At a time of broadly positive performance for the world financial markets, there were no notable detractors from absolute performance.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Lifestyle Blend Conservative Portfolio (Class 1/JLCGX) | 6.51% | 3.15% | 4.30% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | (0.68)% | 1.80% |
| Morningstar U.S. Conservative Target Allocation Index | 6.68% | 3.02% | 4.45% |
| John Hancock Lifestyle Conservative Index | 6.79% | 3.33% | 4.58% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $365,599,440 |
| Total number of portfolio holdings | 26 |
| Total advisory fees paid (net) | $1,124,568 |
| Portfolio turnover rate | 25% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 48.3% |
| Fixed income | 40.0% |
| Equity | 8.3% |
| Unaffiliated investment companies | 41.9% |
| Fixed income | 28.8% |
| Equity | 13.1% |
| U.S. Government and Agency obligations | 9.7% |
| U.S. Government | 9.7% |
| Short-term investments and other | 0.1% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/underlying-funds, you can find additional information about the fund, including the fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF4780911
4082A-1
8/25
10/25
John Hancock Lifestyle Blend Conservative Portfolio
John Hancock Lifestyle Blend Conservative Portfolio
Class A/JABJX
Annual SHAREHOLDER REPORT | August 31, 2025
This annual shareholder report contains important information about the John Hancock Lifestyle Blend Conservative Portfolio (the fund) for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Lifestyle Blend Conservative Portfolio (Class A/JABJX) |
$83 | 0.81% |
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
Lifestyle Blend Conservative Portfolio (Class A/JABJX) returned 6.12% (excluding sales charges) for the year ended August 31, 2025. The world financial markets produced robust total returns in the 12-month period that ended on August 31, 2025. Investor sentiment was well supported by the combination of positive global growth, strong corporate earnings, and accommodative central bank policies. Equities logged double-digit gains, albeit with a stretch of volatility in March-April 2025 caused by concerns about the United States' implementation of tariffs. Bonds also performed well, with the strongest returns coming from higher-yielding market segments.
TOP PERFORMANCE CONTRIBUTORS
The fixed-income portfolio | Allocations to intermediate-term core bonds, high yield bonds, and emerging market debt were among the allocations that contributed positively. Positions in bank loans, short-term bonds, and short-term Treasury Inflation Protected Securities also helped results.
The equity allocation made a significant contribution | All segments of the equity portfolio-most notably large-, mid-, and small-cap U.S. stocks, international equities, defensive equities-delivered positive absolute returns.
TOP PERFORMANCE DETRACTORS
No meaningful detractors | At a time of broadly positive performance for the world financial markets, there were no notable detractors from absolute performance.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Lifestyle Blend Conservative Portfolio (Class A/JABJX) | 0.85% | 1.77% | 3.61% |
| Lifestyle Blend Conservative Portfolio (Class A/JABJX)-excluding sales charge | 6.12% | 2.83% | 4.14% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | (0.68)% | 1.80% |
| Morningstar U.S. Conservative Target Allocation Index | 6.68% | 3.02% | 4.45% |
| John Hancock Lifestyle Conservative Index | 6.79% | 3.33% | 4.58% |
|
Class A shares were first offered on 4-26-21. Returns prior to this date are those of Class 1 shares and have not been adjusted for class-specific expenses; otherwise, returns would vary.
|
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Figures reflect maximum sales charge on Class A shares of 5.00%. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investmentsor by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $365,599,440 |
| Total number of portfolio holdings | 26 |
| Total advisory fees paid (net) | $1,124,568 |
| Portfolio turnover rate | 25% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 48.3% |
| Fixed income | 40.0% |
| Equity | 8.3% |
| Unaffiliated investment companies | 41.9% |
| Fixed income | 28.8% |
| Equity | 13.1% |
| U.S. Government and Agency obligations | 9.7% |
| U.S. Government | 9.7% |
| Short-term investments and other | 0.1% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF4780911
4082A-A
8/25
10/25
John Hancock Lifestyle Blend Conservative Portfolio
John Hancock Lifestyle Blend Conservative Portfolio
Class R6/JLCSX
Annual SHAREHOLDER REPORT | August 31, 2025
This annual shareholder report contains important information about the John Hancock Lifestyle Blend Conservative Portfolio (the fund) for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Lifestyle Blend Conservative Portfolio (Class R6/JLCSX) |
$41 | 0.40% |
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
Lifestyle Blend Conservative Portfolio (Class R6/JLCSX) returned 6.55% for the year ended August 31, 2025. The world financial markets produced robust total returns in the 12-month period that ended on August 31, 2025. Investor sentiment was well supported by the combination of positive global growth, strong corporate earnings, and accommodative central bank policies. Equities logged double-digit gains, albeit with a stretch of volatility in March-April 2025 caused by concerns about the United States' implementation of tariffs. Bonds also performed well, with the strongest returns coming from higher-yielding market segments.
TOP PERFORMANCE CONTRIBUTORS
The fixed-income portfolio | Allocations to intermediate-term core bonds, high yield bonds, and emerging market debt were among the allocations that contributed positively. Positions in bank loans, short-term bonds, and short-term Treasury Inflation Protected Securities also helped results.
The equity allocation made a significant contribution | All segments of the equity portfolio-most notably large-, mid-, and small-cap U.S. stocks, international equities, defensive equities-delivered positive absolute returns.
TOP PERFORMANCE DETRACTORS
No meaningful detractors | At a time of broadly positive performance for the world financial markets, there were no notable detractors from absolute performance.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $1,000,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Lifestyle Blend Conservative Portfolio (Class R6/JLCSX) | 6.55% | 3.19% | 4.35% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | (0.68)% | 1.80% |
| Morningstar U.S. Conservative Target Allocation Index | 6.68% | 3.02% | 4.45% |
| John Hancock Lifestyle Conservative Index | 6.79% | 3.33% | 4.58% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund's current performance may be higher or lower than the performance shown and can be found at jhinvestments.com/investmentsor by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $365,599,440 |
| Total number of portfolio holdings | 26 |
| Total advisory fees paid (net) | $1,124,568 |
| Portfolio turnover rate | 25% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 48.3% |
| Fixed income | 40.0% |
| Equity | 8.3% |
| Unaffiliated investment companies | 41.9% |
| Fixed income | 28.8% |
| Equity | 13.1% |
| U.S. Government and Agency obligations | 9.7% |
| U.S. Government | 9.7% |
| Short-term investments and other | 0.1% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund's:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF4780911
4082A-R6
8/25
10/25
John Hancock Lifestyle Blend Conservative Portfolio
ITEM 2. CODE OF ETHICS.
As of the end of the year, August 31, 2025, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the "Covered Officers"). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Frances G. Rathke is the audit committee financial expert and is "independent", pursuant to general instructions on Form N-CSR Item 3.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The aggregate fees billed for professional services rendered by the principal accountant for the audits of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements amounted to $151,650 and $150,365 for the fiscal years ended August 31, 2025 and August 31, 2024, respectively. These fees were billed to the registrant and were approved by the registrant's audit committee.
(b) Audit-Related Services
Audit-related fees for assurance and related services by the principal accountant are billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser ("control affiliates") that provides ongoing services to the registrant. The nature of the services provided was affiliated service provider internal controls reviews, security counts pursuant to Rule 17f-2 under the Investment Company Act of 1940, and a software licensing fee. Amounts billed to the registrant were $38,670 and $38,655 for fiscal years ended August 31, 2025 and August 31, 2024, respectively.
Amounts billed to control affiliates were $137,100 and $145,263 for the fiscal years ended August 31, 2025 and August 31, 2024, respectively.
(c) Tax Fees
The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning ("tax fees") amounted to $15,450 and $15,450 for the fiscal years ended August 31, 2025 and August 31, 2024, respectively. The nature of the services comprising the tax fees was the review of the registrant's tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant's audit committee.
(d) All Other Fees
Other fees amounted to $0 and $1,847 for the fiscal years ended August 31, 2025 and August 31, 2024, respectively. The nature of the services comprising all other fees is advisory services provided to the investment manager. These fees were approved by the registrant's audit committee.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant's Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the "Auditor") relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The registrant's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per instance/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per instance/per fund are subject to specific pre-approval by the Audit Committee.
All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.
(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X
Audit-Related Fees, Tax Fees and All Other Fees
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
(f) According to the registrant's principal accountant for the fiscal year ended August 31, 2025, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.
(g) The aggregate non-audit fees billed by the registrant's principal accountant for non-audit services rendered to the registrant and rendered to the registrant's control affiliates were $610,191 for the fiscal year ended August 31, 2025 and $882,635 for the fiscal year ended August 31, 2024.
(h) The audit committee of the registrant has considered the non-audit services provided by the registrant's principal accountant to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant's independence.
(i) Not applicable.
(j) Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:
Frances G. Rathke - Chairperson
William H. Cunningham
William K. Bacic - Member of the Audit Committee as of September 24, 2024.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a) Refer to information included in Item 7.
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
The Registrant prepared financial statements and financial highlights for the year ended August 31, 2025 for the following funds:
-
John Hancock Lifestyle Blend Aggressive Portfolio
-
John Hancock Lifestyle Blend Balanced Portfolio
-
John Hancock Lifestyle Blend Conservative Portfolio
-
John Hancock Lifestyle Blend Growth Portfolio
-
John Hancock Lifestyle Blend Moderate Portfolio
Annual Financial Statements & Other N-CSR Items
John Hancock
Lifestyle Blend Portfolios
Asset allocation
August 31, 2025
John Hancock
Lifestyle Blend Portfolios
Table of contents
| 2 | Portfolios' investments |
| 6 | Financial statements |
| 10 | Financial highlights |
| 15 | Notes to financial statements |
| 27 | Report of independent registered public accounting firm |
| 28 | Tax information |
| 29 | Evaluation of advisory and subadvisory agreements by the Board of Trustees |
| 1 | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | |
Table of Contents
Portfolios' investments
LIFESTYLE BLEND AGGRESSIVE PORTFOLIO
As of 8-31-25
|
Shares or Principal Amount |
Value | |
| AFFILIATED INVESTMENT COMPANIES (A) - 62.8% | ||
| Equity - 61.0% | ||
| International Strategic Equity Allocation, Class NAV, JHF II (MIM US) (B) | 14,977,908 | $176,140,193 |
| U.S. Sector Rotation, Class NAV, JHF II (MIM US) (B) | 16,956,912 | 227,731,323 |
| Fixed income - 1.8% | ||
| Bond, Class NAV, JHSB (MIM US) (B) | 518,116 | 7,061,922 |
| Emerging Markets Debt, Class NAV, JHF II (MIM US) (B) | 413,118 | 3,296,679 |
| High Yield, Class NAV, JHBT (MIM US) (B) | 537,021 | 1,654,024 |
|
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $326,041,397) |
$415,884,141 | |
| UNAFFILIATED INVESTMENT COMPANIES - 36.6% | ||
| Equity - 35.6% | ||
| Fidelity Mid Cap Index Fund | 2,156,323 | 79,482,059 |
| Fidelity Small Cap Index Fund | 1,367,942 | 40,559,470 |
| iShares Global Infrastructure ETF | 37,780 | 2,280,023 |
| iShares MSCI Global Min Vol Factor ETF | 27,540 | 3,288,551 |
| Vanguard Dividend Appreciation ETF | 15,887 | 3,350,886 |
| Vanguard Energy ETF (C) | 69,510 | 8,820,124 |
| Vanguard FTSE Developed Markets ETF | 558,129 | 32,767,754 |
| Vanguard FTSE Emerging Markets ETF | 197,655 | 10,185,162 |
| Vanguard Global ex-U.S. Real Estate ETF | 48,627 | 2,290,332 |
| Vanguard Materials ETF (C) | 22,381 | 4,663,305 |
| Vanguard Real Estate ETF | 75,989 | 7,009,223 |
| Vanguard S&P 500 ETF | 68,475 | 40,611,153 |
| Alternative and specialty - 1.0% | ||
| Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF | 504,428 | 6,683,671 |
|
TOTAL UNAFFILIATED INVESTMENT COMPANIES (Cost $195,168,086) |
$241,991,713 | |
| COMMON STOCKS - 0.0% | ||
| Consumer staples - 0.0% | ||
| China Huishan Dairy Holdings Company, Ltd. (D)(E) | 11,471 | 0 |
| ICA Gruppen AB (D)(E) | 493 | 0 |
| Health care - 0.0% | ||
| NMC Health PLC (D)(E) | 360 | 0 |
| Real estate - 0.0% | ||
| Dalian Wanda Commercial Properties Company, Ltd., H Shares (D)(E)(F) | 9,174 | 27,804 |
| Utilities - 0.0% | ||
| China Common Rich Renewable Energy Investments, Ltd. (D)(E) | 46,457 | 0 |
| TOTAL COMMON STOCKS (Cost $11,582) | $27,804 | |
| U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 0.6% | ||
| U.S. Government - 0.6% | ||
| U.S. Treasury STRIPS, PO, 5.025%, 05/15/2055 | $667,200 | 152,264 |
| U.S. Treasury STRIPS, PO, 5.055%, 02/15/2054 | 5,117,800 | 1,232,349 |
| U.S. Treasury STRIPS, PO, 5.074%, 11/15/2052 | 4,385,500 | 1,118,627 |
| U.S. Treasury STRIPS, PO, 5.110%, 08/15/2051 | 4,787,800 | 1,288,833 |
LIFESTYLE BLEND AGGRESSIVE PORTFOLIO (continued)
|
Shares or Principal Amount |
Value | |
|
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $4,539,229) |
$3,792,073 | |
| SHORT-TERM INVESTMENTS - 0.2% | ||
| Short-term funds - 0.2% | ||
| John Hancock Collateral Trust, 4.1996% (G)(H) | 136,686 | $1,367,287 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,367,251) | $1,367,287 | |
| Total investments (Cost $527,127,545) - 100.2% | $663,063,018 | |
| Other assets and liabilities, net - (0.2%) | (1,284,695) | |
| TOTAL NET ASSETS - 100.0% | $661,778,323 | |
LIFESTYLE BLEND GROWTH PORTFOLIO
As of 8-31-25
|
Shares or Principal Amount |
Value | |
| AFFILIATED INVESTMENT COMPANIES (A) - 58.5% | ||
| Equity - 49.2% | ||
| International Strategic Equity Allocation, Class NAV, JHF II (MIM US) (B) | 24,536,073 | $288,544,216 |
| U.S. Sector Rotation, Class NAV, JHF II (MIM US) (B) | 28,967,289 | 389,030,694 |
| Fixed income - 9.3% | ||
| Bond, Class NAV, JHSB (MIM US) (B) | 4,624,861 | 63,036,860 |
| Emerging Markets Debt, Class NAV, JHF II (MIM US) (B) | 3,314,847 | 26,452,481 |
| Global Senior Loan ETF, JHETF (CQS) (B)(E) | 796,608 | 19,907,234 |
| High Yield, Class NAV, JHBT (MIM US) (B) | 5,953,462 | 18,336,664 |
|
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $648,995,190) |
$805,308,149 | |
| UNAFFILIATED INVESTMENT COMPANIES - 39.0% | ||
| Equity - 32.1% | ||
| Fidelity Mid Cap Index Fund | 3,616,485 | 133,303,627 |
| Fidelity Small Cap Index Fund | 2,292,652 | 67,977,128 |
| iShares Global Infrastructure ETF | 62,995 | 3,801,748 |
| iShares MSCI Global Min Vol Factor ETF | 330,260 | 39,436,347 |
| Vanguard Dividend Appreciation ETF | 122,969 | 25,936,621 |
| Vanguard Energy ETF (C) | 117,437 | 14,901,581 |
| Vanguard FTSE Developed Markets ETF | 1,244,832 | 73,084,087 |
| Vanguard FTSE Emerging Markets ETF | 284,014 | 14,635,241 |
| Vanguard Global ex-U.S. Real Estate ETF | 81,380 | 3,832,998 |
| Vanguard Materials ETF (C) | 37,377 | 7,787,872 |
| Vanguard Real Estate ETF | 126,465 | 11,665,133 |
| Vanguard S&P 500 ETF | 77,761 | 46,118,494 |
| Fixed income - 5.9% | ||
| Vanguard Short-Term Corporate Bond ETF | 250,135 | 19,978,282 |
| Vanguard Total Bond Market ETF | 836,931 | 61,765,508 |
| Alternative and specialty - 1.0% | ||
| Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF | 1,038,080 | 13,754,560 |
|
TOTAL UNAFFILIATED INVESTMENT COMPANIES (Cost $436,178,150) |
$537,979,227 | |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | 2 |
Table of Contents
LIFESTYLE BLEND GROWTH PORTFOLIO (continued)
|
Shares or Principal Amount |
Value | |
| COMMON STOCKS - 0.0% | ||
| Consumer staples - 0.0% | ||
| China Huishan Dairy Holdings Company, Ltd. (D)(E) | 19,400 | $0 |
| ICA Gruppen AB (D)(E) | 833 | 0 |
| Health care - 0.0% | ||
| NMC Health PLC (D)(E) | 609 | 0 |
| Real estate - 0.0% | ||
| Dalian Wanda Commercial Properties Company, Ltd., H Shares (D)(E)(F) | 15,517 | 47,025 |
| Utilities - 0.0% | ||
| China Common Rich Renewable Energy Investments, Ltd. (D)(E) | 78,570 | 0 |
| TOTAL COMMON STOCKS (Cost $19,587) | $47,025 | |
| U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 2.5% | ||
| U.S. Government - 2.5% | ||
| U.S. Treasury Inflation Protected Security, 0.125%, 04/15/2027 | $5,925,224 | 5,846,505 |
| U.S. Treasury Inflation Protected Security, 1.250%, 04/15/2028 | 8,446,031 | 8,513,755 |
| U.S. Treasury Inflation Protected Security, 1.625%, 04/15/2030 | 3,899,629 | 3,982,594 |
| U.S. Treasury Inflation Protected Security, 2.125%, 04/15/2029 | 7,944,664 | 8,250,575 |
| U.S. Treasury STRIPS, PO, 5.025%, 05/15/2055 | 1,401,700 | 319,887 |
| U.S. Treasury STRIPS, PO, 5.055%, 02/15/2054 | 10,744,700 | 2,587,287 |
| U.S. Treasury STRIPS, PO, 5.074%, 11/15/2052 | 9,207,400 | 2,348,568 |
| U.S. Treasury STRIPS, PO, 5.110%, 08/15/2051 | 10,052,200 | 2,705,962 |
|
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $35,555,197) |
$34,555,133 | |
| SHORT-TERM INVESTMENTS - 0.7% | ||
| Short-term funds - 0.7% | ||
| John Hancock Collateral Trust, 4.1996% (G)(H) | 910,895 | 9,111,779 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $9,110,972) | $9,111,779 | |
| Total investments (Cost $1,129,859,096) - 100.7% | $1,387,001,313 | |
| Other assets and liabilities, net - (0.7%) | (9,253,416) | |
| TOTAL NET ASSETS - 100.0% | $1,377,747,897 | |
LIFESTYLE BLEND BALANCED PORTFOLIO
As of 8-31-25
|
Shares or Principal Amount |
Value | |
| AFFILIATED INVESTMENT COMPANIES (A) - 55.5% | ||
| Equity - 36.2% | ||
| International Strategic Equity Allocation, Class NAV, JHF II (MIM US) (B) | 17,676,925 | $207,880,634 |
| U.S. Sector Rotation, Class NAV, JHF II (MIM US) (B) | 21,929,321 | 294,510,785 |
| Fixed income - 19.3% | ||
| Bond, Class NAV, JHSB (MIM US) (B) | 10,037,402 | 136,809,789 |
LIFESTYLE BLEND BALANCED PORTFOLIO (continued)
|
Shares or Principal Amount |
Value | |
| Fixed income - (continued) | ||
| Emerging Markets Debt, Class NAV, JHF II (MIM US) (B) | 6,653,391 | $53,094,064 |
| Global Senior Loan ETF, JHETF (CQS) (B)(E) | 1,605,666 | 40,125,593 |
| High Yield, Class NAV, JHBT (MIM US) (B) | 11,934,230 | 36,757,429 |
|
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $647,624,203) |
$769,178,294 | |
| UNAFFILIATED INVESTMENT COMPANIES - 39.7% | ||
| Equity - 25.6% | ||
| Fidelity Mid Cap Index Fund | 2,674,224 | 98,571,901 |
| Fidelity Small Cap Index Fund | 1,662,994 | 49,307,767 |
| iShares Global Infrastructure ETF | 47,698 | 2,878,574 |
| iShares MSCI Global Min Vol Factor ETF | 394,428 | 47,098,647 |
| Vanguard Dividend Appreciation ETF | 150,733 | 31,792,604 |
| Vanguard Energy ETF | 88,783 | 11,265,675 |
| Vanguard FTSE Developed Markets ETF | 1,141,025 | 66,989,578 |
| Vanguard FTSE Emerging Markets ETF | 133,874 | 6,898,527 |
| Vanguard Global ex-U.S. Real Estate ETF | 61,656 | 2,903,998 |
| Vanguard Materials ETF | 28,367 | 5,910,548 |
| Vanguard Real Estate ETF | 95,956 | 8,850,982 |
| Vanguard S&P 500 ETF | 36,994 | 21,940,402 |
| Fixed income - 13.1% | ||
| Vanguard Short-Term Bond ETF | 79,006 | 6,239,104 |
| Vanguard Short-Term Corporate Bond ETF (C) | 522,250 | 41,712,108 |
| Vanguard Total Bond Market ETF | 1,822,810 | 134,523,378 |
| Alternative and specialty - 1.0% | ||
| Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF | 1,046,125 | 13,861,156 |
|
TOTAL UNAFFILIATED INVESTMENT COMPANIES (Cost $468,892,145) |
$550,744,949 | |
| COMMON STOCKS - 0.0% | ||
| Consumer staples - 0.0% | ||
| China Huishan Dairy Holdings Company, Ltd. (D)(E) | 14,022 | 0 |
| ICA Gruppen AB (D)(E) | 602 | 0 |
| Health care - 0.0% | ||
| NMC Health PLC (D)(E) | 440 | 0 |
| Real estate - 0.0% | ||
| Dalian Wanda Commercial Properties Company, Ltd., H Shares (D)(E)(F) | 11,215 | 33,987 |
| Utilities - 0.0% | ||
| China Common Rich Renewable Energy Investments, Ltd. (D)(E) | 56,786 | 0 |
| TOTAL COMMON STOCKS (Cost $14,156) | $33,987 | |
| U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 4.8% | ||
| U.S. Government - 4.8% | ||
| U.S. Treasury Inflation Protected Security, 0.125%, 04/15/2027 | $11,967,306 | 11,808,314 |
| U.S. Treasury Inflation Protected Security, 1.250%, 04/15/2028 | 17,059,374 | 17,196,164 |
| U.S. Treasury Inflation Protected Security, 1.625%, 04/15/2030 | 7,876,968 | 8,044,553 |
| 3 | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | | SEE NOTES TO FINANCIAL STATEMENTS |
Table of Contents
LIFESTYLE BLEND BALANCED PORTFOLIO (continued)
|
Shares or Principal Amount |
Value | |
| U.S. Government - (continued) | ||
| U.S. Treasury Inflation Protected Security, 2.125%, 04/15/2029 | 16,046,989 | $16,664,882 |
| U.S. Treasury STRIPS, PO, 5.025%, 05/15/2055 | 2,118,000 | 483,356 |
| U.S. Treasury STRIPS, PO, 5.055%, 02/15/2054 | 16,191,200 | 3,898,786 |
| U.S. Treasury STRIPS, PO, 5.074%, 11/15/2052 | 13,875,000 | 3,539,152 |
| U.S. Treasury STRIPS, PO, 5.110%, 08/15/2051 | 15,394,500 | 4,144,061 |
|
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $67,338,290) |
$65,779,268 | |
| SHORT-TERM INVESTMENTS - 0.2% | ||
| Short-term funds - 0.2% | ||
| John Hancock Collateral Trust, 4.1996% (G)(H) | 302,388 | 3,024,811 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,024,792) | $3,024,811 | |
| Total investments (Cost $1,186,893,586) - 100.2% | $1,388,761,309 | |
| Other assets and liabilities, net - (0.2%) | (2,325,525) | |
| TOTAL NET ASSETS - 100.0% | $1,386,435,784 | |
LIFESTYLE BLEND MODERATE PORTFOLIO
As of 8-31-25
|
Shares or Principal Amount |
Value | |
| AFFILIATED INVESTMENT COMPANIES (A) - 51.1% | ||
| Equity - 21.6% | ||
| International Strategic Equity Allocation, Class NAV, JHF II (MIM US) (B) | 3,422,449 | $40,248,006 |
| U.S. Sector Rotation, Class NAV, JHF II (MIM US) (B) | 4,522,473 | 60,736,815 |
| Fixed income - 29.5% | ||
| Bond, Class NAV, JHSB (MIM US) (B) | 5,246,170 | 71,505,300 |
| Emerging Markets Debt, Class NAV, JHF II (MIM US) (B) | 3,393,022 | 27,076,318 |
| Global Senior Loan ETF, JHETF (CQS) (B)(E) | 817,515 | 20,429,700 |
| High Yield, Class NAV, JHBT (MIM US) (B) | 6,081,892 | 18,732,226 |
|
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $211,280,354) |
$238,728,365 | |
| UNAFFILIATED INVESTMENT COMPANIES - 42.4% | ||
| Equity - 20.2% | ||
| Fidelity Mid Cap Index Fund | 629,537 | 23,204,719 |
| Fidelity Small Cap Index Fund | 352,162 | 10,441,592 |
| iShares Global Infrastructure ETF | 10,758 | 649,245 |
| iShares MSCI Global Min Vol Factor ETF | 154,113 | 18,402,633 |
| Vanguard Dividend Appreciation ETF | 59,394 | 12,527,382 |
| Vanguard Energy ETF | 20,408 | 2,589,571 |
| Vanguard FTSE Developed Markets ETF | 280,595 | 16,473,732 |
| Vanguard FTSE Emerging Markets ETF | 35,842 | 1,846,938 |
| Vanguard Global ex-U.S. Real Estate ETF | 13,905 | 654,926 |
| Vanguard Materials ETF | 6,453 | 1,344,547 |
| Vanguard Real Estate ETF | 21,809 | 2,011,661 |
| Vanguard S&P 500 ETF | 7,510 | 4,454,031 |
LIFESTYLE BLEND MODERATE PORTFOLIO (continued)
|
Shares or Principal Amount |
Value | |
| Fixed income - 21.2% | ||
| Vanguard Short-Term Bond ETF | 39,670 | $3,132,740 |
| Vanguard Short-Term Corporate Bond ETF | 291,837 | 23,309,021 |
| Vanguard Total Bond Market ETF | 982,187 | 72,485,401 |
| Alternative and specialty - 1.0% | ||
| Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF | 352,380 | 4,669,035 |
|
TOTAL UNAFFILIATED INVESTMENT COMPANIES (Cost $176,686,999) |
$198,197,174 | |
| COMMON STOCKS - 0.0% | ||
| Consumer staples - 0.0% | ||
| China Huishan Dairy Holdings Company, Ltd. (D)(E) | 2,691 | 0 |
| ICA Gruppen AB (D)(E) | 116 | 0 |
| Health care - 0.0% | ||
| NMC Health PLC (D)(E) | 84 | 0 |
| Real estate - 0.0% | ||
| Dalian Wanda Commercial Properties Company, Ltd., H Shares (D)(E)(F) | 2,149 | 6,512 |
| Utilities - 0.0% | ||
| China Common Rich Renewable Energy Investments, Ltd. (D)(E) | 10,897 | 0 |
| TOTAL COMMON STOCKS (Cost $2,716) | $6,512 | |
| U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 6.4% | ||
| U.S. Government - 6.4% | ||
| U.S. Treasury Inflation Protected Security, 0.125%, 04/15/2027 | $6,035,114 | 5,954,934 |
| U.S. Treasury Inflation Protected Security, 1.250%, 04/15/2028 | 8,602,805 | 8,671,787 |
| U.S. Treasury Inflation Protected Security, 1.625%, 04/15/2030 | 3,972,375 | 4,056,888 |
| U.S. Treasury Inflation Protected Security, 2.125%, 04/15/2029 | 8,092,106 | 8,403,695 |
| U.S. Treasury STRIPS, PO, 5.025%, 05/15/2055 | 475,900 | 108,607 |
| U.S. Treasury STRIPS, PO, 5.055%, 02/15/2054 | 3,636,800 | 875,729 |
| U.S. Treasury STRIPS, PO, 5.074%, 11/15/2052 | 3,116,500 | 794,938 |
| U.S. Treasury STRIPS, PO, 5.110%, 08/15/2051 | 3,400,900 | 915,492 |
|
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $29,830,695) |
$29,782,070 | |
| SHORT-TERM INVESTMENTS - 0.2% | ||
| Short-term funds - 0.2% | ||
| John Hancock Collateral Trust, 4.1996% (G)(H) | 95,253 | 952,827 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $952,812) | $952,827 | |
| Total investments (Cost $418,753,576) - 100.1% | $467,666,948 | |
| Other assets and liabilities, net - (0.1%) | (635,971) | |
| TOTAL NET ASSETS - 100.0% | $467,030,977 | |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | 4 |
Table of Contents
LIFESTYLE BLEND CONSERVATIVE PORTFOLIO
As of 8-31-25
|
Shares or Principal Amount |
Value | |
| AFFILIATED INVESTMENT COMPANIES (A) - 48.3% | ||
| Equity - 8.3% | ||
| International Strategic Equity Allocation, Class NAV, JHF II (MIM US) (B) | 992,685 | $11,673,979 |
| U.S. Sector Rotation, Class NAV, JHF II (MIM US) (B) | 1,398,087 | 18,776,314 |
| Fixed income - 40.0% | ||
| Bond, Class NAV, JHSB (MIM US) (B) | 5,579,380 | 76,046,951 |
| Emerging Markets Debt, Class NAV, JHF II (MIM US) (B) | 3,579,116 | 28,561,342 |
| Global Senior Loan ETF, JHETF (CQS) (B)(E) | 866,841 | 21,662,357 |
| High Yield, Class NAV, JHBT (MIM US) (B) | 6,413,906 | 19,754,831 |
|
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost $165,724,639) |
$176,475,774 | |
| UNAFFILIATED INVESTMENT COMPANIES - 41.9% | ||
| Equity - 13.1% | ||
| Fidelity Mid Cap Index Fund | 247,141 | 9,109,612 |
| Fidelity Small Cap Index Fund | 159,427 | 4,727,014 |
| iShares MSCI Global Min Vol Factor ETF | 58,661 | 7,004,710 |
| Vanguard Dividend Appreciation ETF | 20,512 | 4,326,391 |
| Vanguard FTSE Developed Markets ETF | 188,068 | 11,041,472 |
| Vanguard FTSE Emerging Markets ETF | 28,356 | 1,461,185 |
| Vanguard S&P 500 ETF | 17,081 | 10,130,399 |
| Fixed income - 28.8% | ||
| Vanguard Short-Term Bond ETF | 56,246 | 4,441,747 |
| Vanguard Short-Term Corporate Bond ETF | 287,970 | 23,000,163 |
| Vanguard Total Bond Market ETF | 1,056,120 | 77,941,657 |
|
TOTAL UNAFFILIATED INVESTMENT COMPANIES (Cost $143,626,458) |
$153,184,350 | |
| COMMON STOCKS - 0.0% | ||
| Consumer staples - 0.0% | ||
| China Huishan Dairy Holdings Company, Ltd. (D)(E) | 955 | 0 |
| ICA Gruppen AB (D)(E) | 41 | 0 |
| Health care - 0.0% | ||
| NMC Health PLC (D)(E) | 30 | 0 |
| Real estate - 0.0% | ||
| Dalian Wanda Commercial Properties Company, Ltd., H Shares (D)(E)(F) | 762 | 2,310 |
| Utilities - 0.0% | ||
| China Common Rich Renewable Energy Investments, Ltd. (D)(E) | 3,867 | 0 |
| TOTAL COMMON STOCKS (Cost $965) | $2,310 | |
| U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 9.7% | ||
| U.S. Government - 9.7% | ||
| U.S. Treasury Inflation Protected Security, 0.125%, 04/15/2027 | $7,939,213 | 7,833,737 |
| U.S. Treasury Inflation Protected Security, 1.250%, 04/15/2028 | 11,317,432 | 11,408,181 |
| U.S. Treasury Inflation Protected Security, 1.625%, 04/15/2030 | 5,225,881 | 5,337,063 |
LIFESTYLE BLEND CONSERVATIVE PORTFOLIO (continued)
|
Shares or Principal Amount |
Value | |
| U.S. Government - (continued) | ||
| U.S. Treasury Inflation Protected Security, 2.125%, 04/15/2029 | 10,645,856 | $11,055,777 |
|
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $34,945,276) |
$35,634,758 | |
| SHORT-TERM INVESTMENTS - 0.0% | ||
| Short-term funds - 0.0% | ||
| John Hancock Collateral Trust, 4.1996% (G)(I) | 192 | 1,927 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,924) | $1,927 | |
| Total investments (Cost $344,299,262) - 99.9% | $365,299,119 | |
| Other assets and liabilities, net - 0.1% | 300,321 | |
| TOTAL NET ASSETS - 100.0% | $365,599,440 | |
Percentages are based upon net assets.
Security Abbreviations and Legend
| CQS | CQS (US), LLC |
| JHBT | John Hancock Bond Trust |
| JHETF | John Hancock Exchange-Traded Fund Trust |
| JHF II | John Hancock Funds II |
| JHSB | John Hancock Sovereign Bond Fund |
| MIM US | Manulife Investment Management (US) LLC |
| PO | Principal-Only Security - (Principal Tranche of Stripped Security). Rate shown is the annualized yield on date of purchase. |
| STRIPS | Separate Trading of Registered Interest and Principal Securities |
| (A) | The underlying funds' subadvisor is shown parenthetically. |
| (B) | The subadvisor is an affiliate of the advisor. |
| (C) | All or a portion of this security is on loan as of 8-31-25. |
| (D) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements. |
| (E) | Non-income producing. |
| (F) | This security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. |
| (G) | The rate shown is the annualized seven-day yield as of 8-31-25. |
| (H) | Investment is an affiliate of the fund, the advisor and/or subadvisor. A portion of this security represents the investment of cash collateral received for securities lending. |
| (I) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
| 5 | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | | SEE NOTES TO FINANCIAL STATEMENTS |
Table of Contents
Financial statements
STATEMENTS OF ASSETS AND LIABILITIES 8-31-25
| Lifestyle Blend Aggressive Portfolio | Lifestyle Blend Growth Portfolio | Lifestyle Blend Balanced Portfolio | Lifestyle Blend Moderate Portfolio | Lifestyle Blend Conservative Portfolio | |
| Assets | |||||
| Unaffiliated investments, at value (including securities loaned) | $245,811,590 | $572,581,385 | $616,558,204 | $227,985,756 | $188,821,418 |
| Affiliated investments, at value | 417,251,428 | 814,419,928 | 772,203,105 | 239,681,192 | 176,477,701 |
| Total investments, at value | 663,063,018 | 1,387,001,313 | 1,388,761,309 | 467,666,948 | 365,299,119 |
| Dividends and interest receivable | 147,425 | 761,745 | 1,362,721 | 663,185 | 723,288 |
| Receivable for fund shares sold | 342,120 | 422,860 | 1,259,817 | 515,072 | 415,599 |
| Receivable for investments sold | 56,256 | 10,953,675 | - | 10,098,351 | 2,961 |
| Receivable for securities lending income | 155 | 1,823 | 1,877 | 731 | 4,513 |
| Receivable from affiliates | - | - | - | 1,214 | 1,423 |
| Other assets | 33,626 | 56,923 | 57,201 | 30,132 | 28,673 |
| Total assets | 663,642,600 | 1,399,198,339 | 1,391,442,925 | 478,975,633 | 366,475,576 |
| Liabilities | |||||
| Due to custodian | 35,471 | 9,839,871 | - | 10,098,116 | 10,434 |
| Payable for investments purchased | 322,756 | 714,297 | 1,926,578 | 733,426 | 635,858 |
| Payable for fund shares repurchased | 50,753 | 1,785,507 | 387,625 | 158,565 | 144,608 |
| Payable upon return of securities loaned | 1,362,000 | 8,973,000 | 2,542,800 | 862,150 | - |
| Payable to affiliates | |||||
| Accounting and legal services fees | 20,868 | 43,720 | 43,904 | 14,782 | 11,617 |
| Transfer agent fees | 12,004 | 28,805 | 40,640 | 17,596 | 14,199 |
| Trustees' fees | 514 | 1,080 | 1,081 | 365 | 287 |
| Other liabilities and accrued expenses | 59,911 | 64,162 | 64,513 | 59,656 | 59,133 |
| Total liabilities | 1,864,277 | 21,450,442 | 5,007,141 | 11,944,656 | 876,136 |
| Net assets | $661,778,323 | $1,377,747,897 | $1,386,435,784 | $467,030,977 | $365,599,440 |
| Net assets consist of | |||||
| Paid-in capital | $509,371,924 | $1,100,941,467 | $1,201,981,109 | $433,472,587 | $360,658,273 |
| Total distributable earnings (loss) | 152,406,399 | 276,806,430 | 184,454,675 | 33,558,390 | 4,941,167 |
| Net assets | $661,778,323 | $1,377,747,897 | $1,386,435,784 | $467,030,977 | $365,599,440 |
| Unaffiliated investments, at cost | $199,718,897 | $471,752,934 | $536,244,591 | $206,520,410 | $178,572,699 |
| Affiliated investments, at cost | 327,408,648 | 658,106,162 | 650,648,995 | 212,233,166 | 165,726,563 |
| Total investments, at cost | 527,127,545 | 1,129,859,096 | 1,186,893,586 | 418,753,576 | 344,299,262 |
| Securities loaned, at value | $1,337,760 | $8,621,812 | $2,490,696 | $838,090 | - |
| Net asset value per share | |||||
| The portfolios have an unlimited number of shares authorized with no par value. Net asset value is calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class. | |||||
| Class A1 | |||||
| Net assets | $125,504,478 | $299,271,712 | $423,869,628 | $184,266,767 | $147,629,946 |
| Shares outstanding | 8,350,713 | 21,280,705 | 33,875,273 | 15,945,163 | 13,929,736 |
| Net asset value and redemption price per share | $15.03 | $14.06 | $12.51 | $11.56 | $10.60 |
| Class R6 | |||||
| Net assets | $27,313,925 | $58,646,967 | $46,619,318 | $11,355,066 | $9,624,240 |
| Shares outstanding | 1,813,063 | 4,155,457 | 3,727,354 | 981,871 | 907,446 |
| Net asset value, offering price and redemption price per share | $15.07 | $14.11 | $12.51 | $11.56 | $10.61 |
| Class 1 | |||||
| Net assets | $508,959,920 | $1,019,829,218 | $915,946,838 | $271,409,144 | $208,345,254 |
| Shares outstanding | 33,825,357 | 72,458,206 | 73,268,316 | 23,475,809 | 19,652,663 |
| Net asset value, offering price and redemption price per share | $15.05 | $14.07 | $12.50 | $11.56 | $10.60 |
| Maximum offering price per share | |||||
| Class A (net asset value per share ÷ 95%)2 | $15.82 | $14.80 | $13.17 | $12.17 | $11.16 |
| 1 | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| 2 | On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | 6 |
Table of Contents
STATEMENTS OF OPERATIONS For the year ended 8-31-25
| Lifestyle Blend Aggressive Portfolio | Lifestyle Blend Growth Portfolio | Lifestyle Blend Balanced Portfolio | Lifestyle Blend Moderate Portfolio | Lifestyle Blend Conservative Portfolio | |
| Investment income | |||||
| Dividends from affiliated investments | $6,722,946 | $16,080,454 | $19,528,108 | $7,440,427 | $6,651,671 |
| Dividends from unaffiliated investments | 3,878,151 | 12,046,487 | 15,778,192 | 6,525,928 | 6,053,383 |
| Interest | 277,728 | 1,909,531 | 3,503,778 | 1,408,543 | 1,511,790 |
| Securities lending | 2,344 | 47,071 | 81,965 | 37,199 | 53,746 |
| Total investment income | 10,881,169 | 30,083,543 | 38,892,043 | 15,412,097 | 14,270,590 |
| Expenses | |||||
| Investment management fees | 1,336,410 | 3,456,294 | 4,147,287 | 1,581,247 | 1,413,354 |
| Distribution and service fees | 555,760 | 1,268,832 | 1,568,006 | 611,198 | 488,148 |
| Accounting and legal services fees | 112,602 | 242,063 | 246,191 | 80,810 | 63,428 |
| Transfer agent fees | 122,291 | 295,878 | 423,617 | 181,903 | 146,669 |
| Trustees' fees | 15,621 | 33,345 | 33,967 | 11,241 | 8,808 |
| Custodian fees | 26,751 | 28,251 | 28,251 | 28,251 | 28,251 |
| State registration fees | 37,752 | 48,544 | 52,512 | 41,515 | 39,416 |
| Printing and postage | 21,331 | 24,435 | 26,071 | 21,735 | 21,336 |
| Professional fees | 55,735 | 80,609 | 81,638 | 49,830 | 46,643 |
| Other | 31,507 | 53,573 | 51,070 | 22,849 | 22,455 |
| Total expenses | 2,315,760 | 5,531,824 | 6,658,610 | 2,630,579 | 2,278,508 |
| Less expense reductions | (21,400) | (201,242) | (434,429) | (255,964) | (288,786) |
| Net expenses | 2,294,360 | 5,330,582 | 6,224,181 | 2,374,615 | 1,989,722 |
| Net investment income | 8,586,809 | 24,752,961 | 32,667,862 | 13,037,482 | 12,280,868 |
| Realized and unrealized gain (loss) | |||||
| Net realized gain (loss) on | |||||
| Unaffiliated investments | 16,710,906 | 24,014,668 | 16,934,679 | 1,138,151 | 2,272,422 |
| Affiliated investments | 2,128,122 | 6,717,307 | 7,045,332 | 2,250,914 | 1,498,336 |
| Capital gain distributions received from unaffiliated investments | 883,050 | 1,537,468 | 1,151,290 | 238,807 | 95,836 |
| Capital gain distributions received from affiliated investments | 3,824,931 | 6,908,092 | 5,157,833 | 1,080,190 | 343,797 |
| 23,547,009 | 39,177,535 | 30,289,134 | 4,708,062 | 4,210,391 | |
| Change in net unrealized appreciation (depreciation) of | |||||
| Unaffiliated investments | 1,424,692 | 9,196,891 | 6,078,877 | 5,063,959 | 2,757,559 |
| Affiliated investments | 41,418,190 | 67,282,890 | 48,483,413 | 9,494,484 | 2,276,397 |
| 42,842,882 | 76,479,781 | 54,562,290 | 14,558,443 | 5,033,956 | |
| Net realized and unrealized gain | 66,389,891 | 115,657,316 | 84,851,424 | 19,266,505 | 9,244,347 |
| Increase in net assets from operations | $74,976,700 | $140,410,277 | $117,519,286 | $32,303,987 | $21,525,215 |
| 7 | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | | SEE NOTES TO FINANCIAL STATEMENTS |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
| Lifestyle Blend Aggressive Portfolio | Lifestyle Blend Growth Portfolio | Lifestyle Blend Balanced Portfolio | ||||
|
Year ended 8-31-25 |
Year ended 8-31-24 |
Year ended 8-31-25 |
Year ended 8-31-24 |
Year ended 8-31-25 |
Year ended 8-31-24 |
|
| Increase (decrease) in net assets | ||||||
| From operations | ||||||
| Net investment income | $8,586,809 | $8,729,779 | $24,752,961 | $24,355,130 | $32,667,862 | $31,279,447 |
| Net realized gain (loss) | 23,547,009 | 1,098,950 | 39,177,535 | (7,490,526) | 30,289,134 | (27,594,961) |
| Change in net unrealized appreciation (depreciation) | 42,842,882 | 89,953,683 | 76,479,781 | 184,814,239 | 54,562,290 | 176,782,775 |
| Increase in net assets resulting from operations | 74,976,700 | 99,782,412 | 140,410,277 | 201,678,843 | 117,519,286 | 180,467,261 |
| Distributions to shareholders | ||||||
| From earnings | ||||||
| Class A | (1,412,327) | (1,106,504) | (3,859,151) | (3,204,924) | (8,152,310) | (6,172,848) |
| Class R6 | (474,518) | (385,544) | (1,042,582) | (685,039) | (1,118,648) | (600,033) |
| Class 1 | (7,888,778) | (8,060,613) | (18,873,508) | (20,454,798) | (23,524,901) | (23,712,994) |
| Total distributions | (9,775,623) | (9,552,661) | (23,775,241) | (24,344,761) | (32,795,859) | (30,485,875) |
| Portfolio share transactions | ||||||
| From portfolio share transactions | 9,789,932 | 4,632,424 | (25,188,547) | 22,979,093 | (19,216,010) | 37,768,639 |
| Total increase | 74,991,009 | 94,862,175 | 91,446,489 | 200,313,175 | 65,507,417 | 187,750,025 |
| Net assets | ||||||
| Beginning of year | 586,787,314 | 491,925,139 | 1,286,301,408 | 1,085,988,233 | 1,320,928,367 | 1,133,178,342 |
| End of year | $661,778,323 | $586,787,314 | $1,377,747,897 | $1,286,301,408 | $1,386,435,784 | $1,320,928,367 |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | 8 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
Continued
| Lifestyle Blend Moderate Portfolio | Lifestyle Blend Conservative Portfolio | |||
|
Year ended 8-31-25 |
Year ended 8-31-24 |
Year ended 8-31-25 |
Year ended 8-31-24 |
|
| Increase (decrease) in net assets | ||||
| From operations | ||||
| Net investment income | $13,037,482 | $11,672,135 | $12,280,868 | $10,838,358 |
| Net realized gain (loss) | 4,708,062 | (10,761,511) | 4,210,391 | (10,188,148) |
| Change in net unrealized appreciation (depreciation) | 14,558,443 | 47,609,787 | 5,033,956 | 31,100,161 |
| Increase in net assets resulting from operations | 32,303,987 | 48,520,411 | 21,525,215 | 31,750,371 |
| Distributions to shareholders | ||||
| From earnings | ||||
| Class A | (4,389,396) | (3,217,910) | (4,263,902) | (3,131,028) |
| Class R6 | (334,222) | (266,640) | (318,316) | (206,318) |
| Class 1 | (8,213,412) | (7,673,238) | (7,467,399) | (7,025,483) |
| Total distributions | (12,937,030) | (11,157,788) | (12,049,617) | (10,362,829) |
| Portfolio share transactions | ||||
| From portfolio share transactions | 26,349,881 | 36,490,815 | 33,296,532 | 15,357,979 |
| Total increase | 45,716,838 | 73,853,438 | 42,772,130 | 36,745,521 |
| Net assets | ||||
| Beginning of year | 421,314,139 | 347,460,701 | 322,827,310 | 286,081,789 |
| End of year | $467,030,977 | $421,314,139 | $365,599,440 | $322,827,310 |
| 9 | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | | SEE NOTES TO FINANCIAL STATEMENTS |
Table of Contents
Financial highlights
Lifestyle Blend Aggressive Portfolio
| Per share operating performance for a share outstanding throughout each period | Ratios and supplemental data | |||||||||||||||||||
| Income (loss) from investment operations | Less distributions | Ratios to average net assets | ||||||||||||||||||
| Period ended |
Net asset value, beginning of period ($) |
Net investment income (loss) ($)1, 2 |
Net realized and unrealized gain (loss) on investments ($) |
Total from investment operations ($) |
From net investment income ($) |
From net realized gain ($) |
Total distributions ($) |
Net asset value, end of period ($) |
Total return (%)3 |
Expenses before reductions (%)4 |
Expenses including reductions (%)4 |
Net investment income (loss) (%)2 |
Net assets, end of period (in millions) |
Portfolio turnover (%) |
||||||
| Lifestyle Blend Aggressive Portfolio | ||||||||||||||||||||
| Class A | ||||||||||||||||||||
| 08-31-2025 | 13.56 | 0.15 | 1.51 | 1.66 | (0.16) | (0.03) | (0.19) | 15.03 | 12.405 | 0.68 | 0.68 | 1.11 | 126 | 20 | ||||||
| 08-31-2024 | 11.48 | 0.15 | 2.12 | 2.27 | (0.19) | - | (0.19) | 13.56 | 19.955 | 0.70 | 0.70 | 1.27 | 94 | 17 | ||||||
| 08-31-2023 | 11.86 | 0.11 | 0.88 | 0.99 | (0.11) | (1.26) | (1.37) | 11.48 | 9.695 | 0.71 | 0.70 | 0.98 | 62 | 16 | ||||||
| 08-31-2022 | 14.98 | 0.09 | (2.16) | (2.07) | (0.14) | (0.91) | (1.05) | 11.86 | (15.01)5 | 0.68 | 0.68 | 0.69 | 43 | 91 | ||||||
| 08-31-20216 | 14.31 | (0.02) | 0.69 | 0.67 | - | - | - | 14.98 | 4.685, 7 | 0.658 | 0.658 | (0.30)8 | 9 | 17 | ||||||
| Class R6 | ||||||||||||||||||||
| 08-31-2025 | 13.59 | 0.22 | 1.50 | 1.72 | (0.21) | (0.03) | (0.24) | 15.07 | 12.89 | 0.28 | 0.27 | 1.62 | 27 | 20 | ||||||
| 08-31-2024 | 11.50 | 0.21 | 2.11 | 2.32 | (0.23) | - | (0.23) | 13.59 | 20.46 | 0.29 | 0.29 | 1.69 | 25 | 17 | ||||||
| 08-31-2023 | 11.88 | 0.16 | 0.88 | 1.04 | (0.16) | (1.26) | (1.42) | 11.50 | 10.16 | 0.30 | 0.29 | 1.42 | 17 | 16 | ||||||
| 08-31-2022 | 15.01 | 0.16 | (2.18) | (2.02) | (0.20) | (0.91) | (1.11) | 11.88 | (14.70) | 0.27 | 0.27 | 1.19 | 14 | 91 | ||||||
| 08-31-2021 | 11.94 | 0.17 | 3.34 | 3.51 | (0.17) | (0.27) | (0.44) | 15.01 | 30.02 | 0.25 | 0.25 | 1.22 | 12 | 17 | ||||||
| Class 1 | ||||||||||||||||||||
| 08-31-2025 | 13.57 | 0.20 | 1.52 | 1.72 | (0.21) | (0.03) | (0.24) | 15.05 | 12.87 | 0.32 | 0.32 | 1.48 | 509 | 20 | ||||||
| 08-31-2024 | 11.48 | 0.21 | 2.11 | 2.32 | (0.23) | - | (0.23) | 13.57 | 20.45 | 0.34 | 0.33 | 1.73 | 467 | 17 | ||||||
| 08-31-2023 | 11.87 | 0.16 | 0.86 | 1.02 | (0.15) | (1.26) | (1.41) | 11.48 | 10.02 | 0.34 | 0.34 | 1.45 | 412 | 16 | ||||||
| 08-31-2022 | 15.00 | 0.18 | (2.20) | (2.02) | (0.20) | (0.91) | (1.11) | 11.87 | (14.74) | 0.31 | 0.31 | 1.30 | 392 | 91 | ||||||
| 08-31-2021 | 11.93 | 0.16 | 3.35 | 3.51 | (0.17) | (0.27) | (0.44) | 15.00 | 30.00 | 0.29 | 0.29 | 1.20 | 489 | 17 | ||||||
| 1 Based on average daily shares outstanding. |
| 2 Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| 3 Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 4 Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |
| 5 Does not reflect the effect of sales charges, if any. |
| 6 The inception date for Class A shares is 4-26-21. |
| 7 Not annualized. |
| 8 Annualized. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | 10 |
Table of Contents
Financial highlights continued
Lifestyle Blend Growth Portfolio
| Per share operating performance for a share outstanding throughout each period | Ratios and supplemental data | |||||||||||||||||||
| Income (loss) from investment operations | Less distributions | Ratios to average net assets | ||||||||||||||||||
| Period ended |
Net asset value, beginning of period ($) |
Net investment income (loss) ($)1, 2 |
Net realized and unrealized gain (loss) on investments ($) |
Total from investment operations ($) |
From net investment income ($) |
From net realized gain ($) |
Total distributions ($) |
Net asset value, end of period ($) |
Total return (%)3 |
Expenses before reductions (%)4 |
Expenses including reductions (%)4 |
Net investment income (loss) (%)2 |
Net assets, end of period (in millions) |
Portfolio turnover (%) |
||||||
| Lifestyle Blend Growth Portfolio | ||||||||||||||||||||
| Class A | ||||||||||||||||||||
| 08-31-2025 | 12.88 | 0.21 | 1.17 | 1.38 | (0.20) | - | (0.20) | 14.06 | 10.905 | 0.72 | 0.70 | 1.58 | 299 | 22 | ||||||
| 08-31-2024 | 11.11 | 0.20 | 1.78 | 1.98 | (0.21) | - | (0.21) | 12.88 | 18.055 | 0.74 | 0.73 | 1.69 | 231 | 26 | ||||||
| 08-31-2023 | 11.57 | 0.15 | 0.65 | 0.80 | (0.17) | (1.09) | (1.26) | 11.11 | 7.955 | 0.75 | 0.75 | 1.41 | 154 | 15 | ||||||
| 08-31-2022 | 14.32 | 0.14 | (2.05) | (1.91) | (0.16) | (0.68) | (0.84) | 11.57 | (14.26)5 | 0.73 | 0.73 | 1.14 | 85 | 74 | ||||||
| 08-31-20216 | 13.73 | -7 | 0.59 | 0.59 | - | - | - | 14.32 | 4.305, 8 | 0.709 | 0.709 | 0.069 | 20 | 22 | ||||||
| Class R6 | ||||||||||||||||||||
| 08-31-2025 | 12.92 | 0.27 | 1.17 | 1.44 | (0.25) | - | (0.25) | 14.11 | 11.38 | 0.31 | 0.30 | 2.04 | 59 | 22 | ||||||
| 08-31-2024 | 11.15 | 0.24 | 1.79 | 2.03 | (0.26) | - | (0.26) | 12.92 | 18.43 | 0.33 | 0.32 | 2.03 | 48 | 26 | ||||||
| 08-31-2023 | 11.60 | 0.21 | 0.65 | 0.86 | (0.22) | (1.09) | (1.31) | 11.15 | 8.51 | 0.34 | 0.34 | 1.88 | 28 | 15 | ||||||
| 08-31-2022 | 14.37 | 0.22 | (2.09) | (1.87) | (0.22) | (0.68) | (0.90) | 11.60 | (14.01) | 0.32 | 0.32 | 1.69 | 24 | 74 | ||||||
| 08-31-2021 | 11.97 | 0.19 | 2.68 | 2.87 | (0.20) | (0.27) | (0.47) | 14.37 | 24.56 | 0.30 | 0.30 | 1.43 | 21 | 22 | ||||||
| Class 1 | ||||||||||||||||||||
| 08-31-2025 | 12.89 | 0.26 | 1.17 | 1.43 | (0.25) | - | (0.25) | 14.07 | 11.33 | 0.36 | 0.34 | 1.99 | 1,020 | 22 | ||||||
| 08-31-2024 | 11.12 | 0.25 | 1.77 | 2.02 | (0.25) | - | (0.25) | 12.89 | 18.44 | 0.37 | 0.36 | 2.16 | 1,007 | 26 | ||||||
| 08-31-2023 | 11.58 | 0.21 | 0.63 | 0.84 | (0.21) | (1.09) | (1.30) | 11.12 | 8.39 | 0.39 | 0.39 | 1.89 | 903 | 15 | ||||||
| 08-31-2022 | 14.34 | 0.22 | (2.08) | (1.86) | (0.22) | (0.68) | (0.90) | 11.58 | (14.00) | 0.36 | 0.36 | 1.68 | 884 | 74 | ||||||
| 08-31-2021 | 11.95 | 0.19 | 2.67 | 2.86 | (0.20) | (0.27) | (0.47) | 14.34 | 24.48 | 0.34 | 0.34 | 1.48 | 1,096 | 22 | ||||||
| 1 Based on average daily shares outstanding. |
| 2 Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| 3 Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 4 Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |
| 5 Does not reflect the effect of sales charges, if any. |
| 6 The inception date for Class A shares is 4-26-21. |
| 7 Less than $0.005 per share. |
| 8 Not annualized. |
| 9 Annualized. |
| 11 | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | | SEE NOTES TO FINANCIAL STATEMENTS |
Table of Contents
Lifestyle Blend Balanced Portfolio
| Per share operating performance for a share outstanding throughout each period | Ratios and supplemental data | |||||||||||||||||||
| Income (loss) from investment operations | Less distributions | Ratios to average net assets | ||||||||||||||||||
| Period ended |
Net asset value, beginning of period ($) |
Net investment income (loss) ($)1, 2 |
Net realized and unrealized gain (loss) on investments ($) |
Total from investment operations ($) |
From net investment income ($) |
From net realized gain ($) |
Total distributions ($) |
Net asset value, end of period ($) |
Total return (%)3 |
Expenses before reductions (%)4 |
Expenses including reductions (%)4 |
Net investment income (loss) (%)2 |
Net assets, end of period (in millions) |
Portfolio turnover (%) |
||||||
| Lifestyle Blend Balanced Portfolio | ||||||||||||||||||||
| Class A | ||||||||||||||||||||
| 08-31-2025 | 11.74 | 0.26 | 0.77 | 1.03 | (0.26) | - | (0.26) | 12.51 | 8.985 | 0.77 | 0.73 | 2.18 | 424 | 24 | ||||||
| 08-31-2024 | 10.40 | 0.25 | 1.33 | 1.58 | (0.24) | - | (0.24) | 11.74 | 15.475 | 0.79 | 0.77 | 2.27 | 338 | 38 | ||||||
| 08-31-2023 | 10.82 | 0.19 | 0.39 | 0.58 | (0.21) | (0.79) | (1.00) | 10.40 | 6.085 | 0.80 | 0.80 | 1.90 | 232 | 15 | ||||||
| 08-31-2022 | 13.33 | 0.19 | (1.93) | (1.74) | (0.19) | (0.58) | (0.77) | 10.82 | (13.85)5 | 0.79 | 0.79 | 1.62 | 126 | 58 | ||||||
| 08-31-20216 | 12.84 | 0.02 | 0.50 | 0.52 | (0.03) | - | (0.03) | 13.33 | 4.065, 7 | 0.768 | 0.768 | 0.558 | 28 | 32 | ||||||
| Class R6 | ||||||||||||||||||||
| 08-31-2025 | 11.74 | 0.31 | 0.77 | 1.08 | (0.31) | - | (0.31) | 12.51 | 9.43 | 0.36 | 0.33 | 2.63 | 47 | 24 | ||||||
| 08-31-2024 | 10.40 | 0.28 | 1.35 | 1.63 | (0.29) | - | (0.29) | 11.74 | 15.93 | 0.38 | 0.36 | 2.59 | 39 | 38 | ||||||
| 08-31-2023 | 10.82 | 0.24 | 0.38 | 0.62 | (0.25) | (0.79) | (1.04) | 10.40 | 6.53 | 0.40 | 0.40 | 2.35 | 21 | 15 | ||||||
| 08-31-2022 | 13.33 | 0.25 | (1.93) | (1.68) | (0.25) | (0.58) | (0.83) | 10.82 | (13.48) | 0.38 | 0.38 | 2.11 | 16 | 58 | ||||||
| 08-31-2021 | 11.66 | 0.21 | 1.94 | 2.15 | (0.22) | (0.26) | (0.48) | 13.33 | 18.91 | 0.36 | 0.36 | 1.69 | 19 | 32 | ||||||
| Class 1 | ||||||||||||||||||||
| 08-31-2025 | 11.73 | 0.31 | 0.77 | 1.08 | (0.31) | - | (0.31) | 12.50 | 9.38 | 0.40 | 0.37 | 2.59 | 916 | 24 | ||||||
| 08-31-2024 | 10.39 | 0.29 | 1.33 | 1.62 | (0.28) | - | (0.28) | 11.73 | 15.90 | 0.42 | 0.40 | 2.71 | 944 | 38 | ||||||
| 08-31-2023 | 10.82 | 0.25 | 0.36 | 0.61 | (0.25) | (0.79) | (1.04) | 10.39 | 6.40 | 0.44 | 0.44 | 2.38 | 881 | 15 | ||||||
| 08-31-2022 | 13.32 | 0.25 | (1.93) | (1.68) | (0.24) | (0.58) | (0.82) | 10.82 | (13.45) | 0.42 | 0.42 | 2.07 | 864 | 58 | ||||||
| 08-31-2021 | 11.65 | 0.22 | 1.93 | 2.15 | (0.22) | (0.26) | (0.48) | 13.32 | 18.87 | 0.40 | 0.40 | 1.73 | 1,074 | 32 | ||||||
| 1 Based on average daily shares outstanding. |
| 2 Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| 3 Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 4 Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |
| 5 Does not reflect the effect of sales charges, if any. |
| 6 The inception date for Class A shares is 4-26-21. |
| 7 Not annualized. |
| 8 Annualized. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | 12 |
Table of Contents
Financial highlights continued
Lifestyle Blend Moderate Portfolio
| Per share operating performance for a share outstanding throughout each period | Ratios and supplemental data | |||||||||||||||||||
| Income (loss) from investment operations | Less distributions | Ratios to average net assets | ||||||||||||||||||
| Period ended |
Net asset value, beginning of period ($) |
Net investment income (loss) ($)1, 2 |
Net realized and unrealized gain (loss) on investments ($) |
Total from investment operations ($) |
From net investment income ($) |
From net realized gain ($) |
Total distributions ($) |
Net asset value, end of period ($) |
Total return (%)3 |
Expenses before reductions (%)4 |
Expenses including reductions (%)4 |
Net investment income (loss) (%)2 |
Net assets, end of period (in millions) |
Portfolio turnover (%) |
||||||
| Lifestyle Blend Moderate Portfolio | ||||||||||||||||||||
| Class A | ||||||||||||||||||||
| 08-31-2025 | 11.08 | 0.31 | 0.48 | 0.79 | (0.31) | - | (0.31) | 11.56 | 7.285 | 0.84 | 0.78 | 2.77 | 184 | 23 | ||||||
| 08-31-2024 | 10.08 | 0.29 | 0.99 | 1.28 | (0.28) | - | (0.28) | 11.08 | 12.965 | 0.86 | 0.82 | 2.81 | 143 | 47 | ||||||
| 08-31-2023 | 10.25 | 0.24 | 0.20 | 0.44 | (0.24) | (0.37) | (0.61) | 10.08 | 4.685 | 0.88 | 0.86 | 2.38 | 102 | 20 | ||||||
| 08-31-2022 | 12.34 | 0.22 | (1.73) | (1.51) | (0.21) | (0.37) | (0.58) | 10.25 | (12.77)5 | 0.87 | 0.86 | 2.04 | 55 | 45 | ||||||
| 08-31-20216 | 11.98 | 0.04 | 0.36 | 0.40 | (0.04) | - | (0.04) | 12.34 | 3.335, 7 | 0.858 | 0.848 | 0.978 | 15 | 34 | ||||||
| Class R6 | ||||||||||||||||||||
| 08-31-2025 | 11.08 | 0.35 | 0.48 | 0.83 | (0.35) | - | (0.35) | 11.56 | 7.72 | 0.43 | 0.37 | 3.19 | 11 | 23 | ||||||
| 08-31-2024 | 10.08 | 0.34 | 0.98 | 1.32 | (0.32) | - | (0.32) | 11.08 | 13.41 | 0.45 | 0.41 | 3.25 | 9 | 47 | ||||||
| 08-31-2023 | 10.25 | 0.28 | 0.20 | 0.48 | (0.28) | (0.37) | (0.65) | 10.08 | 5.12 | 0.48 | 0.46 | 2.81 | 7 | 20 | ||||||
| 08-31-2022 | 12.35 | 0.27 | (1.74) | (1.47) | (0.26) | (0.37) | (0.63) | 10.25 | (12.49) | 0.46 | 0.45 | 2.41 | 5 | 45 | ||||||
| 08-31-2021 | 11.40 | 0.21 | 1.21 | 1.42 | (0.22) | (0.25) | (0.47) | 12.35 | 12.73 | 0.45 | 0.44 | 1.81 | 4 | 34 | ||||||
| Class 1 | ||||||||||||||||||||
| 08-31-2025 | 11.08 | 0.35 | 0.48 | 0.83 | (0.35) | - | (0.35) | 11.56 | 7.67 | 0.47 | 0.42 | 3.15 | 271 | 23 | ||||||
| 08-31-2024 | 10.08 | 0.33 | 0.99 | 1.32 | (0.32) | - | (0.32) | 11.08 | 13.37 | 0.49 | 0.45 | 3.22 | 269 | 47 | ||||||
| 08-31-2023 | 10.25 | 0.28 | 0.20 | 0.48 | (0.28) | (0.37) | (0.65) | 10.08 | 5.07 | 0.52 | 0.50 | 2.84 | 238 | 20 | ||||||
| 08-31-2022 | 12.35 | 0.27 | (1.75) | (1.48) | (0.25) | (0.37) | (0.62) | 10.25 | (12.52) | 0.50 | 0.49 | 2.38 | 246 | 45 | ||||||
| 08-31-2021 | 11.40 | 0.23 | 1.19 | 1.42 | (0.22) | (0.25) | (0.47) | 12.35 | 12.69 | 0.49 | 0.48 | 1.91 | 300 | 34 | ||||||
| 1 Based on average daily shares outstanding. |
| 2 Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| 3 Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 4 Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |
| 5 Does not reflect the effect of sales charges, if any. |
| 6 The inception date for Class A shares is 4-26-21. |
| 7 Not annualized. |
| 8 Annualized. |
| 13 | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | | SEE NOTES TO FINANCIAL STATEMENTS |
Table of Contents
Lifestyle Blend Conservative Portfolio
| Per share operating performance for a share outstanding throughout each period | Ratios and supplemental data | |||||||||||||||||||
| Income (loss) from investment operations | Less distributions | Ratios to average net assets | ||||||||||||||||||
| Period ended |
Net asset value, beginning of period ($) |
Net investment income (loss) ($)1, 2 |
Net realized and unrealized gain (loss) on investments ($) |
Total from investment operations ($) |
From net investment income ($) |
From net realized gain ($) |
Total distributions ($) |
Net asset value, end of period ($) |
Total return (%)3 |
Expenses before reductions (%)4 |
Expenses including reductions (%)4 |
Net investment income (loss) (%)2 |
Net assets, end of period (in millions) |
Portfolio turnover (%) |
||||||
| Lifestyle Blend Conservative Portfolio | ||||||||||||||||||||
| Class A | ||||||||||||||||||||
| 08-31-2025 | 10.33 | 0.35 | 0.27 | 0.62 | (0.35) | - | (0.35) | 10.60 | 6.125 | 0.90 | 0.81 | 3.38 | 148 | 25 | ||||||
| 08-31-2024 | 9.63 | 0.33 | 0.69 | 1.02 | (0.32) | - | (0.32) | 10.33 | 10.765 | 0.92 | 0.86 | 3.35 | 116 | 63 | ||||||
| 08-31-2023 | 9.71 | 0.28 | 0.06 | 0.34 | (0.29) | (0.13) | (0.42) | 9.63 | 3.665 | 0.95 | 0.92 | 2.89 | 90 | 26 | ||||||
| 08-31-2022 | 11.59 | 0.26 | (1.58) | (1.32) | (0.24) | (0.32) | (0.56) | 9.71 | (11.88)5 | 0.94 | 0.92 | 2.54 | 60 | 28 | ||||||
| 08-31-20216 | 11.36 | 0.06 | 0.22 | 0.28 | (0.05) | - | (0.05) | 11.59 | 2.435, 7 | 0.938 | 0.918 | 1.538 | 11 | 43 | ||||||
| Class R6 | ||||||||||||||||||||
| 08-31-2025 | 10.34 | 0.39 | 0.27 | 0.66 | (0.39) | - | (0.39) | 10.61 | 6.55 | 0.49 | 0.40 | 3.79 | 10 | 25 | ||||||
| 08-31-2024 | 9.64 | 0.37 | 0.69 | 1.06 | (0.36) | - | (0.36) | 10.34 | 11.20 | 0.51 | 0.45 | 3.75 | 7 | 63 | ||||||
| 08-31-2023 | 9.72 | 0.31 | 0.07 | 0.38 | (0.33) | (0.13) | (0.46) | 9.64 | 4.09 | 0.54 | 0.51 | 3.24 | 7 | 26 | ||||||
| 08-31-2022 | 11.60 | 0.30 | (1.58) | (1.28) | (0.28) | (0.32) | (0.60) | 9.72 | (11.50) | 0.53 | 0.51 | 2.84 | 3 | 28 | ||||||
| 08-31-2021 | 11.19 | 0.24 | 0.55 | 0.79 | (0.23) | (0.15) | (0.38) | 11.60 | 7.20 | 0.53 | 0.51 | 2.09 | 3 | 43 | ||||||
| Class 1 | ||||||||||||||||||||
| 08-31-2025 | 10.33 | 0.39 | 0.26 | 0.65 | (0.38) | - | (0.38) | 10.60 | 6.51 | 0.53 | 0.45 | 3.75 | 208 | 25 | ||||||
| 08-31-2024 | 9.63 | 0.37 | 0.68 | 1.05 | (0.35) | - | (0.35) | 10.33 | 11.16 | 0.56 | 0.50 | 3.74 | 200 | 63 | ||||||
| 08-31-2023 | 9.71 | 0.31 | 0.06 | 0.37 | (0.32) | (0.13) | (0.45) | 9.63 | 4.04 | 0.59 | 0.56 | 3.28 | 189 | 26 | ||||||
| 08-31-2022 | 11.60 | 0.30 | (1.59) | (1.29) | (0.28) | (0.32) | (0.60) | 9.71 | (11.62) | 0.58 | 0.55 | 2.80 | 198 | 28 | ||||||
| 08-31-2021 | 11.18 | 0.24 | 0.55 | 0.79 | (0.22) | (0.15) | (0.37) | 11.60 | 7.26 | 0.57 | 0.55 | 2.10 | 230 | 43 | ||||||
| 1 Based on average daily shares outstanding. |
| 2 Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| 3 Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 4 Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |
| 5 Does not reflect the effect of sales charges, if any. |
| 6 The inception date for Class A shares is 4-26-21. |
| 7 Not annualized. |
| 8 Annualized. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | 14 |
Table of Contents
Notes to financial statements
Note 1-Organization
John Hancock Funds II (the Trust) is an open-end management investment company organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act). It is a series company with multiple investment series, five of which are presented in this report (collectively, Lifestyle Blend Portfolios, or the portfolios and individually, the portfolio). The portfolios operate as "funds of funds" that may invest in affiliated underlying funds of the Trust, other funds in the John Hancock group of funds complex, non-John Hancock funds and certain other permitted investments.
The portfolios may offer multiple classes of shares. The shares currently offered by the portfolios are detailed in the Statements of assets and liabilities. Class A shares are open to all investors. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class 1 shares are offered only to certain affiliates of Manulife Financial Corporation. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ.
The investment objectives of the portfolios are as follows:
Lifestyle Blend Aggressive Portfolio
To seek long-term growth of capital. Current income is not a consideration.
Lifestyle Blend Growth Portfolio
To seek long-term growth of capital. Current income is also a consideration.
Lifestyle Blend Balanced Portfolio
To seek a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.
Lifestyle Blend Moderate Portfolio
To seek a balance between a high level of current income and growth of capital, with a greater emphasis on income.
Lifestyle Blend Conservative Portfolio
To seek a high level of current income with some consideration given to growth of capital.
The accounting policies of the underlying funds in which the portfolios invest are outlined in the underlying funds' shareholder reports, which include the underlying funds' financial statements. These are available on the Securities and Exchange Commission (SEC) website at sec.gov. John Hancock underlying funds' shareholder reports are also available without charge by calling 800-225-5291 or visiting jhinvestments.com. The underlying funds are not covered by this report.
Note 2-Significant accounting policies
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The portfolios qualify as investment companies under Topic 946 of Accounting Standards Codification of US GAAP.
Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the portfolios:
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC, the portfolios' valuation designee.
In order to value the securities, the portfolios use the following valuation techniques: Investments by the portfolios in underlying affiliated funds and other open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. Equity securities, including exchange-traded funds or closed-end funds, held by the portfolios are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.
In certain instances, the Pricing Committee of the Advisor may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.
Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed. Trading in foreign securities may be completed before the scheduled daily close of trading on the NYSE. Significant events at the issuer or market level may affect the
| 15 | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | |
Table of Contents
values of securities between the time when the valuation of the securities is generally determined and the close of the NYSE. If a significant event occurs, these securities may be fair valued, as determined in good faith by the Pricing Committee, following procedures established by the Advisor and adopted by the Board of Trustees. The Advisor uses fair value adjustment factors provided by an independent pricing vendor to value certain foreign securities in order to adjust for events that may occur between the close of foreign exchanges or markets and the close of the NYSE.
The portfolios use a three tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor's assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the values by input classification of the portfolios' investments as of August 31, 2025, by major security category or type:
|
Total value at 8-31-25 |
Level 1 quoted price |
Level 2 significant observable inputs |
Level 3 significant unobservable inputs |
|
| Lifestyle Blend Aggressive Portfolio | ||||
| Investments in securities: | ||||
| Assets | ||||
| Affiliated investment companies | $415,884,141 | $415,884,141 | - | - |
| Unaffiliated investment companies | 241,991,713 | 241,991,713 | - | - |
| Common stocks | 27,804 | - | - | $27,804 |
| U.S. Government and Agency obligations | 3,792,073 | - | $3,792,073 | - |
| Short-term investments | 1,367,287 | 1,367,287 | - | - |
| Total investments in securities | $663,063,018 | $659,243,141 | $3,792,073 | $27,804 |
| Lifestyle Blend Growth Portfolio | ||||
| Investments in securities: | ||||
| Assets | ||||
| Affiliated investment companies | $805,308,149 | $805,308,149 | - | - |
| Unaffiliated investment companies | 537,979,227 | 537,979,227 | - | - |
| Common stocks | 47,025 | - | - | $47,025 |
| U.S. Government and Agency obligations | 34,555,133 | - | $34,555,133 | - |
| Short-term investments | 9,111,779 | 9,111,779 | - | - |
| Total investments in securities | $1,387,001,313 | $1,352,399,155 | $34,555,133 | $47,025 |
| Lifestyle Blend Balanced Portfolio | ||||
| Investments in securities: | ||||
| Assets | ||||
| Affiliated investment companies | $769,178,294 | $769,178,294 | - | - |
| Unaffiliated investment companies | 550,744,949 | 550,744,949 | - | - |
| Common stocks | 33,987 | - | - | $33,987 |
| U.S. Government and Agency obligations | 65,779,268 | - | $65,779,268 | - |
| Short-term investments | 3,024,811 | 3,024,811 | - | - |
| Total investments in securities | $1,388,761,309 | $1,322,948,054 | $65,779,268 | $33,987 |
| Lifestyle Blend Moderate Portfolio | ||||
| Investments in securities: | ||||
| Assets | ||||
| Affiliated investment companies | $238,728,365 | $238,728,365 | - | - |
| Unaffiliated investment companies | 198,197,174 | 198,197,174 | - | - |
| Common stocks | 6,512 | - | - | $6,512 |
| U.S. Government and Agency obligations | 29,782,070 | - | $29,782,070 | - |
| Short-term investments | 952,827 | 952,827 | - | - |
| Total investments in securities | $467,666,948 | $437,878,366 | $29,782,070 | $6,512 |
| | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | 16 |
Table of Contents
|
Total value at 8-31-25 |
Level 1 quoted price |
Level 2 significant observable inputs |
Level 3 significant unobservable inputs |
|
| Lifestyle Blend Conservative Portfolio | ||||
| Investments in securities: | ||||
| Assets | ||||
| Affiliated investment companies | $176,475,774 | $176,475,774 | - | - |
| Unaffiliated investment companies | 153,184,350 | 153,184,350 | - | - |
| Common stocks | 2,310 | - | - | $2,310 |
| U.S. Government and Agency obligations | 35,634,758 | - | $35,634,758 | - |
| Short-term investments | 1,927 | 1,927 | - | - |
| Total investments in securities | $365,299,119 | $329,662,051 | $35,634,758 | $2,310 |
Level 3 includes securities valued at $0. Refer to Portfolios' investments.
Inflation-indexed bonds.Inflation-indexed bonds are securities that generally have a lower coupon interest rate fixed at issuance but whose principal value is periodically adjusted based on a rate of inflation, such as the Consumer Price Index. Over the life of an inflation-indexed bond, interest is paid on the inflation adjusted principal value as described above. Increases in the principal amount of these securities are recorded as interest income. Decreases in the principal amount of these securities may reduce interest income to the extent of income previously recorded. If these decreases are in excess of income previously recorded, an adjustment to the cost of the security is made.
Stripped securities.Stripped securities are financial instruments structured to separate principal and interest cash flows so that one class receives principal payments from the underlying assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped security. If the underlying assets experience greater than anticipated prepayments of principal, the portfolios may fail to fully recover its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates or prepayments on the underlying securities. In addition, these securities present additional credit risk such that the portfolios may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.
Security transactions and related investment income.Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Capital gain distributions from underlying funds are recorded on ex-date and reflected as realized gains. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the portfolio becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Return of capital distributions from underlying funds, if any, are treated as a reduction of cost.
Securities lending.The portfolios may lend their securities to earn additional income. The portfolios receive collateral from the borrower in an amount not less than the market value of the loaned securities. The portfolios may invest their cash collateral in JHCT, an affiliate of the portfolios, which has a floating NAV and is registered with the SEC as an investment company. JHCT is a government money market fund and invests in U.S. Government securities and/or repurchase agreements. Prior to September 27, 2024, JHCT was a prime money market fund investing in short-term money market investments. Each portfolio will receive the benefit of any gains and bear any losses generated by JHCT with respect to the cash collateral.
The portfolios have the right to recall loaned securities on demand. If a borrower fails to return loaned securities when due, then the lending agent is responsible and indemnifies the portfolios for the lent securities. The lending agent uses the collateral received from the borrower to purchase replacement securities of the same issue, type, class and series of the loaned securities. If the value of the collateral is less than the purchase cost of replacement securities, the lending agent is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any decrease in the value of JHCT.
Although the risk of loss on securities lent is mitigated by receiving collateral from the borrower and through lending agent indemnification, the portfolios could experience a delay in recovering securities or could experience a lower than expected return if the borrower fails to return the securities on a timely basis. During the existence of the loan, the portfolios will receive from the borrower amounts equivalent to any dividends, interest or other distributions on the loaned securities, as well as interest on such amounts. The portfolios receive compensation for lending their securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Securities lending income received by the portfolios is net of fees retained by the securities lending agent. Net income received from JHCT is a component of securities lending income as recorded on the Statements of operations.
Obligations to repay collateral received by the portfolios are shown on the Statements of assets and liabilities as Payable upon return of securities loaned and are secured by the loaned securities. The following table summarizes the values of securities loaned by the portfolios and the corresponding cash collateral received at August 31, 2025:
| Portfolio | Market value of securities on loan | Cash collateral received |
| Lifestyle Blend Aggressive Portfolio | $1,337,760 | $1,362,000 |
| Lifestyle Blend Growth Portfolio | 8,621,812 | 8,973,000 |
| 17 | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | |
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| Portfolio | Market value of securities on loan | Cash collateral received |
| Lifestyle Blend Balanced Portfolio | $2,490,696 | $2,542,800 |
| Lifestyle Blend Moderate Portfolio | 838,090 | 862,150 |
Subsequent to August 31, 2025, Lifestyle Blend Growth Portfolio returned $105,250 of cash collateral to the securities lending agent for securities on loan which were returned on August 31, 2025.
Foreign investing.Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments. Foreign investments are subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.
Portfolios that invest internationally generally carry more risk than portfolios that invest strictly in U.S. securities. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.
Overdraft.The portfolios may have the ability to borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the portfolios' custodian agreement, the custodian may loan money to the portfolios to make properly authorized payments. The portfolios are obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any portfolio property that is not otherwise segregated or pledged, to the extent of any overdraft, and to the maximum extent permitted by law. Overdrafts at period end, if any, are presented under the caption Due to custodian in the Statements of assets and liabilities.
Line of credit.The portfolios and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit, which is in effect through July 13, 2026 unless extended or renewed. Excluding commitments designated for certain funds and subject to the needs of all other affiliated funds, a portfolio can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of each line of credit, is charged to each participating portfolio based on an asset-based allocation and is reflected in Other expenses on the Statements of operations.
Commitment fees for the year ended August 31, 2025 were as follows:
| Portfolio | Commitment fee |
| Lifestyle Blend Aggressive Portfolio | $3,182 |
| Lifestyle Blend Growth Portfolio | 6,834 |
| Lifestyle Blend Balanced Portfolio | 6,944 |
| Lifestyle Blend Moderate Portfolio | 2,287 |
| Lifestyle Blend Conservative Portfolio | 1,790 |
Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual portfolio are allocated to such portfolio. Expenses that are not readily attributable to a specific portfolio are allocated among all portfolios in an equitable manner, taking into consideration, among other things, the nature and type of expense and each portfolio's relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Class allocations.Income, common expenses and realized and unrealized gains (losses) are determined at the portfolio level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, and transfer agent fees, for all classes, are charged daily at the class level based on the net assets of each class and the specific expense rates applicable to each class.
Federal income taxes.Each portfolio intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.
For federal income tax purposes, as of August 31, 2025, certain portfolios have capital loss carryforwards available to offset future net realized capital gains. The following table details the capital loss carryforwards available as of August 31, 2025:
| No Expiration Date | ||
| Portfolio | Short Term | Long Term |
| Lifestyle Blend Balanced Portfolio | - | $11,053,762 |
| Lifestyle Blend Moderate Portfolio | - | 11,895,936 |
| Lifestyle Blend Conservative Portfolio | - | 12,887,802 |
As of August 31, 2025, the portfolios had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The portfolios' federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.
For federal income tax purposes, the costs of investments owned on August 31, 2025, including short-term investments, were as follows:
| | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | 18 |
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| Portfolio |
Aggregate cost |
Unrealized appreciation |
Unrealized (depreciation) |
Net unrealized appreciation/ (depreciation) |
| Lifestyle Blend Aggressive Portfolio | $532,074,666 | $131,736,788 | $(748,436) | $130,988,352 |
| Lifestyle Blend Growth Portfolio | 1,140,300,415 | 248,332,659 | (1,631,761) | 246,700,898 |
| Lifestyle Blend Balanced Portfolio | 1,197,110,614 | 195,084,682 | (3,433,987) | 191,650,695 |
| Lifestyle Blend Moderate Portfolio | 424,207,616 | 45,157,938 | (1,698,606) | 43,459,332 |
| Lifestyle Blend Conservative Portfolio | 349,652,653 | 17,321,853 | (1,675,387) | 15,646,466 |
Distribution of income and gains.Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. Lifestyle Blend Balanced Portfolio, Lifestyle Blend Moderate Portfolio and Lifestyle Blend Conservative Portfolio generally declare and pay dividends from net investment income quarterly. All other portfolios generally declare and pay dividends from net investment income annually. All portfolios generally declare and pay capital gain distributions, if any, annually.
The tax character of distributions for the year ended August 31, 2025 was as follows:
| Portfolio |
Ordinary Income |
Long Term Capital Gains |
Total |
| Lifestyle Blend Aggressive Portfolio | $8,449,845 | $1,325,778 | $9,775,623 |
| Lifestyle Blend Growth Portfolio | 23,775,241 | - | 23,775,241 |
| Lifestyle Blend Balanced Portfolio | 32,795,859 | - | 32,795,859 |
| Lifestyle Blend Moderate Portfolio | 12,937,030 | - | 12,937,030 |
| Lifestyle Blend Conservative Portfolio | 12,049,617 | - | 12,049,617 |
The tax character of distributions for the year ended August 31, 2024 was as follows:
| Portfolio |
Ordinary Income |
| Lifestyle Blend Aggressive Portfolio | $9,552,661 |
| Lifestyle Blend Growth Portfolio | 24,344,761 |
| Lifestyle Blend Balanced Portfolio | 30,485,875 |
| Lifestyle Blend Moderate Portfolio | 11,157,788 |
| Lifestyle Blend Conservative Portfolio | 10,362,829 |
Distributions paid by the portfolios with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:
| Portfolio |
Undistributed Ordinary Income |
Undistributed Long Term Capital Gains |
| Lifestyle Blend Aggressive Portfolio | $139,952 | $21,278,095 |
| Lifestyle Blend Growth Portfolio | 5,914,132 | 24,191,400 |
| Lifestyle Blend Balanced Portfolio | 3,857,742 | - |
| Lifestyle Blend Moderate Portfolio | 1,994,994 | - |
| Lifestyle Blend Conservative Portfolio | 2,182,503 | - |
Such distributions and distributable earnings, on a tax basis, if any, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the portfolios' financial statements as a return of capital. Short-term gains from underlying funds are treated as ordinary income for tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences at fiscal year end. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to wash sale loss deferrals.
Note 3-Guarantees and indemnifications
Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including the portfolios. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss from such claims is considered remote.
| 19 | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | |
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Note 4-Fees and transactions with affiliates
John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the portfolios. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the portfolios. The Advisor and the Distributor are indirect, principally owned subsidiaries of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation (MFC).
Management fee.The portfolios have an investment management agreement with the Advisor under which the portfolios pay a daily management fee to the Advisor as detailed below. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirect, wholly owned subsidiary of MFC and an affiliate of the Advisor. The portfolios are not responsible for payment of the subadvisory fees.
The management fee has two components: (1) a fee on assets invested in a fund of the Trust or John Hancock Funds III (JHF III) (Assets in a fund of the Trust or JHF III); and (2) a fee on assets invested in investments other than a fund of the Trust or JHF III (Other assets). Aggregate net assets include the net assets of the portfolios, similar portfolios of John Hancock Variable Insurance Trust (JHVIT), and similar portfolios of the Trust. JHVIT funds are advised by an affiliate of the Advisor, John Hancock Variable Trust Advisers LLC and are distributed by an affiliate of the Advisor, John Hancock Distributors, LLC.
Management fees are determined in accordance with the following schedule:
| First $7.5 billion of aggregate net assets | Excess over $7.5 billion of aggregate net assets | |
| Assets in a fund of the Trust or JHF III | 0.050% | 0.040% |
| Other assets | 0.500% | 0.490% |
Expense reimbursements.The Advisor has contractually agreed to reduce its management fee and/or make payment to each portfolio in an amount equal to the amount by which "Other expenses" of each portfolio exceeds 0.05% of the average net assets of the portfolio. "Other expenses" means all of the expenses of the portfolio, excluding: management fees, taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the portfolio's business, class specific expenses, underlying fund expenses (acquired fund fees), and short dividend expense. This agreement expires on December 31, 2025, unless renewed by mutual agreement of the portfolios and the advisor based upon a determination that this is appropriate under the circumstances at that time.
In addition, the Advisor has voluntarily agreed to waive its advisory fee for each portfolio so that the aggregate advisory fee retained by the Advisor with respect to both the portfolio and its underlying investments after payment of subadvisory fees does not exceed 0.50% of the portfolios' first $7.5 billion of average net assets and 0.49% of the portfolios' average net assets in excess of $7.5 billion. The Advisor may terminate this voluntary waiver at any time upon notice to the portfolios.
For the year ended August 31, 2025, the expense reductions under these agreements amounted to the following and are reflected as a reduction of total expenses in the Statements of operations:
| Expense reimbursement by class | ||||
| Portfolio | Class A | Class R6 | Class 1 | Total |
| Lifestyle Blend Aggressive Portfolio | $3,774 | $936 | $16,690 | $21,400 |
| Lifestyle Blend Growth Portfolio | 40,169 | 8,296 | 152,777 | 201,242 |
| Lifestyle Blend Balanced Portfolio | 122,545 | 14,002 | 297,882 | 434,429 |
| Lifestyle Blend Moderate Portfolio | 94,618 | 6,277 | 155,069 | 255,964 |
| Lifestyle Blend Conservative Portfolio | 109,600 | 7,349 | 171,837 | 288,786 |
Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended August 31, 2025, were equivalent to a net annual effective rate of the portfolio's average daily net assets as follows:
| Portfolio | Net Annual Effective Rate |
| Lifestyle Blend Aggressive Portfolio | 0.22% |
| Lifestyle Blend Growth Portfolio | 0.25% |
| Lifestyle Blend Balanced Portfolio | 0.28% |
| Portfolio | Net Annual Effective Rate |
| Lifestyle Blend Moderate Portfolio | 0.31% |
| Lifestyle Blend Conservative Portfolio | 0.33% |
Accounting and legal services.Pursuant to a service agreement, the portfolios reimburse the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the portfolios, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the year ended August 31, 2025, amounted to an annual rate of 0.02% of the portfolios' average daily net assets.
Distribution and service plans.The portfolios have a distribution agreement with the Distributor. The portfolios have adopted distribution and service plans for certain classes as detailed below pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the portfolios. The portfolios may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the portfolios' shares:
| | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | 20 |
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| Class | Rule 12b-1 Fee |
| Class A | 0.30% |
| Class 1 | 0.05% |
Sales charges.Class A shares are assessed up-front sales charges of up to 5.00% of net asset value for such shares. The following table summarizes the net up-front sales charges received by the Distributor during the year ended August 31, 2025:
| Portfolio |
Total net sales charges |
Retained for printing prospectus, advertising and sales literature |
Sales commission to unrelated broker-dealers |
| Lifestyle Blend Aggressive Portfolio | $10,597 | $2,275 | $8,322 |
| Lifestyle Blend Growth Portfolio | 11,740 | 1,935 | 9,805 |
| Lifestyle Blend Balanced Portfolio | 10,075 | 1,687 | 8,388 |
| Lifestyle Blend Moderate Portfolio | 4,758 | 779 | 3,979 |
| Lifestyle Blend Conservative Portfolio | 5,409 | 996 | 4,413 |
Class A shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $1 million or more, and redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended August 31, 2025, CDSCs received by the Distributor for Class A shares were as follows:
| Portfolio | Class A |
| Lifestyle Blend Aggressive Portfolio | $20 |
| Lifestyle Blend Growth Portfolio | 34 |
| Lifestyle Blend Balanced Portfolio | 22 |
Transfer agent fees.The John Hancock group of funds has a complex-wide transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Advisor. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. It also includes out-of-pocket expenses, including payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to three categories of share classes: Retail Share Classes of Non-Municipal Bond Funds, Retirement Share Classes and Retail Share Classes of Municipal Bond Funds. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.
Class level expenses. Class level expenses for the year ended August 31, 2025 were as follows:
| Portfolio | Class | Distribution and service fees | Transfer agent fees |
| Lifestyle Blend Aggressive Portfolio | Class A | $320,327 | $120,999 |
| Class R6 | - | 1,292 | |
| Class 1 | 235,433 | - | |
| Total | $555,760 | $122,291 | |
| Lifestyle Blend Growth Portfolio | Class A | $776,158 | $293,200 |
| Class R6 | - | 2,678 | |
| Class 1 | 492,674 | - | |
| Total | $1,268,832 | $295,878 | |
| Lifestyle Blend Balanced Portfolio | Class A | $1,115,645 | $421,495 |
| Class R6 | - | 2,122 | |
| Class 1 | 452,361 | - | |
| Total | $1,568,006 | $423,617 | |
| Lifestyle Blend Moderate Portfolio | Class A | $480,011 | $181,370 |
| Class R6 | - | 533 | |
| Class 1 | 131,187 | - | |
| Total | $611,198 | $181,903 | |
| Lifestyle Blend Conservative Portfolio | Class A | $387,014 | $146,233 |
| Class R6 | - | 436 | |
| Class 1 | 101,134 | - | |
| Total | $488,148 | $146,669 |
Trustee expenses.The portfolios compensate each Trustee who is not an employee of the Advisor or its affiliates. The costs of paying Trustee compensation and expenses are allocated to each portfolio based on their net assets relative to other funds within the John Hancock group of funds complex.
| 21 | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | |
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Note 5-Portfolio share transactions
Transactions in portfolios' shares for the years ended August 31, 2025 and 2024 were as follows:
| Lifestyle Blend Aggressive Portfolio | Year Ended 8-31-25 | Year Ended 8-31-24 | ||
| Shares | Amount | Shares | Amount | |
| Class A shares | ||||
| Sold | 3,881,106 | $53,627,318 | 3,623,181 | $44,145,430 |
| Distributions reinvested | 105,539 | 1,412,106 | 92,138 | 1,106,504 |
| Repurchased | (2,556,224) | (35,252,216) | (2,235,109) | (27,383,812) |
| Net increase | 1,430,421 | $19,787,208 | 1,480,210 | $17,868,122 |
| Class R6 shares | ||||
| Sold | 386,258 | $5,276,685 | 664,257 | $7,929,484 |
| Distributions reinvested | 35,465 | 474,518 | 32,129 | 385,544 |
| Repurchased | (485,217) | (6,441,654) | (300,789) | (3,688,756) |
| Net increase (decrease) | (63,494) | $(690,451) | 395,597 | $4,626,272 |
| Class 1 shares | ||||
| Sold | 2,674,860 | $36,771,054 | 2,947,450 | $35,947,337 |
| Distributions reinvested | 590,036 | 7,888,778 | 672,278 | 8,060,613 |
| Repurchased | (3,881,780) | (53,966,657) | (5,093,013) | (61,869,920) |
| Net decrease | (616,884) | $(9,306,825) | (1,473,285) | $(17,861,970) |
| Total net increase | 750,043 | $9,789,932 | 402,522 | $4,632,424 |
| Lifestyle Blend Growth Portfolio | Year Ended 8-31-25 | Year Ended 8-31-24 | ||
| Shares | Amount | Shares | Amount | |
| Class A shares | ||||
| Sold | 8,770,139 | $114,680,906 | 9,085,583 | $106,054,455 |
| Distributions reinvested | 304,210 | 3,854,345 | 276,429 | 3,198,264 |
| Repurchased | (5,765,261) | (75,160,187) | (5,282,217) | (61,967,385) |
| Net increase | 3,309,088 | $43,375,064 | 4,079,795 | $47,285,334 |
| Class R6 shares | ||||
| Sold | 912,875 | $11,945,904 | 1,526,681 | $18,027,867 |
| Distributions reinvested | 82,223 | 1,042,582 | 59,157 | 685,039 |
| Repurchased | (535,965) | (6,886,966) | (440,547) | (5,230,528) |
| Net increase | 459,133 | $6,101,520 | 1,145,291 | $13,482,378 |
| Class 1 shares | ||||
| Sold | 3,239,645 | $42,447,936 | 5,772,365 | $65,716,566 |
| Distributions reinvested | 1,491,977 | 18,873,508 | 1,770,978 | 20,454,798 |
| Repurchased | (10,393,642) | (135,986,575) | (10,622,731) | (123,959,983) |
| Net decrease | (5,662,020) | $(74,665,131) | (3,079,388) | $(37,788,619) |
| Total net increase (decrease) | (1,893,799) | $(25,188,547) | 2,145,698 | $22,979,093 |
| Lifestyle Blend Balanced Portfolio | Year Ended 8-31-25 | Year Ended 8-31-24 | ||
| Shares | Amount | Shares | Amount | |
| Class A shares | ||||
| Sold | 13,130,880 | $155,077,163 | 13,492,329 | $145,416,196 |
| Distributions reinvested | 696,649 | 8,143,167 | 572,158 | 6,163,634 |
| Repurchased | (8,696,947) | (102,505,773) | (7,611,923) | (82,303,323) |
| Net increase | 5,130,582 | $60,714,557 | 6,452,564 | $69,276,507 |
| Class R6 shares | ||||
| Sold | 1,051,520 | $12,528,134 | 1,792,568 | $19,762,155 |
| Distributions reinvested | 95,809 | 1,118,648 | 55,750 | 600,033 |
| Repurchased | (735,964) | (8,631,295) | (512,951) | (5,530,375) |
| Net increase | 411,365 | $5,015,487 | 1,335,367 | $14,831,813 |
| | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | 22 |
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| Lifestyle Blend Balanced Portfolio , Cont'd | Year Ended 8-31-25 | Year Ended 8-31-24 | ||
| Shares | Amount | Shares | Amount | |
| Class 1 shares | ||||
| Sold | 3,952,125 | $46,990,592 | 5,243,502 | $56,135,230 |
| Distributions reinvested | 2,015,256 | 23,524,901 | 2,209,442 | 23,712,994 |
| Repurchased | (13,192,069) | (155,461,547) | (11,721,073) | (126,187,905) |
| Net decrease | (7,224,688) | $(84,946,054) | (4,268,129) | $(46,339,681) |
| Total net increase (decrease) | (1,682,741) | $(19,216,010) | 3,519,802 | $37,768,639 |
| Lifestyle Blend Moderate Portfolio | Year Ended 8-31-25 | Year Ended 8-31-24 | ||
| Shares | Amount | Shares | Amount | |
| Class A shares | ||||
| Sold | 6,121,931 | $67,866,804 | 5,642,879 | $58,249,196 |
| Distributions reinvested | 398,424 | 4,385,232 | 310,318 | 3,214,354 |
| Repurchased | (3,479,688) | (38,456,484) | (3,176,156) | (32,955,358) |
| Net increase | 3,040,667 | $33,795,552 | 2,777,041 | $28,508,192 |
| Class R6 shares | ||||
| Sold | 246,029 | $2,729,364 | 282,827 | $2,891,202 |
| Distributions reinvested | 30,363 | 334,222 | 25,798 | 266,640 |
| Repurchased | (106,033) | (1,173,607) | (198,799) | (2,055,695) |
| Net increase | 170,359 | $1,889,979 | 109,826 | $1,102,147 |
| Class 1 shares | ||||
| Sold | 2,368,390 | $26,197,388 | 3,071,656 | $31,691,487 |
| Distributions reinvested | 745,907 | 8,213,412 | 742,639 | 7,673,238 |
| Repurchased | (3,951,151) | (43,746,450) | (3,146,551) | (32,484,249) |
| Net increase (decrease) | (836,854) | $(9,335,650) | 667,744 | $6,880,476 |
| Total net increase | 2,374,172 | $26,349,881 | 3,554,611 | $36,490,815 |
| Lifestyle Blend Conservative Portfolio | Year Ended 8-31-25 | Year Ended 8-31-24 | ||
| Shares | Amount | Shares | Amount | |
| Class A shares | ||||
| Sold | 5,455,229 | $56,107,124 | 4,414,333 | $43,563,700 |
| Distributions reinvested | 413,352 | 4,239,914 | 317,307 | 3,111,344 |
| Repurchased | (3,124,611) | (32,160,094) | (2,931,855) | (28,744,748) |
| Net increase | 2,743,970 | $28,186,944 | 1,799,785 | $17,930,296 |
| Class R6 shares | ||||
| Sold | 263,294 | $2,689,571 | 370,355 | $3,670,620 |
| Distributions reinvested | 31,039 | 318,316 | 21,108 | 206,318 |
| Repurchased | (108,042) | (1,104,101) | (345,906) | (3,324,789) |
| Net increase | 186,291 | $1,903,786 | 45,557 | $552,149 |
| Class 1 shares | ||||
| Sold | 3,335,368 | $34,324,251 | 2,863,718 | $28,042,052 |
| Distributions reinvested | 728,348 | 7,467,399 | 717,550 | 7,025,483 |
| Repurchased | (3,749,726) | (38,585,848) | (3,879,247) | (38,192,001) |
| Net increase (decrease) | 313,990 | $3,205,802 | (297,979) | $(3,124,466) |
| Total net increase | 3,244,251 | $33,296,532 | 1,547,363 | $15,357,979 |
Affiliates of the Trust owned 100% of shares of Class 1 on August 31, 2025. Such concentration of shareholders' capital could have a material effect on the portfolios if such shareholders redeem from the portfolios.
Note 6-Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to the following for the year ended August 31, 2025:
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| Purchases | Sales | |||
| Portfolio | U.S. Government | Other issuers | U.S. Government | Other issuers |
| Lifestyle Blend Aggressive Portfolio | $1,851,176 | $134,527,355 | $4,545,868 | $118,544,475 |
| Lifestyle Blend Growth Portfolio | 17,711,227 | 263,265,854 | 28,606,375 | 269,188,771 |
| Lifestyle Blend Balanced Portfolio | 32,889,222 | 284,315,371 | 50,254,814 | 283,600,063 |
| Lifestyle Blend Moderate Portfolio | 15,076,861 | 111,905,024 | 17,064,906 | 83,224,391 |
| Lifestyle Blend Conservative Portfolio | 18,910,680 | 97,490,697 | 15,632,954 | 68,006,906 |
Note 7-Investment in affiliated underlying funds
Certain portfolios invest primarily in affiliated underlying funds that are managed by the Advisor and its affiliates. The portfolios do not invest in the affiliated underlying funds for the purpose of exercising management or control; however, the portfolios' investment may represent a significant portion of each affiliated underlying funds' net assets. At August 31, 2025, the following portfolios held 5% or more of the net assets of the affiliated underlying funds shown below:
| Portfolio | Affiliated Fund |
Percentage of underlying fund net assets |
| Lifestyle Blend Growth Portfolio | John Hancock Funds II U.S. Sector Rotation Fund | 7.9% |
| Lifestyle Blend Growth Portfolio | John Hancock Funds II International Strategic Equity Allocation Fund | 6.5% |
| Lifestyle Blend Balanced Portfolio | John Hancock Funds II U.S. Sector Rotation Fund | 6.0% |
Information regarding the portfolios' fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the portfolios, if any, is as follows:
| Dividends and distributions | |||||||||
| Affiliate |
Ending share amount |
Beginning value |
Cost of purchases |
Proceeds from shares sold |
Realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Income distributions received |
Capital gain distributions received |
Ending value |
| Lifestyle Blend Aggressive Portfolio | |||||||||
| Bond | 518,116 | $3,835,046 | $13,327,641 | $(10,046,954) | $(105,670) | $51,859 | $312,599 | - | $7,061,922 |
| Emerging Markets Debt | 413,118 | 2,926,623 | 2,267,127 | (1,964,612) | 18,497 | 49,044 | 192,296 | - | 3,296,679 |
| High Yield | 537,021 | 1,463,311 | 1,231,618 | (1,046,196) | (6,463) | 11,754 | 100,274 | - | 1,654,024 |
| International Strategic Equity Allocation | 14,977,908 | 153,335,041 | 13,465,870 | (10,115,829) | 693,424 | 18,761,687 | 4,283,702 | - | 176,140,193 |
| John Hancock Collateral Trust* | 136,686 | 177,774 | 199,596,311 | (198,407,258) | 425 | 35 | 8,945 | - | 1,367,287 |
| U.S. Sector Rotation | 16,956,912 | 186,728,322 | 25,835,709 | (8,904,428) | 1,527,909 | 22,543,811 | 1,827,474 | $3,824,931 | 227,731,323 |
| $2,128,122 | $41,418,190 | $6,725,290 | $3,824,931 | $417,251,428 | |||||
| Lifestyle Blend Growth Portfolio | |||||||||
| Bond | 4,624,861 | $55,049,056 | $20,291,585 | $(11,744,923) | $(58,330) | $(500,528) | $2,736,945 | - | $63,036,860 |
| Emerging Markets Debt | 3,314,847 | 29,256,720 | 3,518,090 | (6,803,193) | 136,798 | 344,066 | 1,639,873 | - | 26,452,481 |
| Global Senior Loan ETF | 796,608 | - | 19,951,177 | - | - | (43,943) | - | - | 19,907,234 |
| High Yield | 5,953,462 | 16,105,749 | 4,001,647 | (1,816,002) | (17,634) | 62,904 | 1,106,376 | - | 18,336,664 |
| International Strategic Equity Allocation | 24,536,073 | 264,447,658 | 21,403,517 | (29,428,937) | 2,266,622 | 29,855,356 | 7,280,743 | - | 288,544,216 |
| John Hancock Collateral Trust* | 910,895 | 22,094,336 | 472,771,587 | (485,760,701) | 4,510 | 2,047 | 63,042 | - | 9,111,779 |
| U.S. Sector Rotation | 28,967,289 | 337,336,488 | 38,643,720 | (28,897,843) | 4,385,341 | 37,562,988 | 3,300,546 | $6,908,092 | 389,030,694 |
| $6,717,307 | $67,282,890 | $16,127,525 | $6,908,092 | $814,419,928 | |||||
| Lifestyle Blend Balanced Portfolio | |||||||||
| Bond | 10,037,402 | $123,921,169 | $26,588,341 | $(12,486,470) | $(53,673) | $(1,159,578) | $5,955,200 | - | $136,809,789 |
| Emerging Markets Debt | 6,653,391 | 55,763,660 | 4,879,256 | (8,572,836) | 190,884 | 833,100 | 3,247,943 | - | 53,094,064 |
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| Dividends and distributions | |||||||||
| Affiliate |
Ending share amount |
Beginning value |
Cost of purchases |
Proceeds from shares sold |
Realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Income distributions received |
Capital gain distributions received |
Ending value |
| Global Senior Loan ETF | 1,605,666 | - | $40,214,166 | - | - | $(88,573) | - | - | $40,125,593 |
| High Yield | 11,934,230 | $36,729,540 | 4,224,204 | $(4,266,944) | $(29,068) | 99,697 | $2,336,861 | - | 36,757,429 |
| International Strategic Equity Allocation | 17,676,925 | 201,331,819 | 17,466,486 | (34,686,547) | 2,905,789 | 20,863,087 | 5,507,216 | - | 207,880,634 |
| John Hancock Collateral Trust* | 302,388 | 26,033,176 | 356,482,506 | (379,499,053) | 6,251 | 1,931 | 98,546 | - | 3,024,811 |
| U.S. Sector Rotation | 21,929,321 | 253,758,056 | 34,488,392 | (25,694,561) | 4,025,149 | 27,933,749 | 2,464,307 | $5,157,833 | 294,510,785 |
| $7,045,332 | $48,483,413 | $19,610,073 | $5,157,833 | $772,203,105 | |||||
| Lifestyle Blend Moderate Portfolio | |||||||||
| Bond | 5,246,170 | $65,277,647 | $12,766,656 | $(5,889,345) | $(110,691) | $(538,967) | $3,085,087 | - | $71,505,300 |
| Emerging Markets Debt | 3,393,022 | 25,274,186 | 4,061,837 | (2,823,301) | 53,367 | 510,229 | 1,569,644 | - | 27,076,318 |
| Global Senior Loan ETF | 817,515 | - | 20,474,796 | - | - | (45,096) | - | - | 20,429,700 |
| High Yield | 6,081,892 | 17,184,193 | 2,759,527 | (1,272,965) | (8,866) | 70,337 | 1,139,645 | - | 18,732,226 |
| International Strategic Equity Allocation | 3,422,449 | 41,086,231 | 4,666,470 | (10,432,052) | 990,640 | 3,936,717 | 1,122,618 | - | 40,248,006 |
| John Hancock Collateral Trust* | 95,253 | 59,120 | 140,278,133 | (139,387,792) | 3,351 | 15 | 44,539 | - | 952,827 |
| U.S. Sector Rotation | 4,522,473 | 52,568,691 | 9,196,396 | (7,912,634) | 1,323,113 | 5,561,249 | 516,093 | $1,080,190 | 60,736,815 |
| $2,250,914 | $9,494,484 | $7,477,626 | $1,080,190 | $239,681,192 | |||||
| Lifestyle Blend Conservative Portfolio | |||||||||
| Bond | 5,579,380 | $67,905,094 | $14,336,208 | $(5,544,608) | $(107,583) | $(542,160) | $3,275,560 | - | $76,046,951 |
| Emerging Markets Debt | 3,579,116 | 25,587,324 | 5,953,137 | (3,596,039) | 77,154 | 539,766 | 1,649,481 | - | 28,561,342 |
| Global Senior Loan ETF | 866,841 | - | 21,710,174 | - | - | (47,817) | - | - | 21,662,357 |
| High Yield | 6,413,906 | 17,296,653 | 3,703,341 | (1,324,970) | (1,133) | 80,940 | 1,196,094 | - | 19,754,831 |
| International Strategic Equity Allocation | 992,685 | 13,404,740 | 2,139,399 | (5,604,179) | 719,965 | 1,014,054 | 358,508 | - | 11,673,979 |
| John Hancock Collateral Trust* | 192 | 475,664 | 271,483,818 | (271,951,790) | (5,778) | 13 | 61,515 | - | 1,927 |
| U.S. Sector Rotation | 1,398,087 | 16,665,707 | 5,530,733 | (5,467,438) | 815,711 | 1,231,601 | 164,259 | $343,797 | 18,776,314 |
| $1,498,336 | $2,276,397 | $6,705,417 | $343,797 | $176,477,701 | |||||
| * | Refer to the Securities lending note within Note 2 for details regarding this investment. |
Note 8-Segment reporting
The management committee of the Advisor acts as the portfolios' chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. Each portfolio represents a single operating segment, as the CODM monitors and assesses the operating results of the portfolio as a whole, and the portfolio's long-term strategic asset allocation is managed in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the portfolio management team of the portfolio's subadvisor. Segment assets are reflected in the Statements of assets and liabilities as "Total assets", which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and
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reviewed by the CODM is consistent with that presented within the Statements of operations, which includes "Increase (decrease) in net assets from operations", Statements of changes in net assets, which includes "Increase (decrease) in net assets from portfolio share transactions", and Financial highlights, which includes total return and income and expense ratios.
| | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | 26 |
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of John Hancock Funds II and Shareholders of Lifestyle Blend Aggressive Portfolio, Lifestyle Blend Growth Portfolio, Lifestyle Blend Balanced Portfolio, Lifestyle Blend Moderate Portfolio and Lifestyle Blend Conservative Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios' investments, of Lifestyle Blend Aggressive Portfolio, Lifestyle Blend Growth Portfolio, Lifestyle Blend Balanced Portfolio, Lifestyle Blend Moderate Portfolio and Lifestyle Blend Conservative Portfolio (five of the funds constituting John Hancock Funds II, hereafter collectively referred to as the "Portfolios") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 8, 2025
We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.
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Tax information
(Unaudited)
For federal income tax purposes, the following information is furnished with respect to the distributions of the portfolios, if any, paid during its taxable year ended August 31, 2025.
Dividend Received DeductionEach portfolio reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.
Qualified Dividend IncomeEach portfolio reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Each portfolio reports the maximum amount allowable as Section 163(j) Interest Dividends.
Each portfolio reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).
The portfolios below have the following amounts as foreign tax credits, which represent taxes paid on the income derived from foreign sources:
| Portfolio | Foreign sourced income | Foreign tax credit |
| Lifestyle Blend Aggressive Portfolio | $5,479,668 | $584,469 |
| Lifestyle Blend Growth Portfolio | 9,541,986 | 1,018,279 |
| Lifestyle Blend Balanced Portfolio | 7,020,708 | 742,826 |
| Lifestyle Blend Moderate Portfolio | 1,372,272 | 143,144 |
Long Term Capital GainsThe portfolios below paid the following amounts in capital gain dividends:
| Portfolio | Long term capital gains |
| Lifestyle Blend Aggressive Portfolio | $1,325,778 |
Eligible shareholders will be mailed a 2025 Form 1099-DIV in early 2026. This will reflect the tax character of all distributions paid in calendar year 2025.
Please consult a tax advisor regarding the tax consequences of your investment in a portfolio.
| | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | 28 |
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EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES
This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Funds II (the Trust) of the Advisory Agreement (the Advisory Agreement) and the Subadvisory Agreement (the Subadvisory Agreement) with respect to each of the portfolios of the Trust included in this report (the Funds). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 23-26, 2025 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 27-29, 2025. The Trustees who are not "interested persons" of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.
Approval of Advisory and Subadvisory Agreements
At meetings held on June 23-26, 2025, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the 1940 Act, reapproved for an annual period, the continuation of the Advisory Agreement between the Trust and John Hancock Investment Management, LLC (the Advisor) and the Subadvisory Agreement between the Advisor and Manulife Investment Management (US) (the Subadvisor) with respect to each of the Funds identified in Appendix A.
In considering the Advisory Agreement and the Subadvisory Agreement with respect to each Fund, the Board received in advance of the meetings a variety of materials relating to each Fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for peer groups of similar funds prepared by an independent third-party provider of fund data; performance information for the Funds' benchmark indices; and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable; and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor's revenues and costs of providing services to the Funds and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning Fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the Funds, including quarterly performance reports prepared by management containing reviews of investment results, and prior presentations from the Subadvisor with respect to the Funds. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of the services to be provided to the Funds by the Advisor's affiliates, including distribution services. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the Funds. In addition, although the Board approved the renewal of the Agreements for all of the Funds at the June meeting, the Board considered each Fund separately.
Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.
Approval of Advisory Agreement
In approving the Advisory Agreement with respect to each Fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets and the industry) and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board's conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year.
Nature, extent, and quality of services.Among the information received by the Board from the Advisor relating to the nature, extent and quality of services provided to the Funds, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor's compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust's Chief Compliance Officer (CCO) regarding the Funds' compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund's compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs, and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the Funds, including but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the Funds including entrepreneurial risk in sponsoring new Funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks with respect to all Funds.
In considering the nature, extent and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor's management and the quality of the performance of the Advisor's duties, through Board meetings, discussions and reports during the preceding year and through each Trustee's experience as a Trustee of the Trust and of the other trusts in the complex.
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In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:
(a)the skills and competency with which the Advisor has in the past managed the Trust's affairs and its subadvisory relationships, the Advisor's oversight and monitoring of the Subadvisor's investment performance and compliance programs, such as the Subadvisor's compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor's timeliness in responding to performance issues;
(b)the background, qualifications and skills of the Advisor's personnel;
(c)the Advisor's compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
(d)the Advisor's administrative capabilities, including its ability to supervise the other service providers for the Funds, as well as the Advisor's oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the Funds, and bringing loss recovery actions on behalf of the Funds;
(e)the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the Funds;
(f)the Advisor's initiatives intended to improve various aspects of the Trust's operations and investor experience with the Funds; and
(g)the Advisor's reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.
The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the Funds.
Investment performance.In considering each Fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the Funds' performance results. In connection with the consideration of the Advisory Agreement, the Board:
(a)reviewed information prepared by management regarding the Funds' performance;
(b)considered the comparative performance of each Fund's respective benchmark index;
(c)considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and
(d)took into account the Advisor's analysis of each Fund's performance and its plans and recommendations regarding the Trust's subadvisory arrangement generally and with respect to particular Funds.
The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group. The Board reviewed Fund performance against each Fund's respective peer group median and benchmark index and concluded that the performance of certain Funds has generally been in-line with or generally outperformed the historical performance of comparable funds based on the median percentile and the performance of certain other Funds is being monitored and reasonably addressed, where appropriate, as noted in Appendix A.
Fees and expenses.The Board reviewed comparative information prepared by an independent third-party provider of fund data including, among other data, each Fund's contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the Fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered each Fund's ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the Fund's ranking within broader groups of funds. In comparing each Fund's contractual and net management fees to that of comparable funds, the Board noted that such fees include both advisory and administrative costs.
The Board took into account management's discussion of the Funds' expenses. The Board also took into account management's discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fees of the Funds. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, which is discussed further below. The Board also noted actions taken over the past several years to reduce the Funds' operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to each Fund and that each Fund has breakpoints in its contractual management fee schedule that reduces management fees as assets increase. The Board reviewed information provided by the Advisor concerning investment advisory fees charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the complex) having similar investment mandates, if any. The Board considered any differences between the Advisor's and a Subadvisor's services to a Fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to each of the Funds is reasonable in light of the nature, extent and quality of the services provided to the Funds under the Advisory Agreement.
In addition, the Trustees reviewed the advisory fee to be paid to the Advisor for each Fund and noted that the Advisor has evaluated the complexity of the structure and fees and expenses associated with each Fund's investments in the underlying portfolios and the Advisor made a finding that each Fund's expenses do not duplicate the fees and expenses of the underlying portfolios.
Profitability/indirect benefits.In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor) from the Advisor's relationship with the Trust, the Board:
(a)reviewed financial information of the Advisor;
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(b)reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates, of each Fund;
(c)received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to each Fund;
(d)received information with respect to the Advisor's allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor's allocation methodologies;
(e)considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain Funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability analysis reviewed by the Board;
(f)considered that the Advisor also provides administrative services to the Funds on a cost basis pursuant to an administrative services agreement;
(g)noted that affiliates of the Advisor provide transfer agency services and distribution services to the funds, and that the Trust's distributor also receives Rule 12b-1 payments to support distribution of the products;
(h)noted that the Funds' Subadvisor is an affiliate of the Advisor;
(i)noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the Funds;
(j)noted that the subadvisory fees for the Funds are paid by the Advisor;
(k) with respect to each Fund, the Board noted that the advisory fee is in addition to the fees received by the Advisor and its affiliates with regard to the underlying funds in which the Funds may invest;
(l)considered the Advisor's ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and
(m)considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to each Fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.
Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliate (the Subadvisor), from their relationship with each Fund was reasonable and not excessive.
Economies of scale.In considering the extent to which a Fund may realize any economies of scale and whether fee levels reflect these economies of scale for the benefit of Fund shareholders, the Board:
(a)considered that with respect to the John Hancock underlying funds in which the Funds invest, the Advisor has agreed to waive a portion of its management fee for such funds and for each of the other John Hancock funds in the complex (except as discussed below) (the Participating Portfolios) or otherwise reimburse the expenses of the Participating Portfolios (the Reimbursement). This waiver is based upon the aggregate net assets of all the Participating Portfolios. (The funds that are not Participating Portfolios as of the date of this annual report are each of the funds of funds of the Trust and John Hancock Variable Insurance Trust and John Hancock Collateral Trust. The Funds also benefit from such overall management fee waiver through their investment in underlying funds that include certain of the Participating Portfolios, which are subject to the Reimbursement);
(b)reviewed the Trust's advisory fee structure and concluded that (i) the Funds' fee structures contain breakpoints at the advisory fee level and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the Funds to benefit from economies of scale if those Funds grow. The Board also took into account management's discussion of the Funds' advisory fee structure; and
(c)considered the effect of the Funds' growth in size on their performance and fees. The Board also noted that if the Funds' assets increase over time, the Funds may realize other economies of scale.
Approval of Subadvisory Agreement
In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:
(1)information relating to each Subadvisor's business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex);
(2)the historical and current performance of each Fund and comparative performance information relating to an applicable benchmark index and comparable funds; and
(3)the subadvisory fee for each Fund, and to the extent available, and comparative fee information, where available, prepared by an independent third party provider of fund data.
Nature, extent, and quality of services.With respect to the services provided by the Subadvisor with respect to each Fund, the Board received information provided to the Board by the Subadvisor, including the Subadvisor's Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor's current level of staffing and its overall resources, as well as received information relating to the Subadvisor's compensation program. The Board reviewed the Subadvisor's history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor's investment and compliance personnel who provide services to the Funds. The Board also considered, among other things, the Subadvisor's compliance program and any disciplinary history. The Board also considered the Subadvisor's risk assessment and monitoring process. The Board reviewed the Subadvisor's regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as
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appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.
The Board considered the Subadvisor's investment process and philosophy. The Board took into account that the Subadvisor's responsibilities include the development and maintenance of an investment program for the applicable Fund that is consistent with the Fund's investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor's brokerage policies and practices, including with respect to best execution and soft dollars.
Subadvisor compensation.In considering the cost of services to be provided by the Subadvisor and the profitability to that Subadvisor of its relationship with the Funds, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the Funds. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.
In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor's relationship with the Funds, such as the opportunity to provide advisory services to additional funds in the John Hancock fund complex and reputational benefits.
Subadvisory fees.The Board considered that each Fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. As noted above, the Board also considered, if available, each Fund's subadvisory fees as compared to similarly situated investment companies deemed to be comparable to the Fund as included in the report prepared by the independent third party provider of fund data, to the extent applicable. The Board noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fees paid by the Advisor to the Subadvisor with respect to the Funds and compared them to fees charged by each Fund's Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.
Subadvisor performance.As noted above, the Board considered each Fund's performance as compared to the Fund's peer group median and the benchmark index and noted that the Board reviews information about the Fund's performance results at its regularly scheduled meetings. The Board noted the Advisor's expertise and resources in monitoring the performance, investment style, and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor's focus on the Subadvisor's performance. The Board also noted the Subadvisor's long-term performance record for similar accounts, as applicable.
The Board's decision to approve the Subadvisory Agreement with respect to each Fund was based on a number of determinations, including the following:
(1)the Subadvisor has extensive experience and demonstrated skills as a manager;
(2)the performance of certain Funds has generally been in-line with or generally outperformed the historical performance of comparable funds based on the median percentile and the performance of certain other Funds is being monitored and reasonably addressed, where appropriate, as noted in Appendix A;
(3)the subadvisory fees are reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and
(4)the subadvisory fees are paid by the Advisor and not the Funds.
In addition, the Trustees reviewed the subadvisory fee to be paid to the Subadvisor for each Fund and noted that the Advisor has evaluated the complexity of the structure and fees and expenses associated with each Fund's investments in the underlying portfolios and that the Advisor made a finding that each Fund's expenses do not duplicate the fees and expenses of the underlying portfolios.
Additional information relating to each Fund's fees and expenses and performance that the Board considered in approving the Advisory Agreement and Subadvisory Agreement for a particular Fund is set forth in Appendix A.
***
Based on the Board's evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the Subadvisory Agreement with respect to each Fund would be in the best interest of each of the respective Funds and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement with respect to each Fund for an additional one-year period.
| | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | 32 |
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APPENDIX A
| Portfolio (subadvisor) | Performance of fund, as of 12.31.2024 | Fees and expenses | Comments |
| Lifestyle Blend Aggressive Portfolio(Manulife Investment Management (US)) | Benchmark Index - The fund underperformed for the one-, three-, five- and ten-year periods.Lipper Category - The fund outperformed the median for the ten-year period and underperformed for the one-, three-and five-year periods. | Subadviser fee comparative data not provided due to limited size of Lipper peer group for this purpose.Net management fees for this fund are higher than the peer group median.Total expenses for this fund are lower than the peer group median. | The Board took into account management's discussion of the factors that contributed to the fund's performance relative to the benchmark index for the one-, three-, five- and ten-year periods and relative to the peer group median for the one-, three- and five-year periods, including the impact of past and current market conditions on the fund's strategy and management's outlook for the fund.The Board also noted the fund's favorable performance relative to the peer group median for the ten-year period.The Board concluded that the fund's performance is being monitored and reasonably addressed, where appropriate.The Board took into account management's discussion of the fund's expenses. The Board noted the fund's net total expenses are lower than the peer group median. |
| Lifestyle Blend Growth Portfolio(Manulife Investment Management (US)) | Benchmark Index - The fund underperformed for the one-, three-, five- and ten-year periods.Lipper Category - The fund underperformed for the one-, three-, five- and ten-year periods. | Subadviser fee comparative data not provided due to limited size of Lipper peer group for this purpose.Net management fees for this fund are higher than the peer group median.Total expenses for this fund are lower than the peer group median. | The Board took into account management's discussion of the factors that contributed to the fund's performance relative to the benchmark index and relative to the peer group median for the one, three-, five- and ten-year periods, including the impact of past and current market conditions on the fund's strategy and management's outlook for the fund.The Board concluded that the fund's performance is being monitored and reasonably addressed, where appropriate.The Board took into account management's discussion of the fund's expenses. The Board noted the fund's net total expenses are lower than the peer group median. |
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| Portfolio (subadvisor) | Performance of fund, as of 12.31.2024 | Fees and expenses | Comments |
| Lifestyle Blend Balanced Portfolio(Manulife Investment Management (US)) | Benchmark Index - The fund underperformed for the one-, three-, five- and ten-year periods.Lipper Category - The fund underperformed the median for the one-, three-, five- and ten-year periods. | Subadviser fee comparative data not provided due to limited size of Lipper peer group for this purpose.Net management fees for this fund are higher than the peer group median.Total expenses for this fund are lower than the peer group median. | The Board took into account management's discussion of the factors that contributed to the fund's performance relative to the benchmark index and the peer group median for the one-, three-, five- and ten-year periods including the impact of past and current market conditions on the fund's strategy and management's outlook for the fund.The Board concluded that the fund's performance is being monitored and reasonably addressed, where appropriate.The Board took into account management's discussion of the fund's expenses. The Board noted the fund's net total expenses are lower than the peer group median. |
| Lifestyle Blend Moderate Portfolio(Manulife Investment Management (US)) | Benchmark Index - The fund underperformed for the one-, three-, five- and ten-year periods.Lipper Category - The fund outperformed the median for the one- and ten-year periods, underperformed for the five-year period and performed in-line for the three-year period. | Subadviser fee comparative data not provided due to limited size of Lipper peer group for this purpose.Net management fees for this fund are higher than the peer group median.Total expenses for this fund are lower than the peer group median. | The Board took into account management's discussion of the factors that contributed to the fund's performance relative to the benchmark index for the one-, three-, five- and ten-year periods and relative to the peer group median for the five-year period. The Board took into account management's discussion of the fund's performance, including the favorable performance relative to the peer group median for the one- and ten-year periods.The Board took into account management's discussion of the fund's expenses. The Board noted the fund's net total expenses are lower than the peer group median. |
| | JOHN HANCOCK LIFESTYLE BLEND PORTFOLIOS | 34 |
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| Portfolio (subadvisor) | Performance of fund, as of 12.31.2024 | Fees and expenses | Comments |
| Lifestyle Blend Conservative Portfolio(Manulife Investment Management (US)) | Benchmark Index - The fund underperformed for the one-, five- and ten-year periods and performed in-line for the three-year period.Lipper Category - The fund outperformed the median for the one-, three, five- and ten-year periods. | Subadviser fee comparative data not provided due to limited size of Lipper peer group for this purpose.Net management fees for this fund are higher than the peer group median.Total expenses for this fund are lower than the peer group median. | The Board took into account management's discussion of the factors that contributed to the fund's performance relative to the benchmark index for the one-, five- and ten-year periods.The Board took into account management's discussion of the fund's performance, including the favorable performance relative to the peer group median for the one-, three-, five- and ten-year periods.The Board took into account management's discussion of the fund's expenses. The Board noted the fund's net total expenses are lower than the peer group median. |
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John Hancock Investment Management Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
This report is for the information of the shareholders of John Hancock Lifestyle Blend Portfolios. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
| MF4780911 | MILA8/25 |
10/25
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PROXY DISCLOSURE FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Information included in Item 7, if applicable.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Refer to information included in Item 7.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Information included in Item 7, if applicable.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
No material changes.
ITEM 16. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.
ITEM 19. EXHIBITS.
(a)(1) Code of Ethics for Covered Officers is attached.
(a)(2) Not applicable.
(a)(3) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(b) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
John Hancock Funds II
| By: | /s/ Kristie M. Feinberg |
| ------------------------------ | |
| Kristie M. Feinberg | |
| President, | |
| Principal Executive Officer | |
| Date: | October 8, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Kristie M. Feinberg |
| ------------------------------ | |
| Kristie M. Feinberg | |
| President, | |
| Principal Executive Officer | |
| Date: | October 8, 2025 |
| By: | /s/ Fernando A. Silva |
| --------------------------- | |
| Fernando A. Silva | |
| Chief Financial Officer, | |
| Principal Financial Officer | |
| Date: | October 8, 2025 |
John Hancock Funds II published this content on October 21, 2025, and is solely responsible for the information contained herein. Distributed via EDGAR on October 21, 2025 at 19:29 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]