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16373.056342 16503.847788 12811.39424 15858.176674 11688.038382 18809.210616 11355.622 13569.324658 23496.585447 13314.81442 13530.178974 15839.346792 32157.045797 32700.191088 12498.762008 12521.033111 26221.526562 26008.510575 19188.63111 10855.8596 15203.534377 30301.743136 19352.858588 21844.174436 22068.15436 23017.586255 15010.94137 12493.598608 11369.226102 20280.937961 10000 14773.653311 15794.524605 39827.409517 14741.228019 16179.784765 15777.42362 12924.676115 10665.907127 11917.015929 11164.707203 18294.027359 13655.671549 16010.093073 13852.801122 11912.3897 10616.22 19224.487451 10423.9285 10000 10000 16250.455842 13871.444646 10723.1332 15190.219659 10695.9176 16392.826548 14287.867412 11946.6408 18240.394296 10610.5354 15979.345086 11187.532235 19422.116203 20117.696146 13781.827925 10981.64085 12113.11422 27955.899973 10830.5609 15744.669794 17512.42225 16592.830505 11735.634677 13654.520092 20813.170738 10000 11962.763301 10669.1335 11069.134855 18417.680578 48331.932346 11237.6835 21942.141802 15068.91967 25755.97548 23180.256194 21722.66172 14109.51253 10701.8002 24379.830165 15412.154277 11481.005163 16802.16161 11171.538555 12957.252408 8942.8501 18817.055817 14758.378211 16548.356976 18938.195716 14655.075719 10000 11503.112941 13947.37369 14582.244135 20762.683391 21196.54371 10000 32873.388581 10000 13523.759187 15915.104757 10000 15031.173276 19207.026169 17603.862379 18302.764445 18418.96979 18328.459199 10495.4183 18991.191851 14691.184035 11816.68458 35131.140143 22444.421227 13923.286257 11929.501472 20673.81433 14648.396724 22076.569248 18895.29961 27356.897779 14970.614138 18592.973003 17827.79215 16533.201559 20046.217209 13494.755268 25713.286076 12813.020732 15222.713641 50300.710572 19348.772598 22432.395151 17806.171721 17134.008133 12479.551626 10000 33123.681048 15967.188687 20106.020522 26516.044183 11366.973912 12868.221681 15706.600414 14189.246047 18728.542193 12073.8469 11273.5114 13561.04027 18708.328366 13403.462916 15494.174855 13309.323454 11453.026378 19415.710118 10000 14092.512475 18269.557747 13551.951393 31861.243365 10000 19439.152598 13540.135141 31017.124524 13192.299348 13834.572912 16727.654726 12402.997207 15157.875448 20453.934584 10815.3449 18471.70244 10995.6912 13416.892159 10000 20419.072622 11940.334602 10841.4552 20858.308518 13830.710914 10965.210459 15349.365513 12983.1683 10000 49981.189592 15659.135537 10000 16736.234199 25937.719752 15630.134116 18004.006163 11171.824095 15910.406212 12105.029584 13794.013928 13493.401341 12955.292615 14461.895901 10440.9834 10602.130159 10000 13794.83448 15264.571047 23423.893671 10000 10000 16463.435188 11365.582049 19000.373352 10000 22749.9206 15898.234843 10061.6525 24978.427205 52067.207047 10732.8557 18335.913573 13630.699022 10028.2866 16302.976466 13410.663422 18151.184588 34732.18592 17741.955352 13576.120405 20640.297715 13708.160489 20964.331944 13221.253285 15569.951289 27498.740456 17333.062831 12021.909802 14825.001403 13269.58552 11224.0175 18856.749915 12842.740265 22151.930655 25608.656098 13656.146968 30210.207497 10000 13431.983817 21496.264971 12353.057123 10000 10000 24311.867935 15957.98235 30621.615274 30885.949007 10000 15333.501928 10628.285026 10000 16288.003267 17951.339152 14220.211917 33095.634515 16944.556797 23658.405206 10000 35818.608438 11991.8917 11232.500317 25754.174664 14448.575445 21059.977138 15442.612032 10000 22852.699976 20860.362788 18924.190125 22284.8974 10085.1879 17620.93825 26838.663082 17689.926335 16383.121281 12011.2953 26776.840551 13856.587865 15853.443365 14384.690181 23020.130942 28337.199936 16938.256051 10000 13447.414553 37639.02439 13731.641312 20664.34507 21175.595768 26524.727053 13232.7547 17281.781849 19419.058803 11105.9451 16800.564727 27228.65852 17222.284123 15498.667272 10000 13923.491825 10733.2947 17555.266002 25324.489345 20612.837501 12877.987675 18704.790037 13583.6605 15210.359459 11930.032642 10000 11897.865236 18156.603653 22763.296377 15580.149062 14044.317939 15914.904699 10000 23612.226712 19171.30535 22077.637316 25962.856463 21161.462524 20528.844602 21132.591487 23523.812764 16369.241774 19910.210704 12826.915429 19530.249935 26592.904549 10878.480809 10000 19264.941825 10000 21275.692328 27024.858976 10000 25654.042337 14966.612311 10976.213915 10000 12014.072193 16822.321333 16429.429945 13159.320419 10000 59722.222596 12190.175368 35505.328741 12328.44204 10000 21082.023917 10000 25506.409506 22264.428849 18310.113689 13338.590282 12237.107183 11060.198503 12539.548637 0.059 0.087 0.072 0.059 0.199 0.053 0.063 0.059 0.076 0.020 0.041 0.087 0.042 0.100 0.063 0.063 0.290 0.087 0.044 0.053 0.171 0.106 0.087 0.020 0.061 0.096 0.177 0.199 0.028 0.053 0.069 0.097 0.199 0.132 0.046 0.132 0.062 0.044 0.091 0.029 0.061 0.076 0.097 0.498 0.042 0.134 0.100 0.036 0.083 0.091 0.039 0.082 0.034 0.041 0.083 0.062 0.063 0.134 0.043 0.059 0.199 0.043 0.063 0.052 0.087 0.171 0.044 0.043 0.053 0.059 0.028 0.039 0.030 0.046 0.072 0.052 0.041 0.076 0.134 0.054 0.031 0.063 0.240 0.290 0.087 0.171 0.054 0.026 0.021 0.039 0.021 0.036 0.074 0.092 0.215 0.063 0.074 0.053 0.036 0.199 0.028 0.092 0.240 0.037 0.041 0.063 0.175 0.175 0.106 0.042 0.082 0.177 0.096 0.215 0.026 0.075 0.097 0.199 0.021 0.030 0.041 0.063 0.046 0.069 0.052 0.062 0.069 0.053 0.132 0.091 0.061 0.074 0.096 0.037 0.498 0.053 0.100 0.026 0.498 0.175 0.041 0.053 0.092 0.072 0.083 0.075 0.215 0.034 0.059 0.240 0.177 0.054 0.106 0.037 0.029 0.031 0.029 0.290 0.030 0.034 0.053 0.020 0.031 0.082 0.075 0000756913 false N-1A N-CSR JOHN HANCOCK VARIABLE INSURANCE TRUST 2025-12-31 500 Index Trust Series I JFIVX This annual shareholder report contains important information about the 500 Index Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">500 Index Trust<br/>(Series I/JFIVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>33</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.30<span>%</span></td> </tr> </table> 33 0.0030 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">500 Index Trust (Series I/JFIVX) returned 17.52% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | Information technology was the leading sector contributing to absolute fund performance. NVIDIA Corp., Microsoft Corp., and Broadcom, Inc. were strong performers.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The financials and communication services sectors also added to absolute performance with holdings in JPMorgan Chase &amp; Co. and Alphabet, Inc., respectively.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors </b> | At a time where major U.S. stock markets were experiencing positive performance, there were no sectors that detracted from absolute performance.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6288934.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">500 Index Trust (Series I/JFIVX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.52<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.47<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> </table> 500 Index Trust (Series I/JFIVX) 0.1752 0.1406 0.1447 S&P 500 Index 0.1788 0.1442 0.1482 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>12,226,562,184</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">505</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,967,678</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">2<span>%</span></td> </tr> </table> 12226562184 505 22967678 0.02 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Berkshire Hathaway, Inc., Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Berkshire Hathaway, Inc., Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.076 0.067 0.060 0.038 0.031 0.027 0.024 0.024 0.021 0.015 0.338 0.131 0.104 0.102 0.094 0.080 0.046 0.028 0.022 0.018 0.018 0.019 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> 2025-06-30 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 500 Index Trust Series II JAGKX This annual shareholder report contains important information about the 500 Index Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">500 Index Trust<br/>(Series II/JAGKX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>54</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.50<span>%</span></td> </tr> </table> 54 0.0050 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">500 Index Trust (Series II/JAGKX) returned 17.27% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | Information technology was the leading sector contributing to absolute fund performance. NVIDIA Corp., Microsoft Corp., and Broadcom, Inc. were strong performers.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The financials and communication services sectors also added to absolute performance with holdings in JPMorgan Chase &amp; Co. and Alphabet, Inc., respectively.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors </b> | At a time where major U.S. stock markets were experiencing positive performance, there were no sectors that detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6288903.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">500 Index Trust (Series II/JAGKX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.24<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> </table> 500 Index Trust (Series II/JAGKX) 0.1727 0.1384 0.1424 S&P 500 Index 0.1788 0.1442 0.1482 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>12,226,562,184</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">505</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,967,678</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">2<span>%</span></td> </tr> </table> 12226562184 505 22967678 0.02 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Berkshire Hathaway, Inc., Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Berkshire Hathaway, Inc., Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.076 0.067 0.060 0.038 0.031 0.027 0.024 0.024 0.021 0.015 0.338 0.131 0.104 0.102 0.094 0.080 0.046 0.028 0.022 0.018 0.018 0.019 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> 2025-06-30 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 500 Index Trust Series NAV JAGMX This annual shareholder report contains important information about the 500 Index Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">500 Index Trust<br/>(Series NAV/JAGMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>27</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.25<span>%</span></td> </tr> </table> 27 0.0025 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">500 Index Trust (Series NAV/JAGMX) returned 17.57% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | Information technology was the leading sector contributing to absolute fund performance. NVIDIA Corp., Microsoft Corp., and Broadcom, Inc. were strong performers.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The financials and communication services sectors also added to absolute performance with holdings in JPMorgan Chase &amp; Co. and Alphabet, Inc., respectively.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors </b> | At a time where major U.S. stock markets were experiencing positive performance, there were no sectors that detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6288882.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">500 Index Trust (Series NAV/JAGMX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.12<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> </table> 500 Index Trust (Series NAV/JAGMX) 0.1757 0.1412 0.1452 S&P 500 Index 0.1788 0.1442 0.1482 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>12,226,562,184</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">505</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,967,678</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">2<span>%</span></td> </tr> </table> 12226562184 505 22967678 0.02 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Berkshire Hathaway, Inc., Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Berkshire Hathaway, Inc., Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.076 0.067 0.060 0.038 0.031 0.027 0.024 0.024 0.021 0.015 0.338 0.131 0.104 0.102 0.094 0.080 0.046 0.028 0.022 0.018 0.018 0.019 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> 2025-06-30 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 American Asset Allocation Trust Series I JAHZX This annual shareholder report contains important information about the American Asset Allocation Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Asset Allocation Trust<br/>(Series I/JAHZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>67</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span></td> </tr> </table> 67 0.0062 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">American Asset Allocation Trust (Series I/JAHZX) returned 15.39% for the year ended December 31, 2025. U.S. equities saw strong gains, and at the same time, the U.S. fixed income market delivered solid returns as corporate bond yields hovered near the upper end of their 15-year range. Although inflation rose slightly on the lingering effect of tariffs, signs of labor market weakness and economic uncertainty prompted the Federal Reserve to cut interest rates three times in 2025.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Holdings in most equity sectors produced positive returns, with the information technology sector being particularly additive to results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers</b> | The materials, industrials and consumer staples sectors also saw returns surpassing those of the overall portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | Conversely, the fund’s holdings in the financials, energy and utilities sectors detracted from the absolute portfolio’s returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income holdings</b> | The bond portfolio yielded lower returns than equities but continued to provide stability and income.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290029.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">American Asset Allocation Trust (Series I/JAHZX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.37<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.36<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.01<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">40% Bloomberg U.S. Aggregate Bond Index/ 60% S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.78<span>%</span></td> </tr> </table> American Asset Allocation Trust (Series I/JAHZX) 0.1539 0.0857 0.0937 S&P 500 Index 0.1788 0.1442 0.1482 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 40% Bloomberg U.S. Aggregate Bond Index/ 60% S&P 500 Index 0.1370 0.0847 0.0978 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,221,794,017</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">10<span>%</span></td> </tr> </table> 1221794017 1 0 0.10 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.<span style="white-space: nowrap;"> </span>The weightings represent the holdings of American Funds Insurance Series – Asset Allocation Fund. For further details, please visit the American Funds website at americanfunds.com/afis.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Portfolio Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">65.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Collateralized mortgage obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government and agency obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-backed securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign government obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 0.655 0.102 0.097 0.085 0.019 0.004 0.038 American Asset Allocation Trust Series II JAIFX This annual shareholder report contains important information about the American Asset Allocation Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Asset Allocation Trust<br/>(Series II/JAIFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>76</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.71<span>%</span></td> </tr> </table> 76 0.0071 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">American Asset Allocation Trust (Series II/JAIFX) returned 15.31% for the year ended December 31, 2025. U.S. equities saw strong gains, and at the same time, the U.S. fixed income market delivered solid returns as corporate bond yields hovered near the upper end of their 15-year range. Although inflation rose slightly on the lingering effect of tariffs, signs of labor market weakness and economic uncertainty prompted the Federal Reserve to cut interest rates three times in 2025.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Holdings in most equity sectors produced positive returns, with the information technology sector being particularly additive to results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers</b> | The materials, industrials and consumer staples sectors also saw returns surpassing those of the overall portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | Conversely, the fund’s holdings in the financials, energy and utilities sectors detracted from the absolute portfolio’s returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income holdings</b> | The bond portfolio yielded lower returns than equities but continued to provide stability and income.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290000.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">American Asset Allocation Trust (Series II/JAIFX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.27<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.36<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.01<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">40% Bloomberg U.S. Aggregate Bond Index/ 60% S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.78<span>%</span></td> </tr> </table> American Asset Allocation Trust (Series II/JAIFX) 0.1531 0.0847 0.0927 S&P 500 Index 0.1788 0.1442 0.1482 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 40% Bloomberg U.S. Aggregate Bond Index/ 60% S&P 500 Index 0.1370 0.0847 0.0978 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,221,794,017</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">10<span>%</span></td> </tr> </table> 1221794017 1 0 0.10 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.<span style="white-space: nowrap;"> </span>The weightings represent the holdings of American Funds Insurance Series – Asset Allocation Fund. For further details, please visit the American Funds website at americanfunds.com/afis.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Portfolio Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">65.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Collateralized mortgage obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government and agency obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-backed securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign government obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 0.655 0.102 0.097 0.085 0.019 0.004 0.038 American Asset Allocation Trust Series III JAIDX This annual shareholder report contains important information about the American Asset Allocation Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Asset Allocation Trust<br/>(Series III/JAIDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>29</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.27<span>%</span></td> </tr> </table> 29 0.0027 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">American Asset Allocation Trust (Series III/JAIDX) returned 15.76% for the year ended December 31, 2025. U.S. equities saw strong gains, and at the same time, the U.S. fixed income market delivered solid returns as corporate bond yields hovered near the upper end of their 15-year range. Although inflation rose slightly on the lingering effect of tariffs, signs of labor market weakness and economic uncertainty prompted the Federal Reserve to cut interest rates three times in 2025.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Holdings in most equity sectors produced positive returns, with the information technology sector being particularly additive to results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers</b> | The materials, industrials and consumer staples sectors also saw returns surpassing those of the overall portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | Conversely, the fund’s holdings in the financials, energy and utilities sectors detracted from the absolute portfolio’s returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income holdings</b> | The bond portfolio yielded lower returns than equities but continued to provide stability and income.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289979.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">American Asset Allocation Trust (Series III/JAIDX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.76<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.36<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.01<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">40% Bloomberg U.S. Aggregate Bond Index/ 60% S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.78<span>%</span></td> </tr> </table> American Asset Allocation Trust (Series III/JAIDX) 0.1576 0.0894 0.0976 S&P 500 Index 0.1788 0.1442 0.1482 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 40% Bloomberg U.S. Aggregate Bond Index/ 60% S&P 500 Index 0.1370 0.0847 0.0978 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,221,794,017</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">10<span>%</span></td> </tr> </table> 1221794017 1 0 0.10 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.<span style="white-space: nowrap;"> </span>The weightings represent the holdings of American Funds Insurance Series – Asset Allocation Fund. For further details, please visit the American Funds website at americanfunds.com/afis.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Portfolio Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">65.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Collateralized mortgage obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government and agency obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-backed securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign government obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 0.655 0.102 0.097 0.085 0.019 0.004 0.038 American Global Growth Trust Series I JAJQX This annual shareholder report contains important information about the American Global Growth Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Global Growth Trust<br/>(Series I/JAJQX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>74</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span></td> </tr> </table> 74 0.0067 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">American Global Growth Trust (Series I/JAJQX) returned 21.17% for the year ended December 31, 2025. U.S. equities delivered solid returns in 2025, as strong gains from growth sectors supported performance. Resilient consumer spending and moderating inflation supported strong market performance throughout the year. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent softness in the labor market prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors </b> | Most sectors posted gains for the fund, with the information technology and communication services sectors contributing significantly.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers </b> | The industrials, health care, materials and consumer discretionary sectors also delivered positive returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country allocation</b> | U.S.-based holdings, representing the majority of the portfolio, contributed most of the fund’s performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | The financials and energy sectors were detractors from overall results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290118.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">American Global Growth Trust (Series I/JAJQX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.74<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI ACWI</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.72<span>%</span></td> </tr> </table> American Global Growth Trust (Series I/JAJQX) 0.2117 0.0781 0.1174 MSCI ACWI 0.2234 0.1119 0.1172 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>206,821,960</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">16<span>%</span></td> </tr> </table> 206821960 1 0 0.16 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.<span style="white-space: nowrap;"> </span>The weightings represent the holdings of American Funds Insurance Series – Global Growth Fund. For further details, please visit the American Funds website at americanfunds.com/afis.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 0.294 0.177 0.139 0.139 0.077 0.054 0.033 0.025 0.013 0.012 0.006 0.031 American Global Growth Trust Series II JAHWX This annual shareholder report contains important information about the American Global Growth Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Global Growth Trust<br/>(Series II/JAHWX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>82</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.74<span>%</span></td> </tr> </table> 82 0.0074 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">American Global Growth Trust (Series II/JAHWX) returned 21.08% for the year ended December 31, 2025. U.S. equities delivered solid returns in 2025, as strong gains from growth sectors supported performance. Resilient consumer spending and moderating inflation supported strong market performance throughout the year. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent softness in the labor market prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors </b> | Most sectors posted gains for the fund, with the information technology and communication services sectors contributing significantly.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers </b> | The industrials, health care, materials and consumer discretionary sectors also delivered positive returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country allocation</b> | U.S.-based holdings, representing the majority of the portfolio, contributed most of the fund’s performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | The financials and energy sectors were detractors from overall results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290089.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">American Global Growth Trust (Series II/JAHWX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.65<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI ACWI</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.72<span>%</span></td> </tr> </table> American Global Growth Trust (Series II/JAHWX) 0.2108 0.0774 0.1165 MSCI ACWI 0.2234 0.1119 0.1172 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>206,821,960</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">16<span>%</span></td> </tr> </table> 206821960 1 0 0.16 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.<span style="white-space: nowrap;"> </span>The weightings represent the holdings of American Funds Insurance Series – Global Growth Fund. For further details, please visit the American Funds website at americanfunds.com/afis.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 0.294 0.177 0.139 0.139 0.077 0.054 0.033 0.025 0.013 0.012 0.006 0.031 American Global Growth Trust Series III JAHVX This annual shareholder report contains important information about the American Global Growth Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Global Growth Trust<br/>(Series III/JAHVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>35</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.32<span>%</span></td> </tr> </table> 35 0.0032 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">American Global Growth Trust (Series III/JAHVX) returned 21.55% for the year ended December 31, 2025. U.S. equities delivered solid returns in 2025, as strong gains from growth sectors supported performance. Resilient consumer spending and moderating inflation supported strong market performance throughout the year. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent softness in the labor market prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors </b> | Most sectors posted gains for the fund, with the information technology and communication services sectors contributing significantly.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers </b> | The industrials, health care, materials and consumer discretionary sectors also delivered positive returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country allocation</b> | U.S.-based holdings, representing the majority of the portfolio, contributed most of the fund’s performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | The financials and energy sectors were detractors from overall results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290080.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">American Global Growth Trust (Series III/JAHVX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.12<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI ACWI</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.72<span>%</span></td> </tr> </table> American Global Growth Trust (Series III/JAHVX) 0.2155 0.0818 0.1212 MSCI ACWI 0.2234 0.1119 0.1172 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>206,821,960</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">16<span>%</span></td> </tr> </table> 206821960 1 0 0.16 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.<span style="white-space: nowrap;"> </span>The weightings represent the holdings of American Funds Insurance Series – Global Growth Fund. For further details, please visit the American Funds website at americanfunds.com/afis.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 0.294 0.177 0.139 0.139 0.077 0.054 0.033 0.025 0.013 0.012 0.006 0.031 American Growth Trust Series I JAHJX This annual shareholder report contains important information about the American Growth Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Growth Trust<br/>(Series I/JAHJX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>68</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span></td> </tr> </table> 68 0.0062 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">American Growth Trust (Series I/JAHJX) returned 19.81% for the year ended December 31, 2025. Global equity markets posted strong gains in 2025, successfully navigating trade tensions and geopolitical volatility. U.S. equities advanced on robust large‑cap technology performance, though momentum slowed later in the year, while stocks in the U.K. and Japan benefited from supportive monetary and fiscal policies. Emerging markets led the rally with notable strength in South Korea, Taiwan, and China, whereas India remained relatively flat despite favorable macroeconomic conditions.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors </b> | Most sectors posted gains for the fund, with information technology, industrials, financials and consumer staples sectors contributing most significantly.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers </b> | Returns from the communication services and consumer discretionary sectors were also positive.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country allocation </b> | Companies based in the U.S., France and Taiwan made meaningful contributions to investment results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors </b> | The health care and real estate sectors were the largest detractors from overall results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country allocation </b> | Holdings in Denmark and Australia were among the most notable detractors for the fund.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291449.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">American Growth Trust (Series I/JAHJX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.95<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.53<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> </table> American Growth Trust (Series I/JAHJX) 0.1981 0.1295 0.1753 S&P 500 Index 0.1788 0.1442 0.1482 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,098,549,490</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">11<span>%</span></td> </tr> </table> 1098549490 1 0 0.11 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund. The weightings represent the holdings of American Funds Insurance Series – Growth Fund. For further details, please visit the American Funds website at americanfunds.com/afis.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">30.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 0.307 0.171 0.157 0.110 0.092 0.074 0.019 0.018 0.015 0.007 0.007 0.023 American Growth Trust Series II JAHKX This annual shareholder report contains important information about the American Growth Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Growth Trust<br/>(Series II/JAHKX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>75</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.68<span>%</span></td> </tr> </table> 75 0.0068 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">American Growth Trust (Series II/JAHKX) returned 19.73% for the year ended December 31, 2025. Global equity markets posted strong gains in 2025, successfully navigating trade tensions and geopolitical volatility. U.S. equities advanced on robust large‑cap technology performance, though momentum slowed later in the year, while stocks in the U.K. and Japan benefited from supportive monetary and fiscal policies. Emerging markets led the rally with notable strength in South Korea, Taiwan, and China, whereas India remained relatively flat despite favorable macroeconomic conditions.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors </b> | Most sectors posted gains for the fund, with information technology, industrials, financials and consumer staples sectors contributing most significantly.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers </b> | Returns from the communication services and consumer discretionary sectors were also positive.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country allocation </b> | Companies based in the U.S., France and Taiwan made meaningful contributions to investment results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors </b> | The health care and real estate sectors were the largest detractors from overall results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country allocation </b> | Holdings in Denmark and Australia were among the most notable detractors for the fund.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291421.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">American Growth Trust (Series II/JAHKX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.46<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> </table> American Growth Trust (Series II/JAHKX) 0.1973 0.1288 0.1746 S&P 500 Index 0.1788 0.1442 0.1482 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,098,549,490</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">11<span>%</span></td> </tr> </table> 1098549490 1 0 0.11 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund. The weightings represent the holdings of American Funds Insurance Series – Growth Fund. For further details, please visit the American Funds website at americanfunds.com/afis.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">30.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 0.307 0.171 0.157 0.110 0.092 0.074 0.019 0.018 0.015 0.007 0.007 0.023 American Growth Trust Series III JAHGX This annual shareholder report contains important information about the American Growth Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Growth Trust<br/>(Series III/JAHGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>30</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.27<span>%</span></td> </tr> </table> 30 0.0027 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">American Growth Trust (Series III/JAHGX) returned 20.17% for the year ended December 31, 2025. Global equity markets posted strong gains in 2025, successfully navigating trade tensions and geopolitical volatility. U.S. equities advanced on robust large‑cap technology performance, though momentum slowed later in the year, while stocks in the U.K. and Japan benefited from supportive monetary and fiscal policies. Emerging markets led the rally with notable strength in South Korea, Taiwan, and China, whereas India remained relatively flat despite favorable macroeconomic conditions.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors </b> | Most sectors posted gains for the fund, with information technology, industrials, financials and consumer staples sectors contributing most significantly.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers </b> | Returns from the communication services and consumer discretionary sectors were also positive.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country allocation </b> | Companies based in the U.S., France and Taiwan made meaningful contributions to investment results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors </b> | The health care and real estate sectors were the largest detractors from overall results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country allocation </b> | Holdings in Denmark and Australia were among the most notable detractors for the fund.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291411.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">American Growth Trust (Series III/JAHGX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.94<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> </table> American Growth Trust (Series III/JAHGX) 0.2017 0.1335 0.1794 S&P 500 Index 0.1788 0.1442 0.1482 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,098,549,490</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">11<span>%</span></td> </tr> </table> 1098549490 1 0 0.11 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund. The weightings represent the holdings of American Funds Insurance Series – Growth Fund. For further details, please visit the American Funds website at americanfunds.com/afis.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">30.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 0.307 0.171 0.157 0.110 0.092 0.074 0.019 0.018 0.015 0.007 0.007 0.023 American Growth-Income Trust Series I JAHQX This annual shareholder report contains important information about the American Growth-Income Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Growth-Income Trust<br/>(Series I/JAHQX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>69</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.63<span>%</span></td> </tr> </table> 69 0.0063 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">American Growth-Income Trust (Series I/JAHQX) returned 17.65% for the year ended December 31, 2025. U.S. equities delivered solid returns in 2025, as strong gains from growth sectors supported performance. Resilient consumer spending and moderating inflation supported strong market performance throughout the year. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent softness in the labor market prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors </b> | Most sectors contributed positively to fund results, with information technology, industrials and communication services sectors being particularly impactful.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | Financials sector posted positive returns, although they lagged the overall portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | Consumer staples sector also added to absolute returns but represented a relatively small portion of fund's holdings.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | The materials and utilities sectors had negative returns and detracted from overall results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291271.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">American Growth-Income Trust (Series I/JAHQX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> </table> American Growth-Income Trust (Series I/JAHQX) 0.1765 0.1348 0.1350 S&P 500 Index 0.1788 0.1442 0.1482 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,002,540,190</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 1002540190 1 0 0.13 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.<span style="white-space: nowrap;"> </span>The weightings represent the holdings of American Funds Insurance Series – Growth-Income Fund. For further details, please visit the American Funds website at americanfunds.com/afis.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">31.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 0.313 0.136 0.120 0.100 0.100 0.080 0.040 0.029 0.023 0.021 0.012 0.026 American Growth-Income Trust Series II JAHRX This annual shareholder report contains important information about the American Growth-Income Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Growth-Income Trust<br/>(Series II/JAHRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.71<span>%</span></td> </tr> </table> 77 0.0071 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">American Growth-Income Trust (Series II/JAHRX) returned 17.53% for the year ended December 31, 2025. U.S. equities delivered solid returns in 2025, as strong gains from growth sectors supported performance. Resilient consumer spending and moderating inflation supported strong market performance throughout the year. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent softness in the labor market prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors </b> | Most sectors contributed positively to fund results, with information technology, industrials and communication services sectors being particularly impactful.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | Financials sector posted positive returns, although they lagged the overall portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | Consumer staples sector also added to absolute returns but represented a relatively small portion of fund's holdings.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | The materials and utilities sectors had negative returns and detracted from overall results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291242.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">American Growth-Income Trust (Series II/JAHRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.41<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> </table> American Growth-Income Trust (Series II/JAHRX) 0.1753 0.1338 0.1341 S&P 500 Index 0.1788 0.1442 0.1482 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,002,540,190</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 1002540190 1 0 0.13 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.<span style="white-space: nowrap;"> </span>The weightings represent the holdings of American Funds Insurance Series – Growth-Income Fund. For further details, please visit the American Funds website at americanfunds.com/afis.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">31.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 0.313 0.136 0.120 0.100 0.100 0.080 0.040 0.029 0.023 0.021 0.012 0.026 American Growth-Income Trust Series III JAHUX This annual shareholder report contains important information about the American Growth-Income Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Growth-Income Trust<br/>(Series III/JAHUX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.28<span>%</span></td> </tr> </table> 31 0.0028 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">American Growth-Income Trust (Series III/JAHUX) returned 18.10% for the year ended December 31, 2025. U.S. equities delivered solid returns in 2025, as strong gains from growth sectors supported performance. Resilient consumer spending and moderating inflation supported strong market performance throughout the year. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent softness in the labor market prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors </b> | Most sectors contributed positively to fund results, with information technology, industrials and communication services sectors being particularly impactful.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | Financials sector posted positive returns, although they lagged the overall portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | Consumer staples sector also added to absolute returns but represented a relatively small portion of fund's holdings.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | The materials and utilities sectors had negative returns and detracted from overall results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291221.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">American Growth-Income Trust (Series III/JAHUX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.89<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> </table> American Growth-Income Trust (Series III/JAHUX) 0.1810 0.1389 0.1391 S&P 500 Index 0.1788 0.1442 0.1482 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,002,540,190</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 1002540190 1 0 0.13 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.<span style="white-space: nowrap;"> </span>The weightings represent the holdings of American Funds Insurance Series – Growth-Income Fund. For further details, please visit the American Funds website at americanfunds.com/afis.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">31.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 0.313 0.136 0.120 0.100 0.100 0.080 0.040 0.029 0.023 0.021 0.012 0.026 American International Trust Series I JAHLX This annual shareholder report contains important information about the American International Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American International Trust<br/>(Series I/JAHLX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.68<span>%</span></td> </tr> </table> 77 0.0068 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">American International Trust (Series I/JAHLX) returned 26.14% for the year ended December 31, 2025. Global equity markets posted strong gains in 2025, overcoming trade tensions and geopolitical volatility. European equities advanced on easing inflation and improving investor confidence, with Germany driving growth through major infrastructure and defense spending. Equities in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets were the standout performers, driven by strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals. </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Most sectors posted gains, with financials, information technology, communication services and materials sectors contributing significantly.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other positive performers</b> | Returns from the industrials and consumer staples sectors were also positive, though below the portfolio’s overall results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Region allocation</b> | Companies based in the U.K., Canada and South Korea generated strong gains, surpassing returns of the overall portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | Conversely, holdings in the health care sector significantly dragged results. The real estate sector also posted negative returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Regional allocation</b> | Country-wise, Denmark was the most notable detractor on absolute results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291360.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">American International Trust (Series I/JAHLX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.59<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI ACWI ex USA Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> </tr> </table> American International Trust (Series I/JAHLX) 0.2614 0.0299 0.0659 MSCI ACWI ex USA Index 0.3239 0.0791 0.0841 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>388,059,676</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">4<span>%</span></td> </tr> </table> 388059676 1 0 0.04 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.<span style="white-space: nowrap;"> </span>The weightings represent the holdings of American Funds Insurance Series – International Fund. For further details, please visit the American Funds website at americanfunds.com/afis.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 0.173 0.163 0.151 0.124 0.096 0.090 0.060 0.056 0.045 0.028 0.014 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on December 9-11, 2025, the Board of Trustees of the Trust voted to recommend that the shareholders of the fund approve a reorganization, that is not expected to be a taxable event for contract owners, of the fund into Disciplined Value International Trust, also a series of the Trust. Shareholders of record as of February 6, 2026, are entitled to vote on the reorganization. A shareholder meeting is scheduled to be held on or about April 7, 2026. If approved by the fund’s shareholders, the reorganization is expected to occur as of the close of business on or about April 24, 2026.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 American International Trust Series II JAHMX This annual shareholder report contains important information about the American International Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American International Trust<br/>(Series II/JAHMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>88</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.78<span>%</span></td> </tr> </table> 88 0.0078 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">American International Trust (Series II/JAHMX) returned 26.09% for the year ended December 31, 2025. Global equity markets posted strong gains in 2025, overcoming trade tensions and geopolitical volatility. European equities advanced on easing inflation and improving investor confidence, with Germany driving growth through major infrastructure and defense spending. Equities in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets were the standout performers, driven by strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals. </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Most sectors posted gains, with financials, information technology, communication services and materials sectors contributing significantly.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other positive performers</b> | Returns from the industrials and consumer staples sectors were also positive, though below the portfolio’s overall results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Region allocation</b> | Companies based in the U.K., Canada and South Korea generated strong gains, surpassing returns of the overall portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | Conversely, holdings in the health care sector significantly dragged results. The real estate sector also posted negative returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Regional allocation</b> | Country-wise, Denmark was the most notable detractor on absolute results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291331.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">American International Trust (Series II/JAHMX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.46<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI ACWI ex USA Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> </tr> </table> American International Trust (Series II/JAHMX) 0.2609 0.0288 0.0646 MSCI ACWI ex USA Index 0.3239 0.0791 0.0841 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>388,059,676</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">4<span>%</span></td> </tr> </table> 388059676 1 0 0.04 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.<span style="white-space: nowrap;"> </span>The weightings represent the holdings of American Funds Insurance Series – International Fund. For further details, please visit the American Funds website at americanfunds.com/afis.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 0.173 0.163 0.151 0.124 0.096 0.090 0.060 0.056 0.045 0.028 0.014 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on December 9-11, 2025, the Board of Trustees of the Trust voted to recommend that the shareholders of the fund approve a reorganization, that is not expected to be a taxable event for contract owners, of the fund into Disciplined Value International Trust, also a series of the Trust. Shareholders of record as of February 6, 2026, are entitled to vote on the reorganization. A shareholder meeting is scheduled to be held on or about April 7, 2026. If approved by the fund’s shareholders, the reorganization is expected to occur as of the close of business on or about April 24, 2026.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 American International Trust Series III JAHPX This annual shareholder report contains important information about the American International Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American International Trust<br/>(Series III/JAHPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>37</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td> </tr> </table> 37 0.0033 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">American International Trust (Series III/JAHPX) returned 26.63% for the year ended December 31, 2025. Global equity markets posted strong gains in 2025, overcoming trade tensions and geopolitical volatility. European equities advanced on easing inflation and improving investor confidence, with Germany driving growth through major infrastructure and defense spending. Equities in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets were the standout performers, driven by strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals. </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Most sectors posted gains, with financials, information technology, communication services and materials sectors contributing significantly.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other positive performers</b> | Returns from the industrials and consumer staples sectors were also positive, though below the portfolio’s overall results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Region allocation</b> | Companies based in the U.K., Canada and South Korea generated strong gains, surpassing returns of the overall portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | Conversely, holdings in the health care sector significantly dragged results. The real estate sector also posted negative returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Regional allocation</b> | Country-wise, Denmark was the most notable detractor on absolute results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291322.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">American International Trust (Series III/JAHPX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.63<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI ACWI ex USA Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> </tr> </table> American International Trust (Series III/JAHPX) 0.2663 0.0335 0.0696 MSCI ACWI ex USA Index 0.3239 0.0791 0.0841 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>388,059,676</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">4<span>%</span></td> </tr> </table> 388059676 1 0 0.04 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.<span style="white-space: nowrap;"> </span>The weightings represent the holdings of American Funds Insurance Series – International Fund. For further details, please visit the American Funds website at americanfunds.com/afis.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 0.173 0.163 0.151 0.124 0.096 0.090 0.060 0.056 0.045 0.028 0.014 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on December 9-11, 2025, the Board of Trustees of the Trust voted to recommend that the shareholders of the fund approve a reorganization, that is not expected to be a taxable event for contract owners, of the fund into Disciplined Value International Trust, also a series of the Trust. Shareholders of record as of February 6, 2026, are entitled to vote on the reorganization. A shareholder meeting is scheduled to be held on or about April 7, 2026. If approved by the fund’s shareholders, the reorganization is expected to occur as of the close of business on or about April 24, 2026.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 Blue Chip Growth Trust Series I JADZX This annual shareholder report contains important information about the Blue Chip Growth Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Blue Chip Growth Trust<br/>(Series I/JADZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>85</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.78<span>%</span></td> </tr> </table> 85 0.0078 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Blue Chip Growth Trust (Series I/JADZX) returned 18.52% for the year ended December 31, 2025. U.S. stocks rose in 2025 after a volatile start driven by concerns over President Trump’s proposed tariffs and their inflationary impact. Markets rebounded when the administration paused many of the tariffs and pursued new trade negotiations. Equities continued climbing as U.S.–China relations improved, corporate earnings remained strong, and investors favored AI and other high‑growth sectors. Additional support came from Congress passing stimulative tax measures and the U.S. Federal Reserve cutting interest rates three times despite elevated inflation.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector held the largest allocation at period-end and generated positive absolute returns, primarily driven by the strong performance of NVIDIA Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Communication services</b> | The communication services sector also contributed positively to absolute returns for the period, supported by gains in Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary</b> | The consumer discretionary sector delivered positive absolute returns, with notable contribution from Carvana Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector added to absolute returns as well, led by robust results from General Electric Company.<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | The consumer staples sector detracted from absolute performance, primarily due to weakness in The Procter &amp; Gamble Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy sector also weighed on absolute returns for the period, with Schlumberger, Ltd. serving as the main detractor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | The materials sector had a modest negative impact on absolute returns, driven by underperformance from The Sherwin-Williams Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291000.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Blue Chip Growth Trust (Series I/JADZX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.52<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.71<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.13<span>%</span></td> </tr> </table> Blue Chip Growth Trust (Series I/JADZX) 0.1852 0.1171 0.1556 S&P 500 Index 0.1788 0.1442 0.1482 Russell 1000 Growth Index 0.1856 0.1532 0.1813 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>2,193,315,288</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">63</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>14,164,617</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">18<span>%</span></td> </tr> </table> 2193315288 63 14164617 0.18 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Carvana Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">47.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Carvana Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.142 0.119 0.090 0.064 0.057 0.049 0.048 0.041 0.031 0.030 0.479 0.169 0.149 0.081 0.070 0.032 0.007 0.006 0.005 0.002 Blue Chip Growth Trust Series II JADYX This annual shareholder report contains important information about the Blue Chip Growth Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Blue Chip Growth Trust<br/>(Series II/JADYX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>107</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.98<span>%</span></td> </tr> </table> 107 0.0098 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Blue Chip Growth Trust (Series II/JADYX) returned 18.26% for the year ended December 31, 2025. U.S. stocks rose in 2025 after a volatile start driven by concerns over President Trump’s proposed tariffs and their inflationary impact. Markets rebounded when the administration paused many of the tariffs and pursued new trade negotiations. Equities continued climbing as U.S.–China relations improved, corporate earnings remained strong, and investors favored AI and other high‑growth sectors. Additional support came from Congress passing stimulative tax measures and the U.S. Federal Reserve cutting interest rates three times despite elevated inflation.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector held the largest allocation at period-end and generated positive absolute returns, primarily driven by the strong performance of NVIDIA Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Communication services</b> | The communication services sector also contributed positively to absolute returns for the period, supported by gains in Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary</b> | The consumer discretionary sector delivered positive absolute returns, with notable contribution from Carvana Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector added to absolute returns as well, led by robust results from General Electric Company.<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | The consumer staples sector detracted from absolute performance, primarily due to weakness in The Procter &amp; Gamble Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy sector also weighed on absolute returns for the period, with Schlumberger, Ltd. serving as the main detractor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | The materials sector had a modest negative impact on absolute returns, driven by underperformance from The Sherwin-Williams Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290969.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Blue Chip Growth Trust (Series II/JADYX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.33<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.13<span>%</span></td> </tr> </table> Blue Chip Growth Trust (Series II/JADYX) 0.1826 0.1148 0.1533 S&P 500 Index 0.1788 0.1442 0.1482 Russell 1000 Growth Index 0.1856 0.1532 0.1813 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>2,193,315,288</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">63</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>14,164,617</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">18<span>%</span></td> </tr> </table> 2193315288 63 14164617 0.18 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Carvana Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">47.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Carvana Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.142 0.119 0.090 0.064 0.057 0.049 0.048 0.041 0.031 0.030 0.479 0.169 0.149 0.081 0.070 0.032 0.007 0.006 0.005 0.002 Blue Chip Growth Trust Series NAV JAEDX This annual shareholder report contains important information about the Blue Chip Growth Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Blue Chip Growth Trust<br/>(Series NAV/JAEDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>80</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.73<span>%</span></td> </tr> </table> 80 0.0073 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Blue Chip Growth Trust (Series NAV/JAEDX) returned 18.57% for the year ended December 31, 2025. U.S. stocks rose in 2025 after a volatile start driven by concerns over President Trump’s proposed tariffs and their inflationary impact. Markets rebounded when the administration paused many of the tariffs and pursued new trade negotiations. Equities continued climbing as U.S.–China relations improved, corporate earnings remained strong, and investors favored AI and other high‑growth sectors. Additional support came from Congress passing stimulative tax measures and the U.S. Federal Reserve cutting interest rates three times despite elevated inflation.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector held the largest allocation at period-end and generated positive absolute returns, primarily driven by the strong performance of NVIDIA Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Communication services</b> | The communication services sector also contributed positively to absolute returns for the period, supported by gains in Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary</b> | The consumer discretionary sector delivered positive absolute returns, with notable contribution from Carvana Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector added to absolute returns as well, led by robust results from General Electric Company.<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | The consumer staples sector detracted from absolute performance, primarily due to weakness in The Procter &amp; Gamble Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy sector also weighed on absolute returns for the period, with Schlumberger, Ltd. serving as the main detractor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | The materials sector had a modest negative impact on absolute returns, driven by underperformance from The Sherwin-Williams Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290960.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Blue Chip Growth Trust (Series NAV/JAEDX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.62<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.13<span>%</span></td> </tr> </table> Blue Chip Growth Trust (Series NAV/JAEDX) 0.1857 0.1176 0.1562 S&P 500 Index 0.1788 0.1442 0.1482 Russell 1000 Growth Index 0.1856 0.1532 0.1813 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>2,193,315,288</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">63</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>14,164,617</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">18<span>%</span></td> </tr> </table> 2193315288 63 14164617 0.18 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Carvana Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">47.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Carvana Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.142 0.119 0.090 0.064 0.057 0.049 0.048 0.041 0.031 0.030 0.479 0.169 0.149 0.081 0.070 0.032 0.007 0.006 0.005 0.002 Capital Appreciation Value Trust Series I JAFPX This annual shareholder report contains important information about the Capital Appreciation Value Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation Value Trust<br/>(Series I/JAFPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>94</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.89<span>%</span></td> </tr> </table> 94 0.0089 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Capital Appreciation Value Trust (Series I/JAFPX) returned 11.61% for the year ended December 31, 2025. U.S. equities rose in 2025 despite significant early‑year volatility driven by President Trump’s sweeping tariff announcements, which ignited inflation concerns and triggered a sharp market sell‑off. Stocks rebounded after the administration issued a 90‑day pause on additional tariffs in April and continued to advance as trade negotiations improved and corporate fundamentals remained supportive. Additional momentum came from renewed Federal Reserve rate cuts later in the year, which helped bolster investor sentiment despite ongoing inflation pressures.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector held the largest allocation at period-end and generated positive absolute returns, primarily driven by the strong performance of NVIDIA Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Communication services</b> | Strong absolute performance in the communication services sector, led by Alphabet, Inc., contributed positively to results for the period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Utilities</b> | Utilities provided a positive contribution, driven by strong performance from CenterPoint Energy, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | The consumer staples sector detracted from the fund’s performance driven by performance from Keurig Dr. Pepper, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289940.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation Value Trust (Series I/JAFPX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.90<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">40% Bloomberg U.S. Aggregate Bond Index/ 60% S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.78<span>%</span></td> </tr> </table> Capital Appreciation Value Trust (Series I/JAFPX) 0.1161 0.0906 0.1090 S&P 500 Index 0.1788 0.1442 0.1482 40% Bloomberg U.S. Aggregate Bond Index/ 60% S&P 500 Index 0.1370 0.0847 0.0978 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>490,863,021</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">219</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,771,766</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">127<span>%</span></td> </tr> </table> 490863021 219 3771766 1.27 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.625%, 10/31/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.500%, 11/30/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.875%, 07/31/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Becton, Dickinson and Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CenterPoint Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Portfolio Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">64.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Term loans</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-backed securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.625%, 10/31/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.500%, 11/30/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.875%, 07/31/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Becton, Dickinson and Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CenterPoint Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.047 0.044 0.040 0.039 0.037 0.036 0.033 0.032 0.026 0.021 0.640 0.163 0.097 0.074 0.001 0.025 Capital Appreciation Value Trust Series II JAFQX This annual shareholder report contains important information about the Capital Appreciation Value Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation Value Trust<br/>(Series II/JAFQX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>115</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.09<span>%</span></td> </tr> </table> 115 0.0109 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Capital Appreciation Value Trust (Series II/JAFQX) returned 11.35% for the year ended December 31, 2025. U.S. equities rose in 2025 despite significant early‑year volatility driven by President Trump’s sweeping tariff announcements, which ignited inflation concerns and triggered a sharp market sell‑off. Stocks rebounded after the administration issued a 90‑day pause on additional tariffs in April and continued to advance as trade negotiations improved and corporate fundamentals remained supportive. Additional momentum came from renewed Federal Reserve rate cuts later in the year, which helped bolster investor sentiment despite ongoing inflation pressures.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector held the largest allocation at period-end and generated positive absolute returns, primarily driven by the strong performance of NVIDIA Corp.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Communication services</b> | Strong absolute performance in the communication services sector, led by Alphabet, Inc., contributed positively to results for the period.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Utilities</b> | Utilities provided a positive contribution, driven by strong performance from CenterPoint Energy, Inc.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | The consumer staples sector detracted from the fund’s performance driven by performance from Keurig Dr. Pepper, Inc.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289909.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation Value Trust (Series II/JAFQX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">40% Bloomberg U.S. Aggregate Bond Index/ 60% S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.78<span>%</span></td> </tr> </table> Capital Appreciation Value Trust (Series II/JAFQX) 0.1135 0.0884 0.1067 S&P 500 Index 0.1788 0.1442 0.1482 40% Bloomberg U.S. Aggregate Bond Index/ 60% S&P 500 Index 0.1370 0.0847 0.0978 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>490,863,021</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">219</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,771,766</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">127<span>%</span></td> </tr> </table> 490863021 219 3771766 1.27 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.625%, 10/31/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.500%, 11/30/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.875%, 07/31/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Becton, Dickinson and Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CenterPoint Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Portfolio Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">64.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Term loans</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-backed securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.625%, 10/31/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.500%, 11/30/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.875%, 07/31/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Becton, Dickinson and Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CenterPoint Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.047 0.044 0.040 0.039 0.037 0.036 0.033 0.032 0.026 0.021 0.640 0.163 0.097 0.074 0.001 0.025 Capital Appreciation Value Trust Series NAV JAFRX This annual shareholder report contains important information about the Capital Appreciation Value Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation Value Trust<br/>(Series NAV/JAFRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>89</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> </tr> </table> 89 0.0084 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Capital Appreciation Value Trust (Series NAV/JAFRX) returned 11.62% for the year ended December 31, 2025. U.S. equities rose in 2025 despite significant early‑year volatility driven by President Trump’s sweeping tariff announcements, which ignited inflation concerns and triggered a sharp market sell‑off. Stocks rebounded after the administration issued a 90‑day pause on additional tariffs in April and continued to advance as trade negotiations improved and corporate fundamentals remained supportive. Additional momentum came from renewed Federal Reserve rate cuts later in the year, which helped bolster investor sentiment despite ongoing inflation pressures.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector held the largest allocation at period-end and generated positive absolute returns, primarily driven by the strong performance of NVIDIA Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Communication services</b> | Strong absolute performance in the communication services sector, led by Alphabet, Inc., contributed positively to results for the period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Utilities</b> | Utilities provided a positive contribution, driven by strong performance from CenterPoint Energy, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | The consumer staples sector detracted from the fund’s performance driven by performance from Keurig Dr. Pepper, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289900.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation Value Trust (Series NAV/JAFRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">40% Bloomberg U.S. Aggregate Bond Index/ 60% S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.78<span>%</span></td> </tr> </table> Capital Appreciation Value Trust (Series NAV/JAFRX) 0.1162 0.0911 0.1095 S&P 500 Index 0.1788 0.1442 0.1482 40% Bloomberg U.S. Aggregate Bond Index/ 60% S&P 500 Index 0.1370 0.0847 0.0978 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>490,863,021</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">219</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,771,766</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">127<span>%</span></td> </tr> </table> 490863021 219 3771766 1.27 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.625%, 10/31/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.500%, 11/30/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.875%, 07/31/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Becton, Dickinson and Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CenterPoint Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Portfolio Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">64.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Term loans</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-backed securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.625%, 10/31/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.500%, 11/30/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.875%, 07/31/2030</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Becton, Dickinson and Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CenterPoint Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.047 0.044 0.040 0.039 0.037 0.036 0.033 0.032 0.026 0.021 0.640 0.163 0.097 0.074 0.001 0.025 Disciplined Value International Trust Series I JAJHX This annual shareholder report contains important information about the Disciplined Value International Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Disciplined Value International Trust<br/>(Series I/JAJHX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>101</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> </tr> </table> 101 0.0084 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Disciplined Value International Trust (Series I/JAJHX) returned 40.90% for the year ended December 31, 2025. International markets surged during the year as investors shrugged off early tariff concerns and rotated assets away from tech-heavy U.S. equities. A significant and prolonged downturn in the U.S. dollar acted as an additional tailwind for domestic investors with holdings overseas.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>BAE Systems PLC</b> | The industrials sector was the strongest performing area for the year, and the British aerospace and defense company was among the top performers for the portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Samsung Electronics Company, Ltd. </b> | The South Korean electronics company posted solid returns during the year driven by continued strong demand for semiconductor manufacturers, as well as by a number of positive policy developments from the Korean government.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Hikma Pharmaceuticals PLC</b> | The U.K.-based company struggled during the year amid increased competition, supply chain challenges, and a dimmer medium-term outlook, and the stock sold off as a result.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Nomad Foods, Ltd.</b> | The Consumer Staples sector was the weakest-performing sector for the period, and Nomad Foods sold off amid declining revenues, heightened competition, and a change in leadership during the year.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289017.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Disciplined Value International Trust (Series I/JAJHX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">40.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.92<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.22<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.18<span>%</span></td> </tr> </table> Disciplined Value International Trust (Series I/JAJHX) 0.4090 0.1264 0.0892 MSCI EAFE Index 0.3122 0.0892 0.0818 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>343,152,064</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">90</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,980,246</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">72<span>%</span></td> </tr> </table> 343152064 90 1980246 0.72 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Weir Group PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Danske Bank A/S</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sumitomo Mitsui Financial Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rio Tinto, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">HDFC Bank, Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Babcock International Group PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Capgemini SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">25.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">18.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Country Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6289012.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Weir Group PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Danske Bank A/S</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sumitomo Mitsui Financial Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rio Tinto, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">HDFC Bank, Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Babcock International Group PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Capgemini SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.038 0.029 0.025 0.022 0.022 0.022 0.020 0.020 0.019 0.019 0.252 0.182 0.121 0.104 0.069 0.066 0.063 0.059 0.037 0.021 0.026 Disciplined Value International Trust Series II JAJIX This annual shareholder report contains important information about the Disciplined Value International Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Disciplined Value International Trust<br/>(Series II/JAJIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>125</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.04<span>%</span></td> </tr> </table> 125 0.0104 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Disciplined Value International Trust (Series II/JAJIX) returned 40.60% for the year ended December 31, 2025. International markets surged during the year as investors shrugged off early tariff concerns and rotated assets away from tech-heavy U.S. equities. A significant and prolonged downturn in the U.S. dollar acted as an additional tailwind for domestic investors with holdings overseas.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>BAE Systems PLC</b> | The industrials sector was the strongest performing area for the year, and the British aerospace and defense company was among the top performers for the portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Samsung Electronics Company, Ltd. </b> | The South Korean electronics company posted solid returns during the year driven by continued strong demand for semiconductor manufacturers, as well as by a number of positive policy developments from the Korean government.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Hikma Pharmaceuticals PLC</b> | The U.K.-based company struggled during the year amid increased competition, supply chain challenges, and a dimmer medium-term outlook, and the stock sold off as a result.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Nomad Foods, Ltd.</b> | The Consumer Staples sector was the weakest-performing sector for the period, and Nomad Foods sold off amid declining revenues, heightened competition, and a change in leadership during the year.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6288985.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Disciplined Value International Trust (Series II/JAJIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">40.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.22<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.18<span>%</span></td> </tr> </table> Disciplined Value International Trust (Series II/JAJIX) 0.4060 0.1241 0.0869 MSCI EAFE Index 0.3122 0.0892 0.0818 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>343,152,064</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">90</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,980,246</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">72<span>%</span></td> </tr> </table> 343152064 90 1980246 0.72 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Weir Group PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Danske Bank A/S</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sumitomo Mitsui Financial Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rio Tinto, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">HDFC Bank, Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Babcock International Group PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Capgemini SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">25.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">18.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Country Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6288990.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Weir Group PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Danske Bank A/S</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sumitomo Mitsui Financial Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rio Tinto, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">HDFC Bank, Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Babcock International Group PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Capgemini SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.038 0.029 0.025 0.022 0.022 0.022 0.020 0.020 0.019 0.019 0.252 0.182 0.121 0.104 0.069 0.066 0.063 0.059 0.037 0.021 0.026 Disciplined Value International Trust Series NAV JAJJX This annual shareholder report contains important information about the Disciplined Value International Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Disciplined Value International Trust<br/>(Series NAV/JAJJX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>95</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.79<span>%</span></td> </tr> </table> 95 0.0079 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Disciplined Value International Trust (Series NAV/JAJJX) returned 41.02% for the year ended December 31, 2025. International markets surged during the year as investors shrugged off early tariff concerns and rotated assets away from tech-heavy U.S. equities. A significant and prolonged downturn in the U.S. dollar acted as an additional tailwind for domestic investors with holdings overseas.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>BAE Systems PLC</b> | The industrials sector was the strongest performing area for the year, and the British aerospace and defense company was among the top performers for the portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Samsung Electronics Company, Ltd. </b> | The South Korean electronics company posted solid returns during the year driven by continued strong demand for semiconductor manufacturers, as well as by a number of positive policy developments from the Korean government.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Hikma Pharmaceuticals PLC</b> | The U.K.-based company struggled during the year amid increased competition, supply chain challenges, and a dimmer medium-term outlook, and the stock sold off as a result.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Nomad Foods, Ltd.</b> | The Consumer Staples sector was the weakest-performing sector for the period, and Nomad Foods sold off amid declining revenues, heightened competition, and a change in leadership during the year.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6288975.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Disciplined Value International Trust (Series NAV/JAJJX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">41.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.97<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.22<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.18<span>%</span></td> </tr> </table> Disciplined Value International Trust (Series NAV/JAJJX) 0.4102 0.1270 0.0897 MSCI EAFE Index 0.3122 0.0892 0.0818 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>343,152,064</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">90</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,980,246</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">72<span>%</span></td> </tr> </table> 343152064 90 1980246 0.72 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Weir Group PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Danske Bank A/S</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sumitomo Mitsui Financial Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rio Tinto, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">HDFC Bank, Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Babcock International Group PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Capgemini SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">25.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">18.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Country Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6288970.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Weir Group PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Danske Bank A/S</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sumitomo Mitsui Financial Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rio Tinto, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">HDFC Bank, Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Babcock International Group PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Capgemini SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.038 0.029 0.025 0.022 0.022 0.022 0.020 0.020 0.019 0.019 0.252 0.182 0.121 0.104 0.069 0.066 0.063 0.059 0.037 0.021 0.026 Disciplined Value Emerging Markets Equity Trust Series I JAJBX This annual shareholder report contains important information about the Disciplined Value Emerging Markets Equity Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Disciplined Value Emerging Markets Equity Trust<br/>(Series I/JAJBX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>111</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.96<span>%</span></td> </tr> </table> 111 0.0096 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Disciplined Value Emerging Markets Equity Trust (Series I/JAJBX) returned 31.88% for the year ended December 31, 2025. International markets surged during the year as investors shrugged off early tariff concerns and rotated assets away from tech-heavy U.S. equities. A significant and prolonged downturn in the U.S. dollar acted as an additional tailwind for domestic investors with holdings overseas.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Samsung Electronics Company, Ltd.</b> | The South Korean electronics company posted solid returns during the year driven by continued strong demand for semiconductor manufacturers, as well as by a number of positive policy developments from the Korean government.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Taiwan Semiconductor Manufacturing Company, Ltd.</b> | The Taiwanese semiconductor maker benefited from high AI-related demand all year for its chips and high-performance computing products and the stock rose considerably.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>EVA Airways Corp.</b> | The Taiwanese air carrier was down slightly for the year after facing stiffer regional competition and a 10% drop in year-over-year revenue.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Hangzhou GreatStar Industrial Company, Ltd.</b> | This Chinese industrials conglomerate experienced a drop in revenues in 2025 amid fluctuating materials costs and general uncertainty about the strength of the macroeconomic backdrop in China, and the stock declined modestly as a result.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289349.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Disciplined Value Emerging Markets Equity Trust (Series I/JAJBX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Emerging Markets Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.42<span>%</span></td> </tr> </table> Disciplined Value Emerging Markets Equity Trust (Series I/JAJBX) 0.3188 0.0779 0.0850 MSCI Emerging Markets Index 0.3357 0.0420 0.0842 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>270,756,711</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">150</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,837,073</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">199<span>%</span></td> </tr> </table> 270756711 150 1837073 1.99 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Credicorp, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Millicom International Cellular SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DBS Group Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">America Movil SAB de CV, Series B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FirstRand, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rede D'Or Sao Luiz SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">23.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">19.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">18.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Country Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6289344.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Credicorp, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Millicom International Cellular SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DBS Group Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">America Movil SAB de CV, Series B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FirstRand, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rede D'Or Sao Luiz SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.056 0.053 0.039 0.032 0.031 0.029 0.028 0.026 0.024 0.023 0.236 0.191 0.181 0.121 0.061 0.046 0.044 0.042 0.038 0.001 0.039 Disciplined Value Emerging Markets Equity Trust Series II JEMTX This annual shareholder report contains important information about the Disciplined Value Emerging Markets Equity Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Disciplined Value Emerging Markets Equity Trust<br/>(Series II/JEMTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>134</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.16<span>%</span></td> </tr> </table> 134 0.0116 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Disciplined Value Emerging Markets Equity Trust (Series II/JEMTX) returned 31.68% for the year ended December 31, 2025. International markets surged during the year as investors shrugged off early tariff concerns and rotated assets away from tech-heavy U.S. equities. A significant and prolonged downturn in the U.S. dollar acted as an additional tailwind for domestic investors with holdings overseas.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Samsung Electronics Company, Ltd.</b> | The South Korean electronics company posted solid returns during the year driven by continued strong demand for semiconductor manufacturers, as well as by a number of positive policy developments from the Korean government.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Taiwan Semiconductor Manufacturing Company, Ltd.</b> | The Taiwanese semiconductor maker benefited from high AI-related demand all year for its chips and high-performance computing products and the stock rose considerably.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>EVA Airways Corp.</b> | The Taiwanese air carrier was down slightly for the year after facing stiffer regional competition and a 10% drop in year-over-year revenue.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Hangzhou GreatStar Industrial Company, Ltd.</b> | This Chinese industrials conglomerate experienced a drop in revenues in 2025 amid fluctuating materials costs and general uncertainty about the strength of the macroeconomic backdrop in China, and the stock declined modestly as a result.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289329.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Disciplined Value Emerging Markets Equity Trust (Series II/JEMTX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Emerging Markets Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.42<span>%</span></td> </tr> </table> Disciplined Value Emerging Markets Equity Trust (Series II/JEMTX) 0.3168 0.0758 0.0828 MSCI Emerging Markets Index 0.3357 0.0420 0.0842 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>270,756,711</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">150</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,837,073</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">199<span>%</span></td> </tr> </table> 270756711 150 1837073 1.99 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Credicorp, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Millicom International Cellular SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DBS Group Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">America Movil SAB de CV, Series B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FirstRand, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rede D'Or Sao Luiz SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">23.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">19.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">18.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Country Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6289334.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Credicorp, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Millicom International Cellular SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DBS Group Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">America Movil SAB de CV, Series B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FirstRand, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rede D'Or Sao Luiz SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.056 0.053 0.039 0.032 0.031 0.029 0.028 0.026 0.024 0.023 0.236 0.191 0.181 0.121 0.061 0.046 0.044 0.042 0.038 0.001 0.039 Disciplined Value Emerging Markets Equity Trust Series NAV JHVTX This annual shareholder report contains important information about the Disciplined Value Emerging Markets Equity Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Disciplined Value Emerging Markets Equity Trust<br/>(Series NAV/JHVTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>106</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.91<span>%</span></td> </tr> </table> 106 0.0091 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Disciplined Value Emerging Markets Equity Trust (Series NAV/JHVTX) returned 32.00% for the year ended December 31, 2025. International markets surged during the year as investors shrugged off early tariff concerns and rotated assets away from tech-heavy U.S. equities. A significant and prolonged downturn in the U.S. dollar acted as an additional tailwind for domestic investors with holdings overseas.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Samsung Electronics Company, Ltd.</b> | The South Korean electronics company posted solid returns during the year driven by continued strong demand for semiconductor manufacturers, as well as by a number of positive policy developments from the Korean government.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Taiwan Semiconductor Manufacturing Company, Ltd.</b> | The Taiwanese semiconductor maker benefited from high AI-related demand all year for its chips and high-performance computing products and the stock rose considerably.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>EVA Airways Corp.</b> | The Taiwanese air carrier was down slightly for the year after facing stiffer regional competition and a 10% drop in year-over-year revenue.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Hangzhou GreatStar Industrial Company, Ltd.</b> | This Chinese industrials conglomerate experienced a drop in revenues in 2025 amid fluctuating materials costs and general uncertainty about the strength of the macroeconomic backdrop in China, and the stock declined modestly as a result.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289307.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Disciplined Value Emerging Markets Equity Trust (Series NAV/JHVTX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.83<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Emerging Markets Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.42<span>%</span></td> </tr> </table> Disciplined Value Emerging Markets Equity Trust (Series NAV/JHVTX) 0.3200 0.0783 0.0856 MSCI Emerging Markets Index 0.3357 0.0420 0.0842 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>270,756,711</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">150</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,837,073</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">199<span>%</span></td> </tr> </table> 270756711 150 1837073 1.99 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Credicorp, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Millicom International Cellular SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DBS Group Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">America Movil SAB de CV, Series B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FirstRand, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rede D'Or Sao Luiz SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">23.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">19.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">18.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Country Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6289302.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Credicorp, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Millicom International Cellular SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DBS Group Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">America Movil SAB de CV, Series B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FirstRand, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rede D'Or Sao Luiz SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.056 0.053 0.039 0.032 0.031 0.029 0.028 0.026 0.024 0.023 0.236 0.191 0.181 0.121 0.061 0.046 0.044 0.042 0.038 0.001 0.039 Equity Income Trust Series I JAEGX This annual shareholder report contains important information about the Equity Income Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Equity Income Trust<br/>(Series I/JAEGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>81</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.76<span>%</span></td> </tr> </table> 81 0.0076 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Equity Income Trust (Series I/JAEGX) returned 14.39% for the year ended December 31, 2025. Major U.S. stock market indexes rose in 2025. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, and investors favored artificial intelligence-related businesses and other high-growth companies. In addition, the Federal Reserve resumed easing, beginning with a September rate cut.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector contributed in absolute performance driven by Citigroup, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector also contributed in absolute terms driven by General Electric Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector contributed by posting positive absolute returns for the period driven by Samsung Electronics Company, Ltd.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | Materials detracted from absolute performance dragged down by International Paper Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Real estate</b> | The real estate sector also detracted by posting negative absolute returns for the period dragged down by Weyerhaeuser Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290920.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Equity Income Trust (Series I/JAEGX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.47<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.59<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.53<span>%</span></td> </tr> </table> Equity Income Trust (Series I/JAEGX) 0.1439 0.1110 0.1047 Russell 1000 Index 0.1737 0.1359 0.1459 Russell 1000 Value Index 0.1591 0.1133 0.1053 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>866,320,388</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">128</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,964,586</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">25<span>%</span></td> </tr> </table> 866320388 128 5964586 0.25 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Qualcomm, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MetLife, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Charles Schwab Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Southern Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">L3Harris Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Qualcomm, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MetLife, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Charles Schwab Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Southern Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">L3Harris Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.021 0.021 0.021 0.020 0.020 0.019 0.019 0.017 0.015 0.015 0.229 0.142 0.134 0.102 0.084 0.068 0.067 0.060 0.042 0.035 0.029 0.008 Equity Income Trust Series II JAEFX This annual shareholder report contains important information about the Equity Income Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Equity Income Trust<br/>(Series II/JAEFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>103</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.96<span>%</span></td> </tr> </table> 103 0.0096 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Equity Income Trust (Series II/JAEFX) returned 14.18% for the year ended December 31, 2025. Major U.S. stock market indexes rose in 2025. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, and investors favored artificial intelligence-related businesses and other high-growth companies. In addition, the Federal Reserve resumed easing, beginning with a September rate cut.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector contributed in absolute performance driven by Citigroup, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector also contributed in absolute terms driven by General Electric Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector contributed by posting positive absolute returns for the period driven by Samsung Electronics Company, Ltd.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | Materials detracted from absolute performance dragged down by International Paper Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Real estate</b> | The real estate sector also detracted by posting negative absolute returns for the period dragged down by Weyerhaeuser Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290889.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Equity Income Trust (Series II/JAEFX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.25<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.59<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.53<span>%</span></td> </tr> </table> Equity Income Trust (Series II/JAEFX) 0.1418 0.1088 0.1025 Russell 1000 Index 0.1737 0.1359 0.1459 Russell 1000 Value Index 0.1591 0.1133 0.1053 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>866,320,388</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">128</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,964,586</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">25<span>%</span></td> </tr> </table> 866320388 128 5964586 0.25 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Qualcomm, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MetLife, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Charles Schwab Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Southern Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">L3Harris Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Qualcomm, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MetLife, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Charles Schwab Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Southern Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">L3Harris Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.021 0.021 0.021 0.020 0.020 0.019 0.019 0.017 0.015 0.015 0.229 0.142 0.134 0.102 0.084 0.068 0.067 0.060 0.042 0.035 0.029 0.008 Equity Income Trust Series NAV JAEEX This annual shareholder report contains important information about the Equity Income Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Equity Income Trust<br/>(Series NAV/JAEEX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>76</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.71<span>%</span></td> </tr> </table> 76 0.0071 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Equity Income Trust (Series NAV/JAEEX) returned 14.42% for the year ended December 31, 2025. Major U.S. stock market indexes rose in 2025. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, and investors favored artificial intelligence-related businesses and other high-growth companies. In addition, the Federal Reserve resumed easing, beginning with a September rate cut.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector contributed in absolute performance driven by Citigroup, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector also contributed in absolute terms driven by General Electric Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector contributed by posting positive absolute returns for the period driven by Samsung Electronics Company, Ltd.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | Materials detracted from absolute performance dragged down by International Paper Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Real estate</b> | The real estate sector also detracted by posting negative absolute returns for the period dragged down by Weyerhaeuser Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290868.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Equity Income Trust (Series NAV/JAEEX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.59<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.53<span>%</span></td> </tr> </table> Equity Income Trust (Series NAV/JAEEX) 0.1442 0.1115 0.1052 Russell 1000 Index 0.1737 0.1359 0.1459 Russell 1000 Value Index 0.1591 0.1133 0.1053 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>866,320,388</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">128</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,964,586</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">25<span>%</span></td> </tr> </table> 866320388 128 5964586 0.25 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Qualcomm, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MetLife, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Charles Schwab Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Southern Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">L3Harris Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Qualcomm, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MetLife, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Charles Schwab Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Southern Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">L3Harris Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.021 0.021 0.021 0.020 0.020 0.019 0.019 0.017 0.015 0.015 0.229 0.142 0.134 0.102 0.084 0.068 0.067 0.060 0.042 0.035 0.029 0.008 Financial Industries Trust Series I JEFSX This annual shareholder report contains important information about the Financial Industries Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Financial Industries Trust<br/>(Series I/JEFSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>99</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td> </tr> </table> 99 0.0093 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Financial Industries Trust (Series I/JEFSX) returned 12.00% for the year ended December 31, 2025. Stocks strengthened as late year interest rate cuts, solid corporate earnings, and continued enthusiasm for artificial intelligence related companies supported market gains. Financial institutions and regional banks managed credit and funding cost pressures—especially from commercial real estate—while benefiting from stabilizing deposits and an improving operating environment.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Citigroup, Inc.</b> | This multinational investment bank and financial services company was the largest contributor to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other portfolio holdings </b> | JPMorgan Chase &amp; Co., NNGroup NV, and Wells Fargo &amp; Company also contributed positively to the fund’s overall performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fiserv, Inc.</b> | This global fintech and payments company with solutions for banking was the largest detractor to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other portfolio holdings </b> | Apollo Global Management, Inc. and KKR &amp; Company, Inc. also detracted from performance on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290210.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Financial Industries Trust (Series I/JEFSX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.54<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Financials Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.18<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lipper Financial Services Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> </tr> </table> Financial Industries Trust (Series I/JEFSX) 0.1200 0.1144 0.1054 S&P 500 Index 0.1788 0.1442 0.1482 S&P 500 Financials Index 0.1502 0.1527 0.1318 Lipper Financial Services Index 0.1570 0.1544 0.1231 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>139,625,766</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,067,883</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">75<span>%</span></td> </tr> </table> 139625766 42 1067883 0.75 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citizens Financial Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Capital One Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Morgan Stanley</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Charles Schwab Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Columbia Banking System, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Visa, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Regions Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Industry Composition </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">51.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital markets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer finance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citizens Financial Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Capital One Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Morgan Stanley</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Charles Schwab Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Columbia Banking System, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Visa, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Regions Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.045 0.044 0.043 0.042 0.042 0.042 0.035 0.034 0.033 0.032 0.518 0.207 0.147 0.066 0.053 0.009 Financial Industries Trust Series II JEFCX This annual shareholder report contains important information about the Financial Industries Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Financial Industries Trust<br/>(Series II/JEFCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>120</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td> </tr> </table> 120 0.0113 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Financial Industries Trust (Series II/JEFCX) returned 11.82% for the year ended December 31, 2025. Stocks strengthened as late year interest rate cuts, solid corporate earnings, and continued enthusiasm for artificial intelligence related companies supported market gains. Financial institutions and regional banks managed credit and funding cost pressures—especially from commercial real estate—while benefiting from stabilizing deposits and an improving operating environment.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Citigroup, Inc.</b> | This multinational investment bank and financial services company was the largest contributor to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other portfolio holdings </b> | JPMorgan Chase &amp; Co., NNGroup NV, and Wells Fargo &amp; Company also contributed positively to the fund’s overall performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fiserv, Inc.</b> | This global fintech and payments company with solutions for banking was the largest detractor to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other portfolio holdings </b> | Apollo Global Management, Inc. and KKR &amp; Company, Inc. also detracted from performance on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290179.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Financial Industries Trust (Series II/JEFCX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.21<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.32<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Financials Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.18<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lipper Financial Services Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> </tr> </table> Financial Industries Trust (Series II/JEFCX) 0.1182 0.1121 0.1032 S&P 500 Index 0.1788 0.1442 0.1482 S&P 500 Financials Index 0.1502 0.1527 0.1318 Lipper Financial Services Index 0.1570 0.1544 0.1231 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>139,625,766</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,067,883</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">75<span>%</span></td> </tr> </table> 139625766 42 1067883 0.75 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citizens Financial Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Capital One Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Morgan Stanley</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Charles Schwab Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Columbia Banking System, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Visa, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Regions Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Industry Composition </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">51.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital markets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer finance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citizens Financial Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Capital One Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Morgan Stanley</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Charles Schwab Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Columbia Banking System, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Visa, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Regions Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.045 0.044 0.043 0.042 0.042 0.042 0.035 0.034 0.033 0.032 0.518 0.207 0.147 0.066 0.053 0.009 Financial Industries Trust Series NAV JAFNX This annual shareholder report contains important information about the Financial Industries Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Financial Industries Trust<br/>(Series NAV/JAFNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>93</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.88<span>%</span></td> </tr> </table> 93 0.0088 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Financial Industries Trust (Series NAV/JAFNX) returned 12.11% for the year ended December 31, 2025. Stocks strengthened as late year interest rate cuts, solid corporate earnings, and continued enthusiasm for artificial intelligence related companies supported market gains. Financial institutions and regional banks managed credit and funding cost pressures—especially from commercial real estate—while benefiting from stabilizing deposits and an improving operating environment.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Citigroup, Inc.</b> | This multinational investment bank and financial services company was the largest contributor to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other portfolio holdings </b> | JPMorgan Chase &amp; Co., NNGroup NV, and Wells Fargo &amp; Company also contributed positively to the fund’s overall performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fiserv, Inc.</b> | This global fintech and payments company with solutions for banking was the largest detractor to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other portfolio holdings </b> | Apollo Global Management, Inc. and KKR &amp; Company, Inc. also detracted from performance on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290170.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Financial Industries Trust (Series NAV/JAFNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.49<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.60<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Financials Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.18<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lipper Financial Services Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> </tr> </table> Financial Industries Trust (Series NAV/JAFNX) 0.1211 0.1149 0.1060 S&P 500 Index 0.1788 0.1442 0.1482 S&P 500 Financials Index 0.1502 0.1527 0.1318 Lipper Financial Services Index 0.1570 0.1544 0.1231 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>139,625,766</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,067,883</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">75<span>%</span></td> </tr> </table> 139625766 42 1067883 0.75 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citizens Financial Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Capital One Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Morgan Stanley</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Charles Schwab Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Columbia Banking System, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Visa, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Regions Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Industry Composition </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">51.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital markets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer finance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citizens Financial Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Capital One Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Morgan Stanley</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">JPMorgan Chase &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Charles Schwab Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Columbia Banking System, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Visa, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Regions Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.045 0.044 0.043 0.042 0.042 0.042 0.035 0.034 0.033 0.032 0.518 0.207 0.147 0.066 0.053 0.009 Fundamental All Cap Core Trust Series I JEQAX This annual shareholder report contains important information about the Fundamental All Cap Core Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fundamental All Cap Core Trust<br/>(Series I/JEQAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>78</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.76<span>%</span></td> </tr> </table> 78 0.0076 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Fundamental All Cap Core Trust (Series I/JEQAX) returned 4.78% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Communication services </b> | The communication services sector contributed to absolute performance by posting positive returns for the period driven by Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | The information technology sector also contributed to absolute performance. NVIDIA Corp., Samsung Electronics Company, Ltd., and Oracle Corp. were leading performers in this sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The financials and health care sectors were other contributing sectors to absolute performance with holdings in The Goldman Sachs Group, Inc. and Hologic, Inc., respectively.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary </b> | Consumer discretionary detracted the most from absolute fund performance with holdings in Lennar Corp., Mobileye Global, Inc., and CarMax, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples </b> | The consumer staples sector was another fund performance detractor led by Post Holdings, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291541.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fundamental All Cap Core Trust (Series I/JEQAX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.74<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> </table> Fundamental All Cap Core Trust (Series I/JEQAX) 0.0478 0.1174 0.1374 Russell 3000 Index 0.1715 0.1315 0.1429 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>2,569,447,636</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">53</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>16,669,106</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">41<span>%</span></td> </tr> </table> 2569447636 53 16669106 0.41 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KKR &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cheniere Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lennar Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Workday, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KKR &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cheniere Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lennar Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Workday, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.078 0.072 0.066 0.039 0.038 0.033 0.031 0.030 0.027 0.027 0.280 0.181 0.177 0.119 0.085 0.048 0.042 0.031 0.024 0.013 Fundamental All Cap Core Trust Series II JFLGX This annual shareholder report contains important information about the Fundamental All Cap Core Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fundamental All Cap Core Trust<br/>(Series II/JFLGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>98</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.96<span>%</span></td> </tr> </table> 98 0.0096 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Fundamental All Cap Core Trust (Series II/JFLGX) returned 4.57% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Communication services </b> | The communication services sector contributed to absolute performance by posting positive returns for the period driven by Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | The information technology sector also contributed to absolute performance. NVIDIA Corp., Samsung Electronics Company, Ltd., and Oracle Corp. were leading performers in this sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The financials and health care sectors were other contributing sectors to absolute performance with holdings in The Goldman Sachs Group, Inc. and Hologic, Inc., respectively.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary </b> | Consumer discretionary detracted the most from absolute fund performance with holdings in Lennar Corp., Mobileye Global, Inc., and CarMax, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples </b> | The consumer staples sector was another fund performance detractor led by Post Holdings, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291511.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fundamental All Cap Core Trust (Series II/JFLGX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.51<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> </table> Fundamental All Cap Core Trust (Series II/JFLGX) 0.0457 0.1151 0.1351 Russell 3000 Index 0.1715 0.1315 0.1429 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>2,569,447,636</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">53</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>16,669,106</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">41<span>%</span></td> </tr> </table> 2569447636 53 16669106 0.41 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KKR &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cheniere Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lennar Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Workday, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KKR &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cheniere Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lennar Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Workday, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.078 0.072 0.066 0.039 0.038 0.033 0.031 0.030 0.027 0.027 0.280 0.181 0.177 0.119 0.085 0.048 0.042 0.031 0.024 0.013 Fundamental All Cap Core Trust Series NAV JADDX This annual shareholder report contains important information about the Fundamental All Cap Core Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fundamental All Cap Core Trust<br/>(Series NAV/JADDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>73</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.71<span>%</span></td> </tr> </table> 73 0.0071 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Fundamental All Cap Core Trust (Series NAV/JADDX) returned 4.84% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Communication services </b> | The communication services sector contributed to absolute performance by posting positive returns for the period driven by Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | The information technology sector also contributed to absolute performance. NVIDIA Corp., Samsung Electronics Company, Ltd., and Oracle Corp. were leading performers in this sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The financials and health care sectors were other contributing sectors to absolute performance with holdings in The Goldman Sachs Group, Inc. and Hologic, Inc., respectively.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary </b> | Consumer discretionary detracted the most from absolute fund performance with holdings in Lennar Corp., Mobileye Global, Inc., and CarMax, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples </b> | The consumer staples sector was another fund performance detractor led by Post Holdings, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291501.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fundamental All Cap Core Trust (Series NAV/JADDX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.80<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> </table> Fundamental All Cap Core Trust (Series NAV/JADDX) 0.0484 0.1179 0.1380 Russell 3000 Index 0.1715 0.1315 0.1429 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>2,569,447,636</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">53</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>16,669,106</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">41<span>%</span></td> </tr> </table> 2569447636 53 16669106 0.41 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KKR &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cheniere Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lennar Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Workday, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KKR &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cheniere Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lennar Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Workday, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.078 0.072 0.066 0.039 0.038 0.033 0.031 0.030 0.027 0.027 0.280 0.181 0.177 0.119 0.085 0.048 0.042 0.031 0.024 0.013 Fundamental Large Cap Value Trust Series I JVFLX This annual shareholder report contains important information about the Fundamental Large Cap Value Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fundamental Large Cap Value Trust<br/>(Series I/JVFLX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>83</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.77<span>%</span></td> </tr> </table> 83 0.0077 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Fundamental Large Cap Value Trust (Series I/JVFLX) returned 15.93% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector contributed to absolute performance by posting positive returns for the period driven by Nasdaq, Inc. and Citigroup, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | The information technology also contributed to absolute performance. Samsung Electronics Company, Ltd., and Oracle Corp. were leading performers in this sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The industrials and health care sectors were other contributing sectors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary </b> | The consumer discretionary sector detracted the most from absolute fund performance with holdings in Mobileye Global, Inc., Lennar Corp., and CarMax, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Materials </b> | The materials sector was another fund performance detractor led by LyondellBasell Industries NV.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291182.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fundamental Large Cap Value Trust (Series I/JVFLX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.93<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.59<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.53<span>%</span></td> </tr> </table> Fundamental Large Cap Value Trust (Series I/JVFLX) 0.1593 0.1490 0.1258 Russell 1000 Index 0.1737 0.1359 0.1459 Russell 1000 Value Index 0.1591 0.1133 0.1053 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>837,832,910</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,432,814</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 837832910 64 5432814 0.15 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cheniere Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nasdaq, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elanco Animal Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Crown Castle, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KKR &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">GSK PLC, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cheniere Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nasdaq, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elanco Animal Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Crown Castle, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KKR &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">GSK PLC, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.041 0.038 0.037 0.036 0.034 0.033 0.030 0.029 0.026 0.025 0.200 0.161 0.134 0.116 0.087 0.083 0.074 0.068 0.029 0.010 0.038 Fundamental Large Cap Value Trust Series II JADJX This annual shareholder report contains important information about the Fundamental Large Cap Value Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fundamental Large Cap Value Trust<br/>(Series II/JADJX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>105</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.97<span>%</span></td> </tr> </table> 105 0.0097 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Fundamental Large Cap Value Trust (Series II/JADJX) returned 15.71% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector contributed to absolute performance by posting positive returns for the period driven by Nasdaq, Inc. and Citigroup, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | The information technology also contributed to absolute performance. Samsung Electronics Company, Ltd., and Oracle Corp. were leading performers in this sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The industrials and health care sectors were other contributing sectors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary </b> | The consumer discretionary sector detracted the most from absolute fund performance with holdings in Mobileye Global, Inc., Lennar Corp., and CarMax, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Materials </b> | The materials sector was another fund performance detractor led by LyondellBasell Industries NV.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291151.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fundamental Large Cap Value Trust (Series II/JADJX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.71<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.36<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.59<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.53<span>%</span></td> </tr> </table> Fundamental Large Cap Value Trust (Series II/JADJX) 0.1571 0.1468 0.1236 Russell 1000 Index 0.1737 0.1359 0.1459 Russell 1000 Value Index 0.1591 0.1133 0.1053 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>837,832,910</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,432,814</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 837832910 64 5432814 0.15 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cheniere Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nasdaq, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elanco Animal Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Crown Castle, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KKR &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">GSK PLC, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cheniere Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nasdaq, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elanco Animal Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Crown Castle, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KKR &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">GSK PLC, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.041 0.038 0.037 0.036 0.034 0.033 0.030 0.029 0.026 0.025 0.200 0.161 0.134 0.116 0.087 0.083 0.074 0.068 0.029 0.010 0.038 Fundamental Large Cap Value Trust Series NAV JADIX This annual shareholder report contains important information about the Fundamental Large Cap Value Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fundamental Large Cap Value Trust<br/>(Series NAV/JADIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>78</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.72<span>%</span></td> </tr> </table> 78 0.0072 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Fundamental Large Cap Value Trust (Series NAV/JADIX) returned 16.01% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector contributed to absolute performance by posting positive returns for the period driven by Nasdaq, Inc. and Citigroup, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | The information technology also contributed to absolute performance. Samsung Electronics Company, Ltd., and Oracle Corp. were leading performers in this sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The industrials and health care sectors were other contributing sectors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary </b> | The consumer discretionary sector detracted the most from absolute fund performance with holdings in Mobileye Global, Inc., Lennar Corp., and CarMax, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Materials </b> | The materials sector was another fund performance detractor led by LyondellBasell Industries NV.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291142.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fundamental Large Cap Value Trust (Series NAV/JADIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.64<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.59<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.53<span>%</span></td> </tr> </table> Fundamental Large Cap Value Trust (Series NAV/JADIX) 0.1601 0.1496 0.1264 Russell 1000 Index 0.1737 0.1359 0.1459 Russell 1000 Value Index 0.1591 0.1133 0.1053 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>837,832,910</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,432,814</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 837832910 64 5432814 0.15 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cheniere Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nasdaq, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elanco Animal Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Crown Castle, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KKR &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">GSK PLC, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cheniere Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nasdaq, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elevance Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Elanco Animal Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hologic, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Crown Castle, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">KKR &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">GSK PLC, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.041 0.038 0.037 0.036 0.034 0.033 0.030 0.029 0.026 0.025 0.200 0.161 0.134 0.116 0.087 0.083 0.074 0.068 0.029 0.010 0.038 Global Equity Trust Series I JEFGX This annual shareholder report contains important information about the Global Equity Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Global Equity Trust<br/>(Series I/JEFGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>101</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td> </tr> </table> 101 0.0093 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Global Equity Trust (Series I/JEFGX) returned 18.13% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector contributed to absolute performance by posting positive returns for the period and was led by holdings in ING Groep NV and Wells Fargo &amp; Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | The information technology sector also contributed to absolute performance. Samsung Electronics Company, Ltd., and Oracle Corp. were leading performers in this sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The industrials and materials sectors were other contributing sectors to absolute performance and were led by L3Harris Technologies, Inc. and CRH PLC, respectively.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors </b> | There were no meaningful detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289100.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Global Equity Trust (Series I/JEFGX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.12<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.34<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.17<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.23<span>%</span></td> </tr> </table> Global Equity Trust (Series I/JEFGX) 0.1813 0.1012 0.0834 MSCI World Index 0.2109 0.1215 0.1217 MSCI World Value Index 0.2079 0.1135 0.0923 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>300,694,650</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,334,505</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 300694650 66 2334505 0.42 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">McKesson Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ING Groep NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CRH PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Wells Fargo &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Deutsche Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CSX Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sumitomo Mitsui Trust Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Country Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6289095.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">McKesson Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ING Groep NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CRH PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Wells Fargo &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Deutsche Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CSX Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sumitomo Mitsui Trust Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.029 0.028 0.027 0.025 0.025 0.024 0.023 0.023 0.022 0.022 0.247 0.168 0.105 0.095 0.093 0.084 0.054 0.053 0.046 0.036 0.010 0.009 Global Equity Trust Series II JAJFX This annual shareholder report contains important information about the Global Equity Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Global Equity Trust<br/>(Series II/JAJFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>123</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td> </tr> </table> 123 0.0113 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Global Equity Trust (Series II/JAJFX) returned 17.91% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector contributed to absolute performance by posting positive returns for the period and was led by holdings in ING Groep NV and Wells Fargo &amp; Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | The information technology sector also contributed to absolute performance. Samsung Electronics Company, Ltd., and Oracle Corp. were leading performers in this sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The industrials and materials sectors were other contributing sectors to absolute performance and were led by L3Harris Technologies, Inc. and CRH PLC, respectively.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors </b> | There were no meaningful detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289068.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Global Equity Trust (Series II/JAJFX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.89<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.13<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.17<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.23<span>%</span></td> </tr> </table> Global Equity Trust (Series II/JAJFX) 0.1791 0.0989 0.0813 MSCI World Index 0.2109 0.1215 0.1217 MSCI World Value Index 0.2079 0.1135 0.0923 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>300,694,650</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,334,505</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 300694650 66 2334505 0.42 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">McKesson Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ING Groep NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CRH PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Wells Fargo &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Deutsche Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CSX Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sumitomo Mitsui Trust Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Country Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6289073.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">McKesson Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ING Groep NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CRH PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Wells Fargo &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Deutsche Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CSX Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sumitomo Mitsui Trust Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.029 0.028 0.027 0.025 0.025 0.024 0.023 0.023 0.022 0.022 0.247 0.168 0.105 0.095 0.093 0.084 0.054 0.053 0.046 0.036 0.010 0.009 Global Equity Trust Series NAV JAJGX This annual shareholder report contains important information about the Global Equity Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Global Equity Trust<br/>(Series NAV/JAJGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>96</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.88<span>%</span></td> </tr> </table> 96 0.0088 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Global Equity Trust (Series NAV/JAJGX) returned 18.20% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector contributed to absolute performance by posting positive returns for the period and was led by holdings in ING Groep NV and Wells Fargo &amp; Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | The information technology sector also contributed to absolute performance. Samsung Electronics Company, Ltd., and Oracle Corp. were leading performers in this sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The industrials and materials sectors were other contributing sectors to absolute performance and were led by L3Harris Technologies, Inc. and CRH PLC, respectively.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors </b> | There were no meaningful detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289058.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Global Equity Trust (Series NAV/JAJGX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.39<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.17<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.23<span>%</span></td> </tr> </table> Global Equity Trust (Series NAV/JAJGX) 0.1820 0.1017 0.0839 MSCI World Index 0.2109 0.1215 0.1217 MSCI World Value Index 0.2079 0.1135 0.0923 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>300,694,650</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,334,505</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 300694650 66 2334505 0.42 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">McKesson Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ING Groep NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CRH PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Wells Fargo &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Deutsche Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CSX Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sumitomo Mitsui Trust Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Country Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6289053.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">McKesson Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ING Groep NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CRH PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Citigroup, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Wells Fargo &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Deutsche Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CSX Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sumitomo Mitsui Trust Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.029 0.028 0.027 0.025 0.025 0.024 0.023 0.023 0.022 0.022 0.247 0.168 0.105 0.095 0.093 0.084 0.054 0.053 0.046 0.036 0.010 0.009 Health Sciences Trust Series I JEHSX This annual shareholder report contains important information about the Health Sciences Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Health Sciences Trust<br/>(Series I/JEHSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>110</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.00<span>%</span></td> </tr> </table> 110 0.0100 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Health Sciences Trust (Series I/JEHSX) returned 19.49% for the year ended December 31, 2025. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s tariffs, the market rallied after a 90-day pause was declared on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, and investors favored artificial intelligence-related businesses and other high-growth companies. In addition, the Federal Reserve resumed easing, beginning with a September rate cut.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Biotechnolgy</b> | The biotechnology industry contributed to absolute performance driven by Insmed, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Pharmaceuticals</b> | Pharmaceuticals aided absolute performance driven by Eli Lilly &amp; Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Life sciences </b> | The life sciences industry also contributed by posting positive absolute returns for the period driven by Thermo Fisher Scientific, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Services</b> | The services industry detracted by posting negative absolute returns for the period driven by UnitedHealth Group, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer nondurables</b> | The consumer nondurables industry also detracted from absolute performance driven by Monopar Therapeutics, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290302.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Health Sciences Trust (Series I/JEHSX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.49<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lipper Health/Biotechnology Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.18<span>%</span></td> </tr> </table> Health Sciences Trust (Series I/JEHSX) 0.1949 0.0415 0.0870 S&P 500 Index 0.1788 0.1442 0.1482 Lipper Health/Biotechnology Index 0.2202 0.0326 0.0818 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>246,135,019</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">171</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,815,811</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">68<span>%</span></td> </tr> </table> 246135019 171 1815811 0.68 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Intuitive Surgical, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Thermo Fisher Scientific, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Argenx SE, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Stryker Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Danaher Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Regeneron Pharmaceuticals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Industry Composition </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Biotechnology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care equipment and supplies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care providers and services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Life sciences tools and services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Intuitive Surgical, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Thermo Fisher Scientific, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Argenx SE, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Stryker Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Danaher Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Regeneron Pharmaceuticals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.124 0.045 0.043 0.039 0.036 0.033 0.028 0.028 0.028 0.026 0.429 0.220 0.132 0.124 0.088 0.001 0.006 Health Sciences Trust Series II JAFKX This annual shareholder report contains important information about the Health Sciences Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Health Sciences Trust<br/>(Series II/JAFKX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>132</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.20<span>%</span></td> </tr> </table> 132 0.0120 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Health Sciences Trust (Series II/JAFKX) returned 19.22% for the year ended December 31, 2025. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s tariffs, the market rallied after a 90-day pause was declared on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, and investors favored artificial intelligence-related businesses and other high-growth companies. In addition, the Federal Reserve resumed easing, beginning with a September rate cut.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Biotechnolgy</b> | The biotechnology industry contributed to absolute performance driven by Insmed, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Pharmaceuticals</b> | Pharmaceuticals aided absolute performance driven by Eli Lilly &amp; Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Life sciences </b> | The life sciences industry also contributed by posting positive absolute returns for the period driven by Thermo Fisher Scientific, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Services</b> | The services industry detracted by posting negative absolute returns for the period driven by UnitedHealth Group, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer nondurables</b> | The consumer nondurables industry also detracted from absolute performance driven by Monopar Therapeutics, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290271.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Health Sciences Trust (Series II/JAFKX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.22<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.48<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lipper Health/Biotechnology Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.18<span>%</span></td> </tr> </table> Health Sciences Trust (Series II/JAFKX) 0.1922 0.0394 0.0848 S&P 500 Index 0.1788 0.1442 0.1482 Lipper Health/Biotechnology Index 0.2202 0.0326 0.0818 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>246,135,019</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">171</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,815,811</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">68<span>%</span></td> </tr> </table> 246135019 171 1815811 0.68 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Intuitive Surgical, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Thermo Fisher Scientific, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Argenx SE, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Stryker Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Danaher Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Regeneron Pharmaceuticals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Industry Composition </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Biotechnology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care equipment and supplies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care providers and services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Life sciences tools and services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Intuitive Surgical, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Thermo Fisher Scientific, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Argenx SE, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Stryker Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Danaher Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Regeneron Pharmaceuticals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.124 0.045 0.043 0.039 0.036 0.033 0.028 0.028 0.028 0.026 0.429 0.220 0.132 0.124 0.088 0.001 0.006 Health Sciences Trust Series NAV JAFMX This annual shareholder report contains important information about the Health Sciences Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Health Sciences Trust<br/>(Series NAV/JAFMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>104</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.95<span>%</span></td> </tr> </table> 104 0.0095 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Health Sciences Trust (Series NAV/JAFMX) returned 19.53% for the year ended December 31, 2025. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s tariffs, the market rallied after a 90-day pause was declared on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, and investors favored artificial intelligence-related businesses and other high-growth companies. In addition, the Federal Reserve resumed easing, beginning with a September rate cut.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Biotechnolgy</b> | The biotechnology industry contributed to absolute performance driven by Insmed, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Pharmaceuticals</b> | Pharmaceuticals aided absolute performance driven by Eli Lilly &amp; Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Life sciences </b> | The life sciences industry also contributed by posting positive absolute returns for the period driven by Thermo Fisher Scientific, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Services</b> | The services industry detracted by posting negative absolute returns for the period driven by UnitedHealth Group, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer nondurables</b> | The consumer nondurables industry also detracted from absolute performance driven by Monopar Therapeutics, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290250.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Health Sciences Trust (Series NAV/JAFMX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.75<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lipper Health/Biotechnology Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.18<span>%</span></td> </tr> </table> Health Sciences Trust (Series NAV/JAFMX) 0.1953 0.0419 0.0875 S&P 500 Index 0.1788 0.1442 0.1482 Lipper Health/Biotechnology Index 0.2202 0.0326 0.0818 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>246,135,019</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">171</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,815,811</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">68<span>%</span></td> </tr> </table> 246135019 171 1815811 0.68 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Intuitive Surgical, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Thermo Fisher Scientific, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Argenx SE, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Stryker Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Danaher Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Regeneron Pharmaceuticals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Industry Composition </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Biotechnology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pharmaceuticals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care equipment and supplies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care providers and services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Life sciences tools and services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Intuitive Surgical, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Thermo Fisher Scientific, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Argenx SE, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Stryker Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">UnitedHealth Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC, ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AbbVie, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Danaher Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Regeneron Pharmaceuticals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.124 0.045 0.043 0.039 0.036 0.033 0.028 0.028 0.028 0.026 0.429 0.220 0.132 0.124 0.088 0.001 0.006 International Equity Index Trust Series I JIEQX This annual shareholder report contains important information about the International Equity Index Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">International Equity Index Trust<br/>(Series I/JIEQX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>47</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.40<span>%</span></td> </tr> </table> 47 0.0040 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">International Equity Index Trust (Series I/JIEQX) returned 32.50% for the year ended December 31, 2025. Global ex US equity markets delivered broadly positive performance in 2025, supported by easing inflation, currency tailwinds from a softer US dollar, and improving macroeconomic stability across Europe and Asia.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | The top contributors to performance were Taiwan Semiconductor Manufacturing Company, Ltd., Samsung Electronics Company, Ltd., and SK Hynix, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | Across Asia, strong technology demand, particularly in semiconductors, helped drive robust returns in markets such as Taiwan, Korea, and Japan.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Emerging regions</b> | Select emerging regions saw gains supported by falling inflation, accommodative central banks, and commodity-linked strength.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | The top detractors from performance were Novo Nordisk A/S, Meituan, and CSL, Ltd.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | The portfolio’s allocation to Denmark was the largest drag on performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289183.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">International Equity Index Trust (Series I/JIEQX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.50<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI ACWI ex USA Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> </tr> </table> International Equity Index Trust (Series I/JIEQX) 0.3250 0.0764 0.0828 MSCI ACWI ex USA Index 0.3239 0.0791 0.0841 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,193,504,519</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,969</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,315,640</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">4<span>%</span></td> </tr> </table> 1193504519 1969 2315640 0.04 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alibaba Group Holding, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Roche Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Country Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6289178.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alibaba Group Holding, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Roche Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.036 0.015 0.012 0.012 0.010 0.009 0.009 0.008 0.008 0.008 0.248 0.145 0.145 0.098 0.078 0.068 0.059 0.055 0.043 0.031 0.014 0.016 International Equity Index Trust Series II JAJEX This annual shareholder report contains important information about the International Equity Index Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">International Equity Index Trust<br/>(Series II/JAJEX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>70</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.60<span>%</span></td> </tr> </table> 70 0.0060 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">International Equity Index Trust (Series II/JAJEX) returned 32.26% for the year ended December 31, 2025. Global ex US equity markets delivered broadly positive performance in 2025, supported by easing inflation, currency tailwinds from a softer US dollar, and improving macroeconomic stability across Europe and Asia.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | The top contributors to performance were Taiwan Semiconductor Manufacturing Company, Ltd., Samsung Electronics Company, Ltd., and SK Hynix, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | Across Asia, strong technology demand, particularly in semiconductors, helped drive robust returns in markets such as Taiwan, Korea, and Japan.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Emerging regions</b> | Select emerging regions saw gains supported by falling inflation, accommodative central banks, and commodity-linked strength.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | The top detractors from performance were Novo Nordisk A/S, Meituan, and CSL, Ltd.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | The portfolio’s allocation to Denmark was the largest drag on performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289151.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">International Equity Index Trust (Series II/JAJEX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI ACWI ex USA Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> </tr> </table> International Equity Index Trust (Series II/JAJEX) 0.3226 0.0742 0.0807 MSCI ACWI ex USA Index 0.3239 0.0791 0.0841 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,193,504,519</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,969</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,315,640</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">4<span>%</span></td> </tr> </table> 1193504519 1969 2315640 0.04 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alibaba Group Holding, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Roche Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Country Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6289168.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alibaba Group Holding, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Roche Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.036 0.015 0.012 0.012 0.010 0.009 0.009 0.008 0.008 0.008 0.248 0.145 0.145 0.098 0.078 0.068 0.059 0.055 0.043 0.031 0.014 0.016 International Equity Index Trust Series NAV JVANX This annual shareholder report contains important information about the International Equity Index Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">International Equity Index Trust<br/>(Series NAV/JVANX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>41</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.35<span>%</span></td> </tr> </table> 41 0.0035 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">International Equity Index Trust (Series NAV/JVANX) returned 32.57% for the year ended December 31, 2025. Global ex US equity markets delivered broadly positive performance in 2025, supported by easing inflation, currency tailwinds from a softer US dollar, and improving macroeconomic stability across Europe and Asia.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | The top contributors to performance were Taiwan Semiconductor Manufacturing Company, Ltd., Samsung Electronics Company, Ltd., and SK Hynix, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | Across Asia, strong technology demand, particularly in semiconductors, helped drive robust returns in markets such as Taiwan, Korea, and Japan.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Emerging regions</b> | Select emerging regions saw gains supported by falling inflation, accommodative central banks, and commodity-linked strength.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | The top detractors from performance were Novo Nordisk A/S, Meituan, and CSL, Ltd.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | The portfolio’s allocation to Denmark was the largest drag on performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289141.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">International Equity Index Trust (Series NAV/JVANX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.33<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI ACWI ex USA Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> </tr> </table> International Equity Index Trust (Series NAV/JVANX) 0.3257 0.0768 0.0833 MSCI ACWI ex USA Index 0.3239 0.0791 0.0841 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,193,504,519</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,969</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,315,640</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">4<span>%</span></td> </tr> </table> 1193504519 1969 2315640 0.04 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alibaba Group Holding, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Roche Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Country Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6289136.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tencent Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Samsung Electronics Company, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alibaba Group Holding, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Roche Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nestle SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.036 0.015 0.012 0.012 0.010 0.009 0.009 0.008 0.008 0.008 0.248 0.145 0.145 0.098 0.078 0.068 0.059 0.055 0.043 0.031 0.014 0.016 International Small Company Trust Series I JAJCX This annual shareholder report contains important information about the International Small Company Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">International Small Company Trust<br/>(Series I/JAJCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>125</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.06<span>%</span></td> </tr> </table> 125 0.0106 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">International Small Company Trust (Series I/JAJCX) returned 34.98% for the year ended December 31, 2025. Globally, markets reacted favorably to interest rate cuts from central banks and enthusiasm over artificial intelligence buoyed many stocks globally. While returns were largely positive across most sectors and regions, within developed markets several Eurozone countries as well as Canada outperformed, while Korea delivered notably strong returns within emerging markets. During the one-year period, most of the major developed ex US market currencies, such as the Swedish krona and the Swiss franc, appreciated relative to the US dollar while others, such as the Hong Kong dollar, depreciated. Overall, currency movements had a positive impact on the US dollar-denominated returns of the developed ex US market.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Portfolio allocation</b> | The portfolio's allocation to international small cap stocks, excluding those with the lowest profitability and highest relative prices, contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | At the sector level, the portfolio's allocations to industrials and materials contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | At the country level, the portfolio's allocation to Japan contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | At the sector level, the portfolio’s allocations to financials and materials contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | While the portfolio's overall allocation to Germany contributed overall, specific holdings such as Gerresheimer AG and Puma SE detracted from performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289266.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">International Small Company Trust (Series I/JAJCX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">34.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.79<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World ex USA Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.46<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World ex USA Small Cap Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">34.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.49<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.05<span>%</span></td> </tr> </table> International Small Company Trust (Series I/JAJCX) 0.3498 0.0799 0.0779 MSCI World ex USA Index 0.3185 0.0946 0.0855 MSCI World ex USA Small Cap Index 0.3407 0.0649 0.0805 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>114,022,167</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">2,806</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>818,996</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 114022167 2806 818996 0.15 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Helvetia Baloise Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Swiss Prime Site AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BAWAG Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">IAMGOLD Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hudbay Minerals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">China Gold International Resources Corp., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Orion OYJ, Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PSP Swiss Property AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SPIE SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Belimo Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Country Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6289261.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Helvetia Baloise Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Swiss Prime Site AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BAWAG Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">IAMGOLD Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hudbay Minerals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">China Gold International Resources Corp., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Orion OYJ, Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PSP Swiss Property AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SPIE SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Belimo Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.005 0.005 0.004 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.240 0.146 0.135 0.123 0.073 0.055 0.053 0.047 0.045 0.038 0.034 0.011 International Small Company Trust Series II JAADX This annual shareholder report contains important information about the International Small Company Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">International Small Company Trust<br/>(Series II/JAADX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>148</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.26<span>%</span></td> </tr> </table> 148 0.0126 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">International Small Company Trust (Series II/JAADX) returned 34.67% for the year ended December 31, 2025. Globally, markets reacted favorably to interest rate cuts from central banks and enthusiasm over artificial intelligence buoyed many stocks globally. While returns were largely positive across most sectors and regions, within developed markets several Eurozone countries as well as Canada outperformed, while Korea delivered notably strong returns within emerging markets. During the one-year period, most of the major developed ex US market currencies, such as the Swedish krona and the Swiss franc, appreciated relative to the US dollar while others, such as the Hong Kong dollar, depreciated. Overall, currency movements had a positive impact on the US dollar-denominated returns of the developed ex US market.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Portfolio allocation</b> | The portfolio's allocation to international small cap stocks, excluding those with the lowest profitability and highest relative prices, contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | At the sector level, the portfolio's allocations to industrials and materials contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | At the country level, the portfolio's allocation to Japan contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | At the sector level, the portfolio’s allocations to financials and materials contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | While the portfolio's overall allocation to Germany contributed overall, specific holdings such as Gerresheimer AG and Puma SE detracted from performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289246.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">International Small Company Trust (Series II/JAADX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">34.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World ex USA Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.46<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World ex USA Small Cap Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">34.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.49<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.05<span>%</span></td> </tr> </table> International Small Company Trust (Series II/JAADX) 0.3467 0.0777 0.0757 MSCI World ex USA Index 0.3185 0.0946 0.0855 MSCI World ex USA Small Cap Index 0.3407 0.0649 0.0805 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>114,022,167</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">2,806</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>818,996</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 114022167 2806 818996 0.15 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Helvetia Baloise Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Swiss Prime Site AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BAWAG Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">IAMGOLD Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hudbay Minerals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">China Gold International Resources Corp., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Orion OYJ, Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PSP Swiss Property AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SPIE SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Belimo Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Country Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6289251.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Helvetia Baloise Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Swiss Prime Site AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BAWAG Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">IAMGOLD Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hudbay Minerals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">China Gold International Resources Corp., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Orion OYJ, Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PSP Swiss Property AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SPIE SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Belimo Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.005 0.005 0.004 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.240 0.146 0.135 0.123 0.073 0.055 0.053 0.047 0.045 0.038 0.034 0.011 International Small Company Trust Series NAV JAJDX This annual shareholder report contains important information about the International Small Company Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">International Small Company Trust<br/>(Series NAV/JAJDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>119</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.01<span>%</span></td> </tr> </table> 119 0.0101 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">International Small Company Trust (Series NAV/JAJDX) returned 35.01% for the year ended December 31, 2025. Globally, markets reacted favorably to interest rate cuts from central banks and enthusiasm over artificial intelligence buoyed many stocks globally. While returns were largely positive across most sectors and regions, within developed markets several Eurozone countries as well as Canada outperformed, while Korea delivered notably strong returns within emerging markets. During the one-year period, most of the major developed ex US market currencies, such as the Swedish krona and the Swiss franc, appreciated relative to the US dollar while others, such as the Hong Kong dollar, depreciated. Overall, currency movements had a positive impact on the US dollar-denominated returns of the developed ex US market.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Portfolio allocation</b> | The portfolio's allocation to international small cap stocks, excluding those with the lowest profitability and highest relative prices, contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | At the sector level, the portfolio's allocations to industrials and materials contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | At the country level, the portfolio's allocation to Japan contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | At the sector level, the portfolio’s allocations to financials and materials contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | While the portfolio's overall allocation to Germany contributed overall, specific holdings such as Gerresheimer AG and Puma SE detracted from performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289224.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">International Small Company Trust (Series NAV/JAJDX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World ex USA Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.46<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World ex USA Small Cap Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">34.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.49<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.05<span>%</span></td> </tr> </table> International Small Company Trust (Series NAV/JAJDX) 0.3501 0.0804 0.0785 MSCI World ex USA Index 0.3185 0.0946 0.0855 MSCI World ex USA Small Cap Index 0.3407 0.0649 0.0805 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>114,022,167</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">2,806</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>818,996</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 114022167 2806 818996 0.15 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Helvetia Baloise Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Swiss Prime Site AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BAWAG Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">IAMGOLD Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hudbay Minerals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">China Gold International Resources Corp., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Orion OYJ, Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PSP Swiss Property AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SPIE SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Belimo Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Country Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6289219.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Helvetia Baloise Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Swiss Prime Site AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BAWAG Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">IAMGOLD Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hudbay Minerals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">China Gold International Resources Corp., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Orion OYJ, Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PSP Swiss Property AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SPIE SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Belimo Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.005 0.005 0.004 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.240 0.146 0.135 0.123 0.073 0.055 0.053 0.047 0.045 0.038 0.034 0.011 Lifestyle Balanced Portfolio Series I JHBPX This annual shareholder report contains important information about the Lifestyle Balanced Portfolio (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Balanced Portfolio<br/>(Series I/JHBPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>13</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.12<span>%</span></td> </tr> </table> 13 0.0012 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Lifestyle Balanced Portfolio (Series I/JHBPX) returned 14.10% for the year ended December 31, 2025. Global equity markets generated positive returns during the year, with performance contributions varying across regions and sectors. While large capitalization technology oriented companies supported equity returns, market leadership broadened over the period. Value oriented stocks and developed markets international equities also posted gains. Fixed income markets recorded positive performance, with credit oriented and shorter duration securities generally outperforming other segments.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Equity allocation</b> | International and U.S. large-cap stocks were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation </b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No allocation detractors </b> | There were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289628.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lifestyle Balanced Portfolio (Series I/JHBPX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.02<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Morningstar U.S. Moderate Target Allocation Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.88<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">50% Bloomberg U.S. Aggregate Bond Index/ 15% MSCI EAFE Index/ 35% Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.39<span>%</span></td> </tr> </table> Lifestyle Balanced Portfolio (Series I/JHBPX) 0.1410 0.0544 0.0702 S&P 500 Index 0.1788 0.1442 0.1482 Morningstar U.S. Moderate Target Allocation Index 0.1460 0.0754 0.0888 50% Bloomberg U.S. Aggregate Bond Index/ 15% MSCI EAFE Index/ 35% Russell 3000 Index 0.1425 0.0580 0.0739 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>998,797,669</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>359,864</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">12<span>%</span></td> </tr> </table> 998797669 3 359864 0.12 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Asset Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Affiliated investment companies</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>100.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">50.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fixed income</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">49.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 1.000 0.501 0.499 Lifestyle Balanced Portfolio Series II JAILX This annual shareholder report contains important information about the Lifestyle Balanced Portfolio (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Balanced Portfolio<br/>(Series II/JAILX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>34</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.32<span>%</span></td> </tr> </table> 34 0.0032 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Lifestyle Balanced Portfolio (Series II/JAILX) returned 13.81% for the year ended December 31, 2025. Global equity markets generated positive returns during the year, with performance contributions varying across regions and sectors. While large capitalization technology oriented companies supported equity returns, market leadership broadened over the period. Value oriented stocks and developed markets international equities also posted gains. Fixed income markets recorded positive performance, with credit oriented and shorter duration securities generally outperforming other segments.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Equity allocation</b> | International and U.S. large-cap stocks were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation </b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No allocation detractors </b> | There were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289599.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lifestyle Balanced Portfolio (Series II/JAILX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.81<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Morningstar U.S. Moderate Target Allocation Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.88<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">50% Bloomberg U.S. Aggregate Bond Index/ 15% MSCI EAFE Index/ 35% Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.39<span>%</span></td> </tr> </table> Lifestyle Balanced Portfolio (Series II/JAILX) 0.1381 0.0523 0.0681 S&P 500 Index 0.1788 0.1442 0.1482 Morningstar U.S. Moderate Target Allocation Index 0.1460 0.0754 0.0888 50% Bloomberg U.S. Aggregate Bond Index/ 15% MSCI EAFE Index/ 35% Russell 3000 Index 0.1425 0.0580 0.0739 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>998,797,669</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>359,864</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">12<span>%</span></td> </tr> </table> 998797669 3 359864 0.12 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Asset Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Affiliated investment companies</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>100.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">50.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fixed income</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">49.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 1.000 0.501 0.499 Lifestyle Balanced Portfolio Series NAV JAINX This annual shareholder report contains important information about the Lifestyle Balanced Portfolio (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Balanced Portfolio<br/>(Series NAV/JAINX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>7</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.07<span>%</span></td> </tr> </table> 7 0.0007 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Lifestyle Balanced Portfolio (Series NAV/JAINX) returned 14.06% for the year ended December 31, 2025. Global equity markets generated positive returns during the year, with performance contributions varying across regions and sectors. While large capitalization technology oriented companies supported equity returns, market leadership broadened over the period. Value oriented stocks and developed markets international equities also posted gains. Fixed income markets recorded positive performance, with credit oriented and shorter duration securities generally outperforming other segments.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Equity allocation</b> | International and U.S. large-cap stocks were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation </b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No allocation detractors </b> | There were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289578.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lifestyle Balanced Portfolio (Series NAV/JAINX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.49<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Morningstar U.S. Moderate Target Allocation Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.88<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">50% Bloomberg U.S. Aggregate Bond Index/ 15% MSCI EAFE Index/ 35% Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.39<span>%</span></td> </tr> </table> Lifestyle Balanced Portfolio (Series NAV/JAINX) 0.1406 0.0549 0.0707 S&P 500 Index 0.1788 0.1442 0.1482 Morningstar U.S. Moderate Target Allocation Index 0.1460 0.0754 0.0888 50% Bloomberg U.S. Aggregate Bond Index/ 15% MSCI EAFE Index/ 35% Russell 3000 Index 0.1425 0.0580 0.0739 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>998,797,669</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>359,864</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">12<span>%</span></td> </tr> </table> 998797669 3 359864 0.12 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Asset Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Affiliated investment companies</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>100.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">50.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fixed income</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">49.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 1.000 0.501 0.499 Lifestyle Conservative Portfolio Series I JHCIX This annual shareholder report contains important information about the Lifestyle Conservative Portfolio (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Conservative Portfolio<br/>(Series I/JHCIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>14</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.13<span>%</span></td> </tr> </table> 14 0.0013 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Lifestyle Conservative Portfolio (Series I/JHCIX) returned 10.05% for the year ended December 31, 2025. Global equity markets generated positive returns during the year, with performance contributions varying across regions and sectors. While large capitalization technology oriented companies supported equity returns, market leadership broadened over the period. Value oriented stocks and developed markets international equities also posted gains. Fixed income markets recorded positive performance, with credit oriented and shorter duration securities generally outperforming other segments.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation </b> | The fund's fixed income allocation to intermediate term bonds contributed the most to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Equity allocation </b> | The fund's equity allocation to international and U.S. large-cap stocks also contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No allocation detractors </b> | There were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289450.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lifestyle Conservative Portfolio (Series I/JHCIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.16<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.36<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.01<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Morningstar U.S. Conservative Target Allocation Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">80% Bloomberg U.S. Aggregate Bond Index/ 6% MSCI EAFE Index/ 14% Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.19<span>%</span></td> </tr> </table> Lifestyle Conservative Portfolio (Series I/JHCIX) 0.1005 0.0197 0.0416 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 Morningstar U.S. Conservative Target Allocation Index 0.0961 0.0299 0.0467 80% Bloomberg U.S. Aggregate Bond Index/ 6% MSCI EAFE Index/ 14% Russell 3000 Index 0.1006 0.0210 0.0419 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>149,357,321</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">11<span>%</span></td> </tr> </table> 149357321 3 0 0.11 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Asset Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Affiliated investment companies</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>100.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fixed income</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">80.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">19.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 1.000 0.801 0.199 Lifestyle Conservative Portfolio Series II JAIRX This annual shareholder report contains important information about the Lifestyle Conservative Portfolio (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Conservative Portfolio<br/>(Series II/JAIRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>35</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td> </tr> </table> 35 0.0033 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Lifestyle Conservative Portfolio (Series II/JAIRX) returned 9.82% for the year ended December 31, 2025. Global equity markets generated positive returns during the year, with performance contributions varying across regions and sectors. While large capitalization technology oriented companies supported equity returns, market leadership broadened over the period. Value oriented stocks and developed markets international equities also posted gains. Fixed income markets recorded positive performance, with credit oriented and shorter duration securities generally outperforming other segments.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation </b> | The fund's fixed income allocation to intermediate term bonds contributed the most to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Equity allocation </b> | The fund's equity allocation to international and U.S. large-cap stocks also contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No allocation detractors </b> | There were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289409.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lifestyle Conservative Portfolio (Series II/JAIRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.36<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.01<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Morningstar U.S. Conservative Target Allocation Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">80% Bloomberg U.S. Aggregate Bond Index/ 6% MSCI EAFE Index/ 14% Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.19<span>%</span></td> </tr> </table> Lifestyle Conservative Portfolio (Series II/JAIRX) 0.0982 0.0177 0.0395 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 Morningstar U.S. Conservative Target Allocation Index 0.0961 0.0299 0.0467 80% Bloomberg U.S. Aggregate Bond Index/ 6% MSCI EAFE Index/ 14% Russell 3000 Index 0.1006 0.0210 0.0419 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>149,357,321</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">11<span>%</span></td> </tr> </table> 149357321 3 0 0.11 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Asset Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Affiliated investment companies</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>100.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fixed income</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">80.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">19.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 1.000 0.801 0.199 Lifestyle Conservative Portfolio Series NAV JAIQX This annual shareholder report contains important information about the Lifestyle Conservative Portfolio (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Conservative Portfolio<br/>(Series NAV/JAIQX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>8</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.08<span>%</span></td> </tr> </table> 8 0.0008 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Lifestyle Conservative Portfolio (Series NAV/JAIQX) returned 10.07% for the year ended December 31, 2025. Global equity markets generated positive returns during the year, with performance contributions varying across regions and sectors. While large capitalization technology oriented companies supported equity returns, market leadership broadened over the period. Value oriented stocks and developed markets international equities also posted gains. Fixed income markets recorded positive performance, with credit oriented and shorter duration securities generally outperforming other segments.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation </b> | The fund's fixed income allocation to intermediate term bonds contributed the most to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Equity allocation </b> | The fund's equity allocation to international and U.S. large-cap stocks also contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No allocation detractors </b> | There were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289400.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lifestyle Conservative Portfolio (Series NAV/JAIQX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.20<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.36<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.01<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Morningstar U.S. Conservative Target Allocation Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">80% Bloomberg U.S. Aggregate Bond Index/ 6% MSCI EAFE Index/ 14% Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.19<span>%</span></td> </tr> </table> Lifestyle Conservative Portfolio (Series NAV/JAIQX) 0.1007 0.0202 0.0420 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 Morningstar U.S. Conservative Target Allocation Index 0.0961 0.0299 0.0467 80% Bloomberg U.S. Aggregate Bond Index/ 6% MSCI EAFE Index/ 14% Russell 3000 Index 0.1006 0.0210 0.0419 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>149,357,321</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">11<span>%</span></td> </tr> </table> 149357321 3 0 0.11 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Asset Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Affiliated investment companies</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>100.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fixed income</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">80.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">19.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 1.000 0.801 0.199 Lifestyle Growth Portfolio Series I JHGPX This annual shareholder report contains important information about the Lifestyle Growth Portfolio (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Growth Portfolio<br/>(Series I/JHGPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>13</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.12<span>%</span></td> </tr> </table> 13 0.0012 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Lifestyle Growth Portfolio (Series I/JHGPX) returned 16.72% for the year ended December 31, 2025. Global equity markets generated positive returns during the year, with performance contributions varying across regions and sectors. While large capitalization technology oriented companies supported equity returns, market leadership broadened over the period. Value oriented stocks and developed markets international equities also posted gains. Fixed income markets recorded positive performance, with credit oriented and shorter duration securities generally outperforming other segments.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Equity allocation </b> | International and U.S. large-cap stocks were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation </b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No allocation detractors </b> | There were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289717.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lifestyle Growth Portfolio (Series I/JHGPX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.90<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Morningstar U.S. Moderately Aggressive Target Allocation Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.51<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">30% Bloomberg U.S. Aggregate Bond Index/ 21% MSCI EAFE Index/ 49% Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.47<span>%</span></td> </tr> </table> Lifestyle Growth Portfolio (Series I/JHGPX) 0.1672 0.0779 0.0890 S&P 500 Index 0.1788 0.1442 0.1482 Morningstar U.S. Moderately Aggressive Target Allocation Index 0.1772 0.0940 0.1051 30% Bloomberg U.S. Aggregate Bond Index/ 21% MSCI EAFE Index/ 49% Russell 3000 Index 0.1707 0.0827 0.0947 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>5,183,371,691</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,869,916</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">11<span>%</span></td> </tr> </table> 5183371691 3 1869916 0.11 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Asset Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Affiliated investment companies</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>100.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">70.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fixed income</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.5<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 1.000 0.705 0.295 Lifestyle Growth Portfolio Series II JAIKX This annual shareholder report contains important information about the Lifestyle Growth Portfolio (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Growth Portfolio<br/>(Series II/JAIKX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>35</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.32<span>%</span></td> </tr> </table> 35 0.0032 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Lifestyle Growth Portfolio (Series II/JAIKX) returned 16.51% for the year ended December 31, 2025. Global equity markets generated positive returns during the year, with performance contributions varying across regions and sectors. While large capitalization technology oriented companies supported equity returns, market leadership broadened over the period. Value oriented stocks and developed markets international equities also posted gains. Fixed income markets recorded positive performance, with credit oriented and shorter duration securities generally outperforming other segments.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Equity allocation </b> | International and U.S. large-cap stocks were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation </b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No allocation detractors </b> | There were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289688.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lifestyle Growth Portfolio (Series II/JAIKX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Morningstar U.S. Moderately Aggressive Target Allocation Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.51<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">30% Bloomberg U.S. Aggregate Bond Index/ 21% MSCI EAFE Index/ 49% Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.47<span>%</span></td> </tr> </table> Lifestyle Growth Portfolio (Series II/JAIKX) 0.1651 0.0758 0.0869 S&P 500 Index 0.1788 0.1442 0.1482 Morningstar U.S. Moderately Aggressive Target Allocation Index 0.1772 0.0940 0.1051 30% Bloomberg U.S. Aggregate Bond Index/ 21% MSCI EAFE Index/ 49% Russell 3000 Index 0.1707 0.0827 0.0947 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>5,183,371,691</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,869,916</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">11<span>%</span></td> </tr> </table> 5183371691 3 1869916 0.11 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Asset Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Affiliated investment companies</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>100.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">70.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fixed income</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.5<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 1.000 0.705 0.295 Lifestyle Growth Portfolio Series NAV JAIJX This annual shareholder report contains important information about the Lifestyle Growth Portfolio (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Growth Portfolio<br/>(Series NAV/JAIJX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>8</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.07<span>%</span></td> </tr> </table> 8 0.0007 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Lifestyle Growth Portfolio (Series NAV/JAIJX) returned 16.84% for the year ended December 31, 2025. Global equity markets generated positive returns during the year, with performance contributions varying across regions and sectors. While large capitalization technology oriented companies supported equity returns, market leadership broadened over the period. Value oriented stocks and developed markets international equities also posted gains. Fixed income markets recorded positive performance, with credit oriented and shorter duration securities generally outperforming other segments.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Equity allocation </b> | International and U.S. large-cap stocks were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation </b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No allocation detractors </b> | There were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289667.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lifestyle Growth Portfolio (Series NAV/JAIJX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Morningstar U.S. Moderately Aggressive Target Allocation Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.51<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">30% Bloomberg U.S. Aggregate Bond Index/ 21% MSCI EAFE Index/ 49% Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.47<span>%</span></td> </tr> </table> Lifestyle Growth Portfolio (Series NAV/JAIJX) 0.1684 0.0786 0.0896 S&P 500 Index 0.1788 0.1442 0.1482 Morningstar U.S. Moderately Aggressive Target Allocation Index 0.1772 0.0940 0.1051 30% Bloomberg U.S. Aggregate Bond Index/ 21% MSCI EAFE Index/ 49% Russell 3000 Index 0.1707 0.0827 0.0947 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>5,183,371,691</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,869,916</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">11<span>%</span></td> </tr> </table> 5183371691 3 1869916 0.11 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Asset Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Affiliated investment companies</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>100.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">70.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fixed income</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.5<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 1.000 0.705 0.295 Lifestyle Moderate Portfolio Series I JHMPX This annual shareholder report contains important information about the Lifestyle Moderate Portfolio (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Moderate Portfolio<br/>(Series I/JHMPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>14</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.13<span>%</span></td> </tr> </table> 14 0.0013 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Lifestyle Moderate Portfolio (Series I/JHMPX) returned 12.67% for the year ended December 31, 2025. Global equity markets generated positive returns during the year, with performance contributions varying across regions and sectors. While large capitalization technology oriented companies supported equity returns, market leadership broadened over the period. Value oriented stocks and developed markets international equities also posted gains. Fixed income markets recorded positive performance, with credit oriented and shorter duration securities generally outperforming other segments.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Equity allocation </b> | International and U.S. large-cap stocks were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation </b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No allocation detractors </b> | There were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289539.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lifestyle Moderate Portfolio (Series I/JHMPX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.04<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.36<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.01<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Morningstar U.S. Moderately Conservative Target Allocation Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.53<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">60% Bloomberg U.S. Aggregate Bond Index/ 12% MSCI EAFE Index/ 28% Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.33<span>%</span></td> </tr> </table> Lifestyle Moderate Portfolio (Series I/JHMPX) 0.1267 0.0425 0.0604 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 Morningstar U.S. Moderately Conservative Target Allocation Index 0.1235 0.0500 0.0653 60% Bloomberg U.S. Aggregate Bond Index/ 12% MSCI EAFE Index/ 28% Russell 3000 Index 0.1284 0.0456 0.0633 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>270,223,890</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>53,296</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">10<span>%</span></td> </tr> </table> 270223890 3 53296 0.10 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Asset Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Affiliated investment companies</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>100.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fixed income</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">60.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">39.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 1.000 0.601 0.399 Lifestyle Moderate Portfolio Series II JAIPX This annual shareholder report contains important information about the Lifestyle Moderate Portfolio (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Moderate Portfolio<br/>(Series II/JAIPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>35</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td> </tr> </table> 35 0.0033 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Lifestyle Moderate Portfolio (Series II/JAIPX) returned 12.48% for the year ended December 31, 2025. Global equity markets generated positive returns during the year, with performance contributions varying across regions and sectors. While large capitalization technology oriented companies supported equity returns, market leadership broadened over the period. Value oriented stocks and developed markets international equities also posted gains. Fixed income markets recorded positive performance, with credit oriented and shorter duration securities generally outperforming other segments.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Equity allocation </b> | International and U.S. large-cap stocks were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation </b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No allocation detractors </b> | There were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289510.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lifestyle Moderate Portfolio (Series II/JAIPX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.36<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.01<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Morningstar U.S. Moderately Conservative Target Allocation Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.53<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">60% Bloomberg U.S. Aggregate Bond Index/ 12% MSCI EAFE Index/ 28% Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.33<span>%</span></td> </tr> </table> Lifestyle Moderate Portfolio (Series II/JAIPX) 0.1248 0.0405 0.0584 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 Morningstar U.S. Moderately Conservative Target Allocation Index 0.1235 0.0500 0.0653 60% Bloomberg U.S. Aggregate Bond Index/ 12% MSCI EAFE Index/ 28% Russell 3000 Index 0.1284 0.0456 0.0633 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>270,223,890</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>53,296</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">10<span>%</span></td> </tr> </table> 270223890 3 53296 0.10 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Asset Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Affiliated investment companies</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>100.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fixed income</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">60.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">39.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 1.000 0.601 0.399 Lifestyle Moderate Portfolio Series NAV JAIOX This annual shareholder report contains important information about the Lifestyle Moderate Portfolio (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Moderate Portfolio<br/>(Series NAV/JAIOX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>9</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.08<span>%</span></td> </tr> </table> 9 0.0008 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Lifestyle Moderate Portfolio (Series NAV/JAIOX) returned 12.69% for the year ended December 31, 2025. Global equity markets generated positive returns during the year, with performance contributions varying across regions and sectors. While large capitalization technology oriented companies supported equity returns, market leadership broadened over the period. Value oriented stocks and developed markets international equities also posted gains. Fixed income markets recorded positive performance, with credit oriented and shorter duration securities generally outperforming other segments.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Equity allocation </b> | International and U.S. large-cap stocks were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation </b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No allocation detractors </b> | There were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289489.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Lifestyle Moderate Portfolio (Series NAV/JAIOX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.36<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.01<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Morningstar U.S. Moderately Conservative Target Allocation Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.53<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">60% Bloomberg U.S. Aggregate Bond Index/ 12% MSCI EAFE Index/ 28% Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.33<span>%</span></td> </tr> </table> Lifestyle Moderate Portfolio (Series NAV/JAIOX) 0.1269 0.0430 0.0610 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 Morningstar U.S. Moderately Conservative Target Allocation Index 0.1235 0.0500 0.0653 60% Bloomberg U.S. Aggregate Bond Index/ 12% MSCI EAFE Index/ 28% Russell 3000 Index 0.1284 0.0456 0.0633 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>270,223,890</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>53,296</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">10<span>%</span></td> </tr> </table> 270223890 3 53296 0.10 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Asset Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Affiliated investment companies</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>100.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fixed income</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">60.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">39.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> 1.000 0.601 0.399 Mid Cap Growth Trust Series I JAETX This annual shareholder report contains important information about the Mid Cap Growth Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Cap Growth Trust<br/>(Series I/JAETX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>96</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td> </tr> </table> 96 0.0093 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Mid Cap Growth Trust (Series I/JAETX) returned 6.11% for the year ended December 31, 2025. U.S. equities rose over the twelve-month period ending December 31, 2025, buoyed by easing inflation, robust corporate earnings, improved trade sentiment, and above-trend GDP growth. Volatility, initially sparked by tariff escalations, later compounded by artificial intelligence valuation concerns, Federal Reserve policy uncertainty, and a prolonged government shutdown, gradually subsided as trade tensions eased, earnings beat expectations, and consumer spending remained resilient. The Federal Reserve lowered interest rates to bolster a cooling labor market yet maintained caution amid uneven inflation and lingering data gaps following the government shutdown.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | Positions in Palantir Technologies, Inc. and Celestica, Inc. contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | The information technology and health care sectors contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | Positions in Marvell Technology, Inc. and Roblox Corp. were the top detractors from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | The consumer staples and real estate sectors detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290737.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Mid Cap Growth Trust (Series I/JAETX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell Midcap Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.49<span>%</span></td> </tr> </table> Mid Cap Growth Trust (Series I/JAETX) 0.0611 0.0130 0.1169 Russell 3000 Index 0.1715 0.1315 0.1429 Russell Midcap Growth Index 0.0866 0.0665 0.1249 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>630,014,132</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">68</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,243,954</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">143<span>%</span></td> </tr> </table> 630014132 68 5243954 1.43 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Natera, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cloudflare, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vertiv Holdings Company, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Howmet Aerospace, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Quanta Services, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Axon Enterprise, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Marriott International, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Reddit, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Liberty Media Corp.-Liberty Formula One, Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Royal Caribbean Cruises, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Natera, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cloudflare, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vertiv Holdings Company, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Howmet Aerospace, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Quanta Services, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Axon Enterprise, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Marriott International, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Reddit, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Liberty Media Corp.-Liberty Formula One, Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Royal Caribbean Cruises, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.038 0.036 0.032 0.032 0.031 0.028 0.026 0.025 0.024 0.024 0.220 0.198 0.180 0.127 0.090 0.064 0.038 0.036 0.016 0.012 0.019 Mid Cap Growth Trust Series II JAEUX This annual shareholder report contains important information about the Mid Cap Growth Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Cap Growth Trust<br/>(Series II/JAEUX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>116</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td> </tr> </table> 116 0.0113 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Mid Cap Growth Trust (Series II/JAEUX) returned 5.94% for the year ended December 31, 2025. U.S. equities rose over the twelve-month period ending December 31, 2025, buoyed by easing inflation, robust corporate earnings, improved trade sentiment, and above-trend GDP growth. Volatility, initially sparked by tariff escalations, later compounded by artificial intelligence valuation concerns, Federal Reserve policy uncertainty, and a prolonged government shutdown, gradually subsided as trade tensions eased, earnings beat expectations, and consumer spending remained resilient. The Federal Reserve lowered interest rates to bolster a cooling labor market yet maintained caution amid uneven inflation and lingering data gaps following the government shutdown.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | Positions in Palantir Technologies, Inc. and Celestica, Inc. contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | The information technology and health care sectors contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | Positions in Marvell Technology, Inc. and Roblox Corp. were the top detractors from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | The consumer staples and real estate sectors detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290706.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Mid Cap Growth Trust (Series II/JAEUX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.47<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell Midcap Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.49<span>%</span></td> </tr> </table> Mid Cap Growth Trust (Series II/JAEUX) 0.0594 0.0110 0.1147 Russell 3000 Index 0.1715 0.1315 0.1429 Russell Midcap Growth Index 0.0866 0.0665 0.1249 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>630,014,132</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">68</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,243,954</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">143<span>%</span></td> </tr> </table> 630014132 68 5243954 1.43 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Natera, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cloudflare, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vertiv Holdings Company, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Howmet Aerospace, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Quanta Services, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Axon Enterprise, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Marriott International, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Reddit, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Liberty Media Corp.-Liberty Formula One, Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Royal Caribbean Cruises, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Natera, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cloudflare, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vertiv Holdings Company, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Howmet Aerospace, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Quanta Services, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Axon Enterprise, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Marriott International, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Reddit, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Liberty Media Corp.-Liberty Formula One, Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Royal Caribbean Cruises, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.038 0.036 0.032 0.032 0.031 0.028 0.026 0.025 0.024 0.024 0.220 0.198 0.180 0.127 0.090 0.064 0.038 0.036 0.016 0.012 0.019 Mid Cap Growth Trust Series NAV JAEVX This annual shareholder report contains important information about the Mid Cap Growth Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Cap Growth Trust<br/>(Series NAV/JAEVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>91</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.88<span>%</span></td> </tr> </table> 91 0.0088 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Mid Cap Growth Trust (Series NAV/JAEVX) returned 6.17% for the year ended December 31, 2025. U.S. equities rose over the twelve-month period ending December 31, 2025, buoyed by easing inflation, robust corporate earnings, improved trade sentiment, and above-trend GDP growth. Volatility, initially sparked by tariff escalations, later compounded by artificial intelligence valuation concerns, Federal Reserve policy uncertainty, and a prolonged government shutdown, gradually subsided as trade tensions eased, earnings beat expectations, and consumer spending remained resilient. The Federal Reserve lowered interest rates to bolster a cooling labor market yet maintained caution amid uneven inflation and lingering data gaps following the government shutdown.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | Positions in Palantir Technologies, Inc. and Celestica, Inc. contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | The information technology and health care sectors contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | Positions in Marvell Technology, Inc. and Roblox Corp. were the top detractors from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | The consumer staples and real estate sectors detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290697.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Mid Cap Growth Trust (Series NAV/JAEVX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.75<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell Midcap Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.49<span>%</span></td> </tr> </table> Mid Cap Growth Trust (Series NAV/JAEVX) 0.0617 0.0136 0.1175 Russell 3000 Index 0.1715 0.1315 0.1429 Russell Midcap Growth Index 0.0866 0.0665 0.1249 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>630,014,132</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">68</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,243,954</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">143<span>%</span></td> </tr> </table> 630014132 68 5243954 1.43 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Natera, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cloudflare, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vertiv Holdings Company, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Howmet Aerospace, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Quanta Services, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Axon Enterprise, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Marriott International, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Reddit, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Liberty Media Corp.-Liberty Formula One, Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Royal Caribbean Cruises, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Natera, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cloudflare, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vertiv Holdings Company, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Howmet Aerospace, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Quanta Services, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Axon Enterprise, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Marriott International, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Reddit, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Liberty Media Corp.-Liberty Formula One, Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Royal Caribbean Cruises, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.038 0.036 0.032 0.032 0.031 0.028 0.026 0.025 0.024 0.024 0.220 0.198 0.180 0.127 0.090 0.064 0.038 0.036 0.016 0.012 0.019 Mid Cap Index Trust Series I JECIX This annual shareholder report contains important information about the Mid Cap Index Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Cap Index Trust<br/>(Series I/JECIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>48</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.46<span>%</span></td> </tr> </table> 48 0.0046 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Mid Cap Index Trust (Series I/JECIX) returned 6.98% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector contributed to performance by posting positive returns for the period. Comfort Systems USA, Inc. was a leading performer.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | Information technology also contributed to absolute performance with holdings in Ciena Corp. and Lumentum Holdings, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | Interactive Brokers Group, Inc. was a leading performer in the financials sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary</b> | Consumer discretionary detracted from absolute performance with holdings in Duolingo, Inc. and Floor &amp; Decor Holdings, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | Consumer staples was another fund performance detractor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290565.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Mid Cap Index Trust (Series I/JECIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.63<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.23<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P MidCap 400 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.50<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.12<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.72<span>%</span></td> </tr> </table> Mid Cap Index Trust (Series I/JECIX) 0.0698 0.0863 0.1023 Russell 3000 Index 0.1715 0.1315 0.1429 S&P MidCap 400 Index 0.0750 0.0912 0.1072 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,174,805,921</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">404</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,258,140</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">14<span>%</span></td> </tr> </table> 1174805921 404 4258140 0.14 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ciena Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Coherent Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lumentum Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Flex, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Twilio, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">United Therapeutics Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pure Storage, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Casey's General Stores, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curtiss-Wright Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Illumina, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ciena Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Coherent Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lumentum Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Flex, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Twilio, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">United Therapeutics Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pure Storage, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Casey's General Stores, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curtiss-Wright Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Illumina, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.010 0.009 0.008 0.007 0.006 0.006 0.006 0.006 0.006 0.006 0.228 0.162 0.136 0.112 0.086 0.062 0.052 0.041 0.038 0.032 0.019 0.032 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> 2025-06-30 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 Mid Cap Index Trust Series II JAEZX This annual shareholder report contains important information about the Mid Cap Index Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Cap Index Trust<br/>(Series II/JAEZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>68</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.66<span>%</span></td> </tr> </table> 68 0.0066 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Mid Cap Index Trust (Series II/JAEZX) returned 6.81% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector contributed to performance by posting positive returns for the period. Comfort Systems USA, Inc. was a leading performer.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | Information technology also contributed to absolute performance with holdings in Ciena Corp. and Lumentum Holdings, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | Interactive Brokers Group, Inc. was a leading performer in the financials sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary</b> | Consumer discretionary detracted from absolute performance with holdings in Duolingo, Inc. and Floor &amp; Decor Holdings, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | Consumer staples was another fund performance detractor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290534.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Mid Cap Index Trust (Series II/JAEZX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.02<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P MidCap 400 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.50<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.12<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.72<span>%</span></td> </tr> </table> Mid Cap Index Trust (Series II/JAEZX) 0.0681 0.0842 0.1002 Russell 3000 Index 0.1715 0.1315 0.1429 S&P MidCap 400 Index 0.0750 0.0912 0.1072 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,174,805,921</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">404</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,258,140</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">14<span>%</span></td> </tr> </table> 1174805921 404 4258140 0.14 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ciena Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Coherent Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lumentum Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Flex, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Twilio, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">United Therapeutics Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pure Storage, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Casey's General Stores, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curtiss-Wright Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Illumina, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ciena Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Coherent Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lumentum Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Flex, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Twilio, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">United Therapeutics Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pure Storage, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Casey's General Stores, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curtiss-Wright Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Illumina, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.010 0.009 0.008 0.007 0.006 0.006 0.006 0.006 0.006 0.006 0.228 0.162 0.136 0.112 0.086 0.062 0.052 0.041 0.038 0.032 0.019 0.032 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> 2025-06-30 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 Mid Cap Index Trust Series NAV JAEYX This annual shareholder report contains important information about the Mid Cap Index Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Cap Index Trust<br/>(Series NAV/JAEYX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>42</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.41<span>%</span></td> </tr> </table> 42 0.0041 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Mid Cap Index Trust (Series NAV/JAEYX) returned 7.03% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector contributed to performance by posting positive returns for the period. Comfort Systems USA, Inc. was a leading performer.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | Information technology also contributed to absolute performance with holdings in Ciena Corp. and Lumentum Holdings, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | Interactive Brokers Group, Inc. was a leading performer in the financials sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary</b> | Consumer discretionary detracted from absolute performance with holdings in Duolingo, Inc. and Floor &amp; Decor Holdings, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | Consumer staples was another fund performance detractor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290513.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Mid Cap Index Trust (Series NAV/JAEYX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.03<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P MidCap 400 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.50<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.12<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.72<span>%</span></td> </tr> </table> Mid Cap Index Trust (Series NAV/JAEYX) 0.0703 0.0868 0.1029 Russell 3000 Index 0.1715 0.1315 0.1429 S&P MidCap 400 Index 0.0750 0.0912 0.1072 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,174,805,921</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">404</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,258,140</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">14<span>%</span></td> </tr> </table> 1174805921 404 4258140 0.14 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ciena Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Coherent Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lumentum Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Flex, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Twilio, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">United Therapeutics Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pure Storage, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Casey's General Stores, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curtiss-Wright Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Illumina, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ciena Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Coherent Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lumentum Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Flex, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Twilio, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">United Therapeutics Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pure Storage, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Casey's General Stores, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curtiss-Wright Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Illumina, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.010 0.009 0.008 0.007 0.006 0.006 0.006 0.006 0.006 0.006 0.228 0.162 0.136 0.112 0.086 0.062 0.052 0.041 0.038 0.032 0.019 0.032 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> 2025-06-30 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 Mid Value Trust Series I JEMUX This annual shareholder report contains important information about the Mid Value Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Value Trust<br/>(Series I/JEMUX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>95</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.92<span>%</span></td> </tr> </table> 95 0.0092 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Mid Value Trust (Series I/JEMUX) returned 5.85% for the year ended December 31, 2025. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after a 90-day pause was declared on these tariffs for many countries and the administration began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, and investors favored artificial intelligence-related businesses and other high-growth companies. In addition, the Federal Reserve resumed easing with three rate cuts, beginning in September.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector strongly contributed in absolute terms driven by Sandisk Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy sector also contributed in absolute terms driven by TechnipFMC PLC.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector contributed by posting positive absolute returns for the period driven by APi Group Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector also contributed driven by Popular, Inc.<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | The consumer staples sector detracted by posting a negative absolute returns for the period. A position in Lamb Weston Holdings, Inc. weighed on fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Health care</b> | The health care sector further detracted with Perrigo Company PLC. posting a negative return for the period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6288751.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Mid Value Trust (Series I/JEMUX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell Midcap Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.83<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.78<span>%</span></td> </tr> </table> Mid Value Trust (Series I/JEMUX) 0.0585 0.1165 0.1085 Russell 3000 Index 0.1715 0.1315 0.1429 Russell Midcap Value Index 0.1105 0.0983 0.0978 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>585,185,768</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">128</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,794,062</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">56<span>%</span></td> </tr> </table> 585185768 128 4794062 0.56 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Cooper Companies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keysight Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Middleby Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Corning, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Corpay, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">API Group Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lazard, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Zimmer Biomet Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">StandardAero, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American International Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Cooper Companies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keysight Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Middleby Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Corning, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Corpay, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">API Group Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lazard, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Zimmer Biomet Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">StandardAero, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American International Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.017 0.016 0.015 0.015 0.015 0.015 0.015 0.014 0.013 0.013 0.209 0.188 0.137 0.100 0.078 0.069 0.064 0.062 0.050 0.018 0.009 0.016 Mid Value Trust Series II JAGYX This annual shareholder report contains important information about the Mid Value Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Value Trust<br/>(Series II/JAGYX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>115</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.12<span>%</span></td> </tr> </table> 115 0.0112 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Mid Value Trust (Series II/JAGYX) returned 5.65% for the year ended December 31, 2025. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after a 90-day pause was declared on these tariffs for many countries and the administration began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, and investors favored artificial intelligence-related businesses and other high-growth companies. In addition, the Federal Reserve resumed easing with three rate cuts, beginning in September.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector strongly contributed in absolute terms driven by Sandisk Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy sector also contributed in absolute terms driven by TechnipFMC PLC.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector contributed by posting positive absolute returns for the period driven by APi Group Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector also contributed driven by Popular, Inc.<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | The consumer staples sector detracted by posting a negative absolute returns for the period. A position in Lamb Weston Holdings, Inc. weighed on fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Health care</b> | The health care sector further detracted with Perrigo Company PLC. posting a negative return for the period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6288720.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Mid Value Trust (Series II/JAGYX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell Midcap Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.83<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.78<span>%</span></td> </tr> </table> Mid Value Trust (Series II/JAGYX) 0.0565 0.1145 0.1063 Russell 3000 Index 0.1715 0.1315 0.1429 Russell Midcap Value Index 0.1105 0.0983 0.0978 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>585,185,768</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">128</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,794,062</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">56<span>%</span></td> </tr> </table> 585185768 128 4794062 0.56 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Cooper Companies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keysight Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Middleby Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Corning, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Corpay, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">API Group Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lazard, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Zimmer Biomet Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">StandardAero, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American International Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Cooper Companies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keysight Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Middleby Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Corning, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Corpay, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">API Group Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lazard, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Zimmer Biomet Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">StandardAero, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American International Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.017 0.016 0.015 0.015 0.015 0.015 0.015 0.014 0.013 0.013 0.209 0.188 0.137 0.100 0.078 0.069 0.064 0.062 0.050 0.018 0.009 0.016 Mid Value Trust Series NAV JAGWX This annual shareholder report contains important information about the Mid Value Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Value Trust<br/>(Series NAV/JAGWX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>90</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.87<span>%</span></td> </tr> </table> 90 0.0087 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Mid Value Trust (Series NAV/JAGWX) returned 5.87% for the year ended December 31, 2025. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after a 90-day pause was declared on these tariffs for many countries and the administration began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, and investors favored artificial intelligence-related businesses and other high-growth companies. In addition, the Federal Reserve resumed easing with three rate cuts, beginning in September.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector strongly contributed in absolute terms driven by Sandisk Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy sector also contributed in absolute terms driven by TechnipFMC PLC.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector contributed by posting positive absolute returns for the period driven by APi Group Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector also contributed driven by Popular, Inc.<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | The consumer staples sector detracted by posting a negative absolute returns for the period. A position in Lamb Weston Holdings, Inc. weighed on fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Health care</b> | The health care sector further detracted with Perrigo Company PLC. posting a negative return for the period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6288711.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Mid Value Trust (Series NAV/JAGWX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell Midcap Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.83<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.78<span>%</span></td> </tr> </table> Mid Value Trust (Series NAV/JAGWX) 0.0587 0.1169 0.1091 Russell 3000 Index 0.1715 0.1315 0.1429 Russell Midcap Value Index 0.1105 0.0983 0.0978 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>585,185,768</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">128</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,794,062</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">56<span>%</span></td> </tr> </table> 585185768 128 4794062 0.56 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Cooper Companies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keysight Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Middleby Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Corning, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Corpay, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">API Group Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lazard, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Zimmer Biomet Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">StandardAero, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American International Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Cooper Companies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Keysight Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Middleby Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Corning, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Corpay, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">API Group Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lazard, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Zimmer Biomet Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">StandardAero, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American International Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.017 0.016 0.015 0.015 0.015 0.015 0.015 0.014 0.013 0.013 0.209 0.188 0.137 0.100 0.078 0.069 0.064 0.062 0.050 0.018 0.009 0.016 Real Estate Securities Trust Series I JADBX This annual shareholder report contains important information about the Real Estate Securities Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Real Estate Securities Trust<br/>(Series I/JADBX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>81</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.81<span>%</span></td> </tr> </table> 81 0.0081 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Real Estate Securities Trust (Series I/JADBX) returned 0.63% for the year ended December 31, 2025. U.S. equities advanced in 2025, driven by stable inflation, strong earnings, better trade sentiment, and above-trend GDP growth. Volatility driven by tariff escalations, artificial intelligence (AI) related valuation concerns, U.S Federal Reserve policy uncertainty, and the prolonged government shutdown gradually dissipated as trade tensions eased, earnings outperformed expectations, and consumer spending remained resilient. Economic momentum increased with the fastest GDP expansion in two years, fueled by AI investment, consumer demand, and government spending. In addition, the Federal Reserve resumed easing with three rate cuts, beginning in September.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Welltower, Inc. and Prologis, Inc.</b> | Positions in Welltower, Inc. and Prologis, Inc. contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b> Healthcare Real Estate and Warehouse/Logistics</b> | The healthcare real estate and warehouse/logistics industries contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Equinix, Inc. and SL Green Realty Corp.</b> | Positions in Equinix, Inc. and SL Green Realty Corp. weighed on the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b> Real Estate Technology and Multifamily</b> | The real estate technology and multifamily industries detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6287201.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Real Estate Securities Trust (Series I/JADBX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.63<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Dow Jones U.S. Select REIT Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.81<span>%</span></td> </tr> </table> Real Estate Securities Trust (Series I/JADBX) 0.0063 0.0573 0.0587 S&P 500 Index 0.1788 0.1442 0.1482 Dow Jones U.S. Select REIT Index 0.0367 0.0665 0.0481 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>294,656,429</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">37</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,985,253</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">108<span>%</span></td> </tr> </table> 294656429 37 1985253 1.08 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Welltower, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prologis, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Simon Property Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equinix, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Essex Property Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WP Carey, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mid-America Apartment Communities, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Digital Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Healthcare REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Industry Composition </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrial REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialized REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Retail REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Residential REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Diversified REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Office REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hotels, restaurants and leisure</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate management and development</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care providers and services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital markets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hotel and resort REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">IT services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Welltower, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prologis, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Simon Property Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equinix, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Essex Property Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WP Carey, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mid-America Apartment Communities, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Digital Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Healthcare REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.127 0.118 0.067 0.065 0.040 0.038 0.038 0.035 0.032 0.029 0.205 0.160 0.156 0.142 0.131 0.060 0.036 0.028 0.018 0.016 0.015 0.011 0.004 0.018 Real Estate Securities Trust Series II JAJLX This annual shareholder report contains important information about the Real Estate Securities Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Real Estate Securities Trust<br/>(Series II/JAJLX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>101</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.01<span>%</span></td> </tr> </table> 101 0.0101 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Real Estate Securities Trust (Series II/JAJLX) returned 0.40% for the year ended December 31, 2025. U.S. equities advanced in 2025, driven by stable inflation, strong earnings, better trade sentiment, and above-trend GDP growth. Volatility driven by tariff escalations, artificial intelligence (AI) related valuation concerns, U.S Federal Reserve policy uncertainty, and the prolonged government shutdown gradually dissipated as trade tensions eased, earnings outperformed expectations, and consumer spending remained resilient. Economic momentum increased with the fastest GDP expansion in two years, fueled by AI investment, consumer demand, and government spending. In addition, the Federal Reserve resumed easing with three rate cuts, beginning in September.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Welltower, Inc. and Prologis, Inc.</b> | Positions in Welltower, Inc. and Prologis, Inc. contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b> Healthcare Real Estate and Warehouse/Logistics</b> | The healthcare real estate and warehouse/logistics industries contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Equinix, Inc. and SL Green Realty Corp.</b> | Positions in Equinix, Inc. and SL Green Realty Corp. weighed on the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b> Real Estate Technology and Multifamily</b> | The real estate technology and multifamily industries detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291603.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Real Estate Securities Trust (Series II/JAJLX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.66<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Dow Jones U.S. Select REIT Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.81<span>%</span></td> </tr> </table> Real Estate Securities Trust (Series II/JAJLX) 0.0040 0.0551 0.0566 S&P 500 Index 0.1788 0.1442 0.1482 Dow Jones U.S. Select REIT Index 0.0367 0.0665 0.0481 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>294,656,429</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">37</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,985,253</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">108<span>%</span></td> </tr> </table> 294656429 37 1985253 1.08 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Welltower, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prologis, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Simon Property Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equinix, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Essex Property Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WP Carey, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mid-America Apartment Communities, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Digital Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Healthcare REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Industry Composition </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrial REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialized REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Retail REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Residential REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Diversified REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Office REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hotels, restaurants and leisure</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate management and development</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care providers and services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital markets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hotel and resort REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">IT services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Welltower, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prologis, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Simon Property Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equinix, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Essex Property Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WP Carey, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mid-America Apartment Communities, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Digital Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Healthcare REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.127 0.118 0.067 0.065 0.040 0.038 0.038 0.035 0.032 0.029 0.205 0.160 0.156 0.142 0.131 0.060 0.036 0.028 0.018 0.016 0.015 0.011 0.004 0.018 Real Estate Securities Trust Series NAV JAJMX This annual shareholder report contains important information about the Real Estate Securities Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Real Estate Securities Trust<br/>(Series NAV/JAJMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>76</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.76<span>%</span></td> </tr> </table> 76 0.0076 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Real Estate Securities Trust (Series NAV/JAJMX) returned 0.63% for the year ended December 31, 2025. U.S. equities advanced in 2025, driven by stable inflation, strong earnings, better trade sentiment, and above-trend GDP growth. Volatility driven by tariff escalations, artificial intelligence (AI) related valuation concerns, U.S Federal Reserve policy uncertainty, and the prolonged government shutdown gradually dissipated as trade tensions eased, earnings outperformed expectations, and consumer spending remained resilient. Economic momentum increased with the fastest GDP expansion in two years, fueled by AI investment, consumer demand, and government spending. In addition, the Federal Reserve resumed easing with three rate cuts, beginning in September.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Welltower, Inc. and Prologis, Inc.</b> | Positions in Welltower, Inc. and Prologis, Inc. contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b> Healthcare Real Estate and Warehouse/Logistics</b> | The healthcare real estate and warehouse/logistics industries contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Equinix, Inc. and SL Green Realty Corp.</b> | Positions in Equinix, Inc. and SL Green Realty Corp. weighed on the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b> Real Estate Technology and Multifamily</b> | The real estate technology and multifamily industries detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291581.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Real Estate Securities Trust (Series NAV/JAJMX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.63<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Dow Jones U.S. Select REIT Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.81<span>%</span></td> </tr> </table> Real Estate Securities Trust (Series NAV/JAJMX) 0.0063 0.0577 0.0591 S&P 500 Index 0.1788 0.1442 0.1482 Dow Jones U.S. Select REIT Index 0.0367 0.0665 0.0481 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>294,656,429</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">37</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,985,253</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">108<span>%</span></td> </tr> </table> 294656429 37 1985253 1.08 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Welltower, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prologis, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Simon Property Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equinix, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Essex Property Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WP Carey, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mid-America Apartment Communities, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Digital Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Healthcare REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Industry Composition </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrial REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Specialized REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Retail REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Residential REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Diversified REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Office REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hotels, restaurants and leisure</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate management and development</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care providers and services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital markets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hotel and resort REITs</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">IT services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Welltower, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prologis, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Simon Property Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equinix, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Essex Property Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WP Carey, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mid-America Apartment Communities, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Digital Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Healthcare REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.127 0.118 0.067 0.065 0.040 0.038 0.038 0.035 0.032 0.029 0.205 0.160 0.156 0.142 0.131 0.060 0.036 0.028 0.018 0.016 0.015 0.011 0.004 0.018 Science & Technology Trust Series I JESTX This annual shareholder report contains important information about the Science &amp; Technology Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Science &amp; Technology Trust<br/>(Series I/JESTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>110</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.98<span>%</span></td> </tr> </table> 110 0.0098 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Science &amp; Technology Trust (Series I/JESTX) returned 23.58% for the year ended December 31, 2025. Major U.S. stock market indexes rose in 2025. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, and investors favored artificial intelligence-related businesses and other high-growth companies. In addition, the Federal Reserve resumed easing with three rate cuts, beginning in September.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Semiconductors</b> | The semiconductors industry contributed to absolute performance driven by Broadcom, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Internet</b> | The internet industry contributed to absolute performance driven by Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Hardware</b> | The hardware industry also contributed for the annual period driven by Apple, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>IT services</b> | IT services detracted from absolute performance driven by Accenture PLC.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | Holdings in industrials detracted from absolute performance driven by Roper Technologies, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy sector also weighted on performance for the annual period driven by Vistra Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289848.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Science &amp; Technology Trust (Series I/JESTX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.79<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P North American Technology Sector Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.54<span>%</span></td> </tr> </table> Science & Technology Trust (Series I/JESTX) 0.2358 0.1297 0.1979 S&P 500 Index 0.1788 0.1442 0.1482 S&P North American Technology Sector Index 0.2782 0.1802 0.2254 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,199,946,226</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">103</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>9,761,433</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">230<span>%</span></td> </tr> </table> 1199946226 103 9761433 2.30 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Palantir Technologies, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Salesforce, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lam Research Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">84.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Palantir Technologies, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Salesforce, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lam Research Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.102 0.087 0.086 0.084 0.053 0.045 0.039 0.025 0.025 0.024 0.849 0.138 0.003 0.002 0.008 Science & Technology Trust Series II JAFUX This annual shareholder report contains important information about the Science &amp; Technology Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Science &amp; Technology Trust<br/>(Series II/JAFUX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>132</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.18<span>%</span></td> </tr> </table> 132 0.0118 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Science &amp; Technology Trust (Series II/JAFUX) returned 23.29% for the year ended December 31, 2025. Major U.S. stock market indexes rose in 2025. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, and investors favored artificial intelligence-related businesses and other high-growth companies. In addition, the Federal Reserve resumed easing with three rate cuts, beginning in September.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Semiconductors</b> | The semiconductors industry contributed to absolute performance driven by Broadcom, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Internet</b> | The internet industry contributed to absolute performance driven by Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Hardware</b> | The hardware industry also contributed for the annual period driven by Apple, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>IT services</b> | IT services detracted from absolute performance driven by Accenture PLC.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | Holdings in industrials detracted from absolute performance driven by Roper Technologies, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy sector also weighted on performance for the annual period driven by Vistra Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289817.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Science &amp; Technology Trust (Series II/JAFUX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.54<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P North American Technology Sector Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.54<span>%</span></td> </tr> </table> Science & Technology Trust (Series II/JAFUX) 0.2329 0.1274 0.1954 S&P 500 Index 0.1788 0.1442 0.1482 S&P North American Technology Sector Index 0.2782 0.1802 0.2254 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,199,946,226</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">103</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>9,761,433</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">230<span>%</span></td> </tr> </table> 1199946226 103 9761433 2.30 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Palantir Technologies, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Salesforce, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lam Research Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">84.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Palantir Technologies, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Salesforce, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lam Research Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.102 0.087 0.086 0.084 0.053 0.045 0.039 0.025 0.025 0.024 0.849 0.138 0.003 0.002 0.008 Science & Technology Trust Series NAV JAFSX This annual shareholder report contains important information about the Science &amp; Technology Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Science &amp; Technology Trust<br/>(Series NAV/JAFSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>104</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td> </tr> </table> 104 0.0093 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Science &amp; Technology Trust (Series NAV/JAFSX) returned 23.64% for the year ended December 31, 2025. Major U.S. stock market indexes rose in 2025. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, and investors favored artificial intelligence-related businesses and other high-growth companies. In addition, the Federal Reserve resumed easing with three rate cuts, beginning in September.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Semiconductors</b> | The semiconductors industry contributed to absolute performance driven by Broadcom, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Internet</b> | The internet industry contributed to absolute performance driven by Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Hardware</b> | The hardware industry also contributed for the annual period driven by Apple, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>IT services</b> | IT services detracted from absolute performance driven by Accenture PLC.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | Holdings in industrials detracted from absolute performance driven by Roper Technologies, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy sector also weighted on performance for the annual period driven by Vistra Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289808.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Science &amp; Technology Trust (Series NAV/JAFSX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.03<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P North American Technology Sector Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.54<span>%</span></td> </tr> </table> Science & Technology Trust (Series NAV/JAFSX) 0.2364 0.1303 0.1984 S&P 500 Index 0.1788 0.1442 0.1482 S&P North American Technology Sector Index 0.2782 0.1802 0.2254 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,199,946,226</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">103</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>9,761,433</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">230<span>%</span></td> </tr> </table> 1199946226 103 9761433 2.30 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Palantir Technologies, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Salesforce, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lam Research Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">84.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Palantir Technologies, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Salesforce, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lam Research Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.102 0.087 0.086 0.084 0.053 0.045 0.039 0.025 0.025 0.024 0.849 0.138 0.003 0.002 0.008 Small Cap Core Trust Series I JESVX This annual shareholder report contains important information about the Small Cap Core Trust, formerly Small Cap Value Trust, (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Core Trust<br/>(Series I/JESVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>101</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.01<span>%</span></td> </tr> </table> 101 0.0101 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Small Cap Core Trust (Series I/JESVX) returned 0.06% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | Information technology was the leading contributing sector to absolute performance with its holdings in Advanced Energy Industries, Inc. and MACOM Technology Solutions Holdings, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector also performed well with positions in MasTec, Inc., Atmus Filtration Technologies, Inc. and Regal Rexnord Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Health care </b> | The fund’s allocation to the health care sector also added to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary </b> | The consumer discretionary sector detracted the most from performance on an absolute basis. Oxford Industries, Inc., Steven Madden, Ltd., and Sonos, Inc. were leading detractors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other sectors </b> | Holdings in materials, consumer staples and financials also detracted from fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6288659.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Cap Core Trust (Series I/JESVX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.05<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.62<span>%</span></td> </tr> </table> Small Cap Core Trust (Series I/JESVX) 0.0006 0.0648 0.0605 Russell 3000 Index 0.1715 0.1315 0.1429 Russell 2000 Index 0.1281 0.0609 0.0962 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>292,775,384</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">75</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,835,364</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">147<span>%</span></td> </tr> </table> 292775384 75 2835364 1.47 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SouthState Bank Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cullen/Frost Bankers, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Timken Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banner Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Braze, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kulicke &amp; Soffa Industries, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Evercore, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Arcosa, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Q2 Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alkami Technology, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SouthState Bank Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cullen/Frost Bankers, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Timken Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banner Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Braze, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kulicke &amp; Soffa Industries, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Evercore, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Arcosa, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Q2 Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alkami Technology, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.021 0.020 0.020 0.019 0.019 0.019 0.019 0.019 0.018 0.018 0.241 0.203 0.146 0.132 0.131 0.032 0.027 0.024 0.016 0.015 0.010 0.023 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on December 10-11, 2024, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective April 26, 2025 (the Effective Date), Wellington Management Company LLP was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, at the same meeting, the Board approved a change in the fund’s management fee schedule effective April 26, 2025 whereby the annual rate is as follows: a) 0.870% of the first $300 million of aggregate net assets; b) 0.830% of the next $300 million of aggregate net assets; c) 0.815% of the next $300 million of aggregate net assets; and d) 0.800% of the excess over $900 million of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Prior to the Effective Date, Small Cap Core Trust was known as Small Cap Value Trust.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In connection with the Board actions described above, the principal investment strategies of the fund were revised effective on the Effective Date. The purpose of these changes was to align the fund with the investment approach of the new subadvisor. Specifically, the strategies were revised to reflect the new subadvisor’s emphasis on a bottom-up approach to individual stock selection that focuses on companies with durable, niche business models that have the potential to allow them to earn high returns on capital and that are trading at a significant discount to the subadvisor’s estimate of fair value. The manager then conducts in-depth fundamental research of individual companies to locate companies that have particular attributes such as cash flow and earnings growth visibility, manageable risks, including business risk and financial risk, and above-average return on capital.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Additionally, on the Effective Date, the following risks were added to the fund’s “Principal risks” in the “Fund summary” section of the Prospectus for the fund: Credit and counterparty risk; Hedging, derivatives, and other strategic transactions risk; Preferred stock risk; Repurchase agreements risk and Warrants risk. Financial services sector risk; Industrials sector risk and Value investment style risk were removed.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on December 10-11, 2024, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective April 26, 2025 (the Effective Date), Wellington Management Company LLP was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> 2025-04-26 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, at the same meeting, the Board approved a change in the fund’s management fee schedule effective April 26, 2025 whereby the annual rate is as follows: a) 0.870% of the first $300 million of aggregate net assets; b) 0.830% of the next $300 million of aggregate net assets; c) 0.815% of the next $300 million of aggregate net assets; and d) 0.800% of the excess over $900 million of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Prior to the Effective Date, Small Cap Core Trust was known as Small Cap Value Trust.</div> In connection with the Board actions described above, the principal investment strategies of the fund were revised effective on the Effective Date. The purpose of these changes was to align the fund with the investment approach of the new subadvisor. Specifically, the strategies were revised to reflect the new subadvisor’s emphasis on a bottom-up approach to individual stock selection that focuses on companies with durable, niche business models that have the potential to allow them to earn high returns on capital and that are trading at a significant discount to the subadvisor’s estimate of fair value. The manager then conducts in-depth fundamental research of individual companies to locate companies that have particular attributes such as cash flow and earnings growth visibility, manageable risks, including business risk and financial risk, and above-average return on capital.Additionally, on the Effective Date, the following risks were added to the fund’s “Principal risks” in the “Fund summary” section of the Prospectus for the fund: Credit and counterparty risk; Hedging, derivatives, and other strategic transactions risk; Preferred stock risk; Repurchase agreements risk and Warrants risk. Financial services sector risk; Industrials sector risk and Value investment style risk were removed. <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 Small Cap Core Trust Series II JAGZX This annual shareholder report contains important information about the Small Cap Core Trust, formerly Small Cap Value Trust, (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Core Trust<br/>(Series II/JAGZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>121</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.21<span>%</span></td> </tr> </table> 121 0.0121 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Small Cap Core Trust (Series II/JAGZX) declined 0.12% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | Information technology was the leading contributing sector to absolute performance with its holdings in Advanced Energy Industries, Inc. and MACOM Technology Solutions Holdings, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector also performed well with positions in MasTec, Inc., Atmus Filtration Technologies, Inc. and Regal Rexnord Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Health care </b> | The fund’s allocation to the health care sector also added to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary </b> | The consumer discretionary sector detracted the most from performance on an absolute basis. Oxford Industries, Inc., Steven Madden, Ltd., and Sonos, Inc. were leading detractors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other sectors </b> | Holdings in materials, consumer staples and financials also detracted from fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6288640.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Cap Core Trust (Series II/JAGZX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.12<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.62<span>%</span></td> </tr> </table> Small Cap Core Trust (Series II/JAGZX) -0.0012 0.0628 0.0584 Russell 3000 Index 0.1715 0.1315 0.1429 Russell 2000 Index 0.1281 0.0609 0.0962 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>292,775,384</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">75</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,835,364</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">147<span>%</span></td> </tr> </table> 292775384 75 2835364 1.47 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SouthState Bank Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cullen/Frost Bankers, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Timken Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banner Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Braze, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kulicke &amp; Soffa Industries, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Evercore, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Arcosa, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Q2 Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alkami Technology, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SouthState Bank Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cullen/Frost Bankers, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Timken Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banner Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Braze, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kulicke &amp; Soffa Industries, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Evercore, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Arcosa, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Q2 Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alkami Technology, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.021 0.020 0.020 0.019 0.019 0.019 0.019 0.019 0.018 0.018 0.241 0.203 0.146 0.132 0.131 0.032 0.027 0.024 0.016 0.015 0.010 0.023 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on December 10-11, 2024, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective April 26, 2025 (the Effective Date), Wellington Management Company LLP was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, at the same meeting, the Board approved a change in the fund’s management fee schedule effective April 26, 2025 whereby the annual rate is as follows: a) 0.870% of the first $300 million of aggregate net assets; b) 0.830% of the next $300 million of aggregate net assets; c) 0.815% of the next $300 million of aggregate net assets; and d) 0.800% of the excess over $900 million of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Prior to the Effective Date, Small Cap Core Trust was known as Small Cap Value Trust.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In connection with the Board actions described above, the principal investment strategies of the fund were revised effective on the Effective Date. The purpose of these changes was to align the fund with the investment approach of the new subadvisor. Specifically, the strategies were revised to reflect the new subadvisor’s emphasis on a bottom-up approach to individual stock selection that focuses on companies with durable, niche business models that have the potential to allow them to earn high returns on capital and that are trading at a significant discount to the subadvisor’s estimate of fair value. The manager then conducts in-depth fundamental research of individual companies to locate companies that have particular attributes such as cash flow and earnings growth visibility, manageable risks, including business risk and financial risk, and above-average return on capital.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Additionally, on the Effective Date, the following risks were added to the fund’s “Principal risks” in the “Fund summary” section of the Prospectus for the fund: Credit and counterparty risk; Hedging, derivatives, and other strategic transactions risk; Preferred stock risk; Repurchase agreements risk and Warrants risk. Financial services sector risk; Industrials sector risk and Value investment style risk were removed.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on December 10-11, 2024, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective April 26, 2025 (the Effective Date), Wellington Management Company LLP was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> 2025-04-26 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, at the same meeting, the Board approved a change in the fund’s management fee schedule effective April 26, 2025 whereby the annual rate is as follows: a) 0.870% of the first $300 million of aggregate net assets; b) 0.830% of the next $300 million of aggregate net assets; c) 0.815% of the next $300 million of aggregate net assets; and d) 0.800% of the excess over $900 million of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Prior to the Effective Date, Small Cap Core Trust was known as Small Cap Value Trust.</div> In connection with the Board actions described above, the principal investment strategies of the fund were revised effective on the Effective Date. The purpose of these changes was to align the fund with the investment approach of the new subadvisor. Specifically, the strategies were revised to reflect the new subadvisor’s emphasis on a bottom-up approach to individual stock selection that focuses on companies with durable, niche business models that have the potential to allow them to earn high returns on capital and that are trading at a significant discount to the subadvisor’s estimate of fair value. The manager then conducts in-depth fundamental research of individual companies to locate companies that have particular attributes such as cash flow and earnings growth visibility, manageable risks, including business risk and financial risk, and above-average return on capital.Additionally, on the Effective Date, the following risks were added to the fund’s “Principal risks” in the “Fund summary” section of the Prospectus for the fund: Credit and counterparty risk; Hedging, derivatives, and other strategic transactions risk; Preferred stock risk; Repurchase agreements risk and Warrants risk. Financial services sector risk; Industrials sector risk and Value investment style risk were removed. <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 Small Cap Core Trust Series NAV JAHBX This annual shareholder report contains important information about the Small Cap Core Trust, formerly Small Cap Value Trust, (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Core Trust<br/>(Series NAV/JAHBX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>96</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.96<span>%</span></td> </tr> </table> 96 0.0096 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Small Cap Core Trust (Series NAV/JAHBX) returned 0.11% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | Information technology was the leading contributing sector to absolute performance with its holdings in Advanced Energy Industries, Inc. and MACOM Technology Solutions Holdings, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector also performed well with positions in MasTec, Inc., Atmus Filtration Technologies, Inc. and Regal Rexnord Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Health care </b> | The fund’s allocation to the health care sector also added to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary </b> | The consumer discretionary sector detracted the most from performance on an absolute basis. Oxford Industries, Inc., Steven Madden, Ltd., and Sonos, Inc. were leading detractors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other sectors </b> | Holdings in materials, consumer staples and financials also detracted from fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6288619.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Cap Core Trust (Series NAV/JAHBX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.62<span>%</span></td> </tr> </table> Small Cap Core Trust (Series NAV/JAHBX) 0.0011 0.0653 0.0610 Russell 3000 Index 0.1715 0.1315 0.1429 Russell 2000 Index 0.1281 0.0609 0.0962 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>292,775,384</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">75</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,835,364</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">147<span>%</span></td> </tr> </table> 292775384 75 2835364 1.47 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SouthState Bank Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cullen/Frost Bankers, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Timken Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banner Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Braze, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kulicke &amp; Soffa Industries, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Evercore, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Arcosa, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Q2 Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alkami Technology, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SouthState Bank Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cullen/Frost Bankers, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Timken Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banner Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Braze, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kulicke &amp; Soffa Industries, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Evercore, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Arcosa, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Q2 Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alkami Technology, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.021 0.020 0.020 0.019 0.019 0.019 0.019 0.019 0.018 0.018 0.241 0.203 0.146 0.132 0.131 0.032 0.027 0.024 0.016 0.015 0.010 0.023 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on December 10-11, 2024, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective April 26, 2025 (the Effective Date), Wellington Management Company LLP was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, at the same meeting, the Board approved a change in the fund’s management fee schedule effective April 26, 2025 whereby the annual rate is as follows: a) 0.870% of the first $300 million of aggregate net assets; b) 0.830% of the next $300 million of aggregate net assets; c) 0.815% of the next $300 million of aggregate net assets; and d) 0.800% of the excess over $900 million of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Prior to the Effective Date, Small Cap Core Trust was known as Small Cap Value Trust.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In connection with the Board actions described above, the principal investment strategies of the fund were revised effective on the Effective Date. The purpose of these changes was to align the fund with the investment approach of the new subadvisor. Specifically, the strategies were revised to reflect the new subadvisor’s emphasis on a bottom-up approach to individual stock selection that focuses on companies with durable, niche business models that have the potential to allow them to earn high returns on capital and that are trading at a significant discount to the subadvisor’s estimate of fair value. The manager then conducts in-depth fundamental research of individual companies to locate companies that have particular attributes such as cash flow and earnings growth visibility, manageable risks, including business risk and financial risk, and above-average return on capital.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Additionally, on the Effective Date, the following risks were added to the fund’s “Principal risks” in the “Fund summary” section of the Prospectus for the fund: Credit and counterparty risk; Hedging, derivatives, and other strategic transactions risk; Preferred stock risk; Repurchase agreements risk and Warrants risk. Financial services sector risk; Industrials sector risk and Value investment style risk were removed.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on December 10-11, 2024, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective April 26, 2025 (the Effective Date), Wellington Management Company LLP was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> 2025-04-26 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, at the same meeting, the Board approved a change in the fund’s management fee schedule effective April 26, 2025 whereby the annual rate is as follows: a) 0.870% of the first $300 million of aggregate net assets; b) 0.830% of the next $300 million of aggregate net assets; c) 0.815% of the next $300 million of aggregate net assets; and d) 0.800% of the excess over $900 million of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Prior to the Effective Date, Small Cap Core Trust was known as Small Cap Value Trust.</div> In connection with the Board actions described above, the principal investment strategies of the fund were revised effective on the Effective Date. The purpose of these changes was to align the fund with the investment approach of the new subadvisor. Specifically, the strategies were revised to reflect the new subadvisor’s emphasis on a bottom-up approach to individual stock selection that focuses on companies with durable, niche business models that have the potential to allow them to earn high returns on capital and that are trading at a significant discount to the subadvisor’s estimate of fair value. The manager then conducts in-depth fundamental research of individual companies to locate companies that have particular attributes such as cash flow and earnings growth visibility, manageable risks, including business risk and financial risk, and above-average return on capital.Additionally, on the Effective Date, the following risks were added to the fund’s “Principal risks” in the “Fund summary” section of the Prospectus for the fund: Credit and counterparty risk; Hedging, derivatives, and other strategic transactions risk; Preferred stock risk; Repurchase agreements risk and Warrants risk. Financial services sector risk; Industrials sector risk and Value investment style risk were removed. <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 Small Cap Index Trust Series I JESIX This annual shareholder report contains important information about the Small Cap Index Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Index Trust<br/>(Series I/JESIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>56</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.53<span>%</span></td> </tr> </table> 56 0.0053 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Small Cap Index Trust (Series I/JESIX) returned 12.25% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Health care </b> | Health care was the leading contributing sector to absolute performance with its holdings in Guardant Health, Inc., BridgeBio Pharma, Inc., and Insmed, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials </b> | The industrials sector also performed well with positions in Bloom Energy Corp., Kratos Defense &amp; Security Solutions, Inc., and Nextpower, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The financials, information technology, and materials sectors were also contributors to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Energy </b> | The energy sector was one of two sectors which detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples </b> | Holdings in consumer staples also detracted from fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290645.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Cap Index Trust (Series I/JESIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.18<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.62<span>%</span></td> </tr> </table> Small Cap Index Trust (Series I/JESIX) 0.1225 0.0566 0.0918 Russell 3000 Index 0.1715 0.1315 0.1429 Russell 2000 Index 0.1281 0.0609 0.0962 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>553,016,470</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,829</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,213,642</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">12<span>%</span></td> </tr> </table> 553016470 1829 2213642 0.12 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Credo Technology Group Holding, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bloom Energy Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fabrinet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">IonQ, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EchoStar Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nextpower, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kratos Defense &amp; Security Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Guardant Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hecla Mining Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BridgeBio Pharma, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Credo Technology Group Holding, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bloom Energy Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fabrinet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">IonQ, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EchoStar Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nextpower, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kratos Defense &amp; Security Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Guardant Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hecla Mining Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BridgeBio Pharma, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.007 0.006 0.005 0.005 0.005 0.004 0.004 0.004 0.004 0.004 0.181 0.171 0.167 0.142 0.086 0.055 0.046 0.043 0.029 0.027 0.018 0.035 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> 2025-06-30 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 Small Cap Index Trust Series II JAJOX This annual shareholder report contains important information about the Small Cap Index Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Index Trust<br/>(Series II/JAJOX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.73<span>%</span></td> </tr> </table> 77 0.0073 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Small Cap Index Trust (Series II/JAJOX) returned 12.12% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Health care </b> | Health care was the leading contributing sector to absolute performance with its holdings in Guardant Health, Inc., BridgeBio Pharma, Inc., and Insmed, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials </b> | The industrials sector also performed well with positions in Bloom Energy Corp., Kratos Defense &amp; Security Solutions, Inc., and Nextpower, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The financials, information technology, and materials sectors were also contributors to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Energy </b> | The energy sector was one of two sectors which detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples </b> | Holdings in consumer staples also detracted from fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290626.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Cap Index Trust (Series II/JAJOX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.12<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.97<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.62<span>%</span></td> </tr> </table> Small Cap Index Trust (Series II/JAJOX) 0.1212 0.0545 0.0897 Russell 3000 Index 0.1715 0.1315 0.1429 Russell 2000 Index 0.1281 0.0609 0.0962 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>553,016,470</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,829</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,213,642</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">12<span>%</span></td> </tr> </table> 553016470 1829 2213642 0.12 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Credo Technology Group Holding, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bloom Energy Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fabrinet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">IonQ, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EchoStar Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nextpower, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kratos Defense &amp; Security Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Guardant Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hecla Mining Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BridgeBio Pharma, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Credo Technology Group Holding, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bloom Energy Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fabrinet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">IonQ, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EchoStar Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nextpower, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kratos Defense &amp; Security Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Guardant Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hecla Mining Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BridgeBio Pharma, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.007 0.006 0.005 0.005 0.005 0.004 0.004 0.004 0.004 0.004 0.181 0.171 0.167 0.142 0.086 0.055 0.046 0.043 0.029 0.027 0.018 0.035 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> 2025-06-30 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 Small Cap Index Trust Series NAV JAEWX This annual shareholder report contains important information about the Small Cap Index Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Index Trust<br/>(Series NAV/JAEWX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>51</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.48<span>%</span></td> </tr> </table> 51 0.0048 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Small Cap Index Trust (Series NAV/JAEWX) returned 12.42% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Health care </b> | Health care was the leading contributing sector to absolute performance with its holdings in Guardant Health, Inc., BridgeBio Pharma, Inc., and Insmed, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials </b> | The industrials sector also performed well with positions in Bloom Energy Corp., Kratos Defense &amp; Security Solutions, Inc., and Nextpower, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The financials, information technology, and materials sectors were also contributors to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Energy </b> | The energy sector was one of two sectors which detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples </b> | Holdings in consumer staples also detracted from fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290605.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Cap Index Trust (Series NAV/JAEWX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.24<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.62<span>%</span></td> </tr> </table> Small Cap Index Trust (Series NAV/JAEWX) 0.1242 0.0572 0.0924 Russell 3000 Index 0.1715 0.1315 0.1429 Russell 2000 Index 0.1281 0.0609 0.0962 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>553,016,470</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,829</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,213,642</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">12<span>%</span></td> </tr> </table> 553016470 1829 2213642 0.12 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Credo Technology Group Holding, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bloom Energy Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fabrinet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">IonQ, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EchoStar Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nextpower, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kratos Defense &amp; Security Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Guardant Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hecla Mining Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BridgeBio Pharma, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Credo Technology Group Holding, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bloom Energy Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fabrinet</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">IonQ, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EchoStar Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nextpower, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kratos Defense &amp; Security Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Guardant Health, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hecla Mining Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BridgeBio Pharma, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.007 0.006 0.005 0.005 0.005 0.004 0.004 0.004 0.004 0.004 0.181 0.171 0.167 0.142 0.086 0.055 0.046 0.043 0.029 0.027 0.018 0.035 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> 2025-06-30 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 Small Cap Opportunities Trust Series I JADLX This annual shareholder report contains important information about the Small Cap Opportunities Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Opportunities Trust<br/>(Series I/JADLX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>97</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td> </tr> </table> 97 0.0093 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Small Cap Opportunities Trust (Series I/JADLX) returned 9.18% for the year ended December 31, 2025. U.S. stocks delivered strong returns in 2025 for the year. While 2025 saw a weakening job market, overall growth was resilient, and markets reacted positively to the Federal Reserve making three interest rate cuts during the later part of the year. Much of these gains were fueled by enthusiasm for artificial intelligence (AI) as key AI related stocks delivered strong returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Portfolio allocation</b> | The portfolio's focus on U.S. small cap value stocks contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector had strong returns and contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | The consumer staples sector was the weakest performing sector and detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary</b> | While consumer discretionary helped performance overall, specific holdings such as Newell Brands, Inc. and PVH Corp. within this sector detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are those of the portfolio management team and GW&amp;K Investment Management, LLC and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291090.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Cap Opportunities Trust (Series I/JADLX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.04<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.62<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.27<span>%</span></td> </tr> </table> Small Cap Opportunities Trust (Series I/JADLX) 0.0918 0.1054 0.1004 Russell 3000 Index 0.1715 0.1315 0.1429 Russell 2000 Index 0.1281 0.0609 0.0962 Russell 2000 Value Index 0.1259 0.0888 0.0927 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>180,484,054</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,169</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,210,736</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">55<span>%</span></td> </tr> </table> 180484054 1169 1210736 0.55 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alcoa Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TD SYNNEX Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Toll Brothers, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ally Financial, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Viatris, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ball Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WESCO International, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Invesco, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comerica, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">First Horizon Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alcoa Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TD SYNNEX Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Toll Brothers, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ally Financial, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Viatris, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ball Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WESCO International, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Invesco, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comerica, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">First Horizon Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.007 0.006 0.006 0.006 0.006 0.006 0.006 0.006 0.005 0.005 0.295 0.161 0.139 0.089 0.075 0.073 0.066 0.057 0.027 0.010 0.005 0.003 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on March 25-27, 2025, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 28, 2025, GW&amp;K Investment Management (“GW&amp;K”) was removed as subadvisor to the fund. Dimensional Fund Advisers LP continues to subadvise the fund as the sole subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At the same meeting, the Board approved a change in the fund’s management fee schedule effective May 28, 2025 whereby the annual rate is as follows: 0.720% of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, as of May 28, 2025, the “Principal investment strategies” in the “Fund Summary” section are revised to remove references to GW&amp;K’s investment strategies.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on March 25-27, 2025, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 28, 2025, GW&amp;K Investment Management (“GW&amp;K”) was removed as subadvisor to the fund. Dimensional Fund Advisers LP continues to subadvise the fund as the sole subadvisor.</div> 2025-05-28 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At the same meeting, the Board approved a change in the fund’s management fee schedule effective May 28, 2025 whereby the annual rate is as follows: 0.720% of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, as of May 28, 2025, the “Principal investment strategies” in the “Fund Summary” section are revised to remove references to GW&amp;K’s investment strategies.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 Small Cap Opportunities Trust Series II JADPX This annual shareholder report contains important information about the Small Cap Opportunities Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Opportunities Trust<br/>(Series II/JADPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>118</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td> </tr> </table> 118 0.0113 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Small Cap Opportunities Trust (Series II/JADPX) returned 8.94% for the year ended December 31, 2025. U.S. stocks delivered strong returns in 2025 for the year. While 2025 saw a weakening job market, overall growth was resilient, and markets reacted positively to the Federal Reserve making three interest rate cuts during the later part of the year. Much of these gains were fueled by enthusiasm for artificial intelligence (AI) as key AI related stocks delivered strong returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Portfolio allocation</b> | The portfolio's focus on U.S. small cap value stocks contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector had strong returns and contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | The consumer staples sector was the weakest performing sector and detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary</b> | While consumer discretionary helped performance overall, specific holdings such as Newell Brands, Inc. and PVH Corp. within this sector detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are those of the portfolio management team and GW&amp;K Investment Management, LLC and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291059.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Cap Opportunities Trust (Series II/JADPX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.62<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.27<span>%</span></td> </tr> </table> Small Cap Opportunities Trust (Series II/JADPX) 0.0894 0.1032 0.0982 Russell 3000 Index 0.1715 0.1315 0.1429 Russell 2000 Index 0.1281 0.0609 0.0962 Russell 2000 Value Index 0.1259 0.0888 0.0927 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>180,484,054</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,169</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,210,736</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">55<span>%</span></td> </tr> </table> 180484054 1169 1210736 0.55 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alcoa Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TD SYNNEX Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Toll Brothers, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ally Financial, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Viatris, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ball Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WESCO International, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Invesco, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comerica, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">First Horizon Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alcoa Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TD SYNNEX Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Toll Brothers, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ally Financial, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Viatris, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ball Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WESCO International, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Invesco, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comerica, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">First Horizon Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.007 0.006 0.006 0.006 0.006 0.006 0.006 0.006 0.005 0.005 0.295 0.161 0.139 0.089 0.075 0.073 0.066 0.057 0.027 0.010 0.005 0.003 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on March 25-27, 2025, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 28, 2025, GW&amp;K Investment Management (“GW&amp;K”) was removed as subadvisor to the fund. Dimensional Fund Advisers LP continues to subadvise the fund as the sole subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At the same meeting, the Board approved a change in the fund’s management fee schedule effective May 28, 2025 whereby the annual rate is as follows: 0.720% of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, as of May 28, 2025, the “Principal investment strategies” in the “Fund Summary” section are revised to remove references to GW&amp;K’s investment strategies.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on March 25-27, 2025, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 28, 2025, GW&amp;K Investment Management (“GW&amp;K”) was removed as subadvisor to the fund. Dimensional Fund Advisers LP continues to subadvise the fund as the sole subadvisor.</div> 2025-05-28 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At the same meeting, the Board approved a change in the fund’s management fee schedule effective May 28, 2025 whereby the annual rate is as follows: 0.720% of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, as of May 28, 2025, the “Principal investment strategies” in the “Fund Summary” section are revised to remove references to GW&amp;K’s investment strategies.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 Small Cap Opportunities Trust Series NAV JADMX This annual shareholder report contains important information about the Small Cap Opportunities Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Opportunities Trust<br/>(Series NAV/JADMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>92</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.88<span>%</span></td> </tr> </table> 92 0.0088 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Small Cap Opportunities Trust (Series NAV/JADMX) returned 9.22% for the year ended December 31, 2025. U.S. stocks delivered strong returns in 2025 for the year. While 2025 saw a weakening job market, overall growth was resilient, and markets reacted positively to the Federal Reserve making three interest rate cuts during the later part of the year. Much of these gains were fueled by enthusiasm for artificial intelligence (AI) as key AI related stocks delivered strong returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Portfolio allocation</b> | The portfolio's focus on U.S. small cap value stocks contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector had strong returns and contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | The consumer staples sector was the weakest performing sector and detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary</b> | While consumer discretionary helped performance overall, specific holdings such as Newell Brands, Inc. and PVH Corp. within this sector detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are those of the portfolio management team and GW&amp;K Investment Management, LLC and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6291050.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Cap Opportunities Trust (Series NAV/JADMX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.22<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.09<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.62<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.27<span>%</span></td> </tr> </table> Small Cap Opportunities Trust (Series NAV/JADMX) 0.0922 0.1059 0.1009 Russell 3000 Index 0.1715 0.1315 0.1429 Russell 2000 Index 0.1281 0.0609 0.0962 Russell 2000 Value Index 0.1259 0.0888 0.0927 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>180,484,054</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,169</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,210,736</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">55<span>%</span></td> </tr> </table> 180484054 1169 1210736 0.55 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alcoa Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TD SYNNEX Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Toll Brothers, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ally Financial, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Viatris, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ball Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WESCO International, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Invesco, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comerica, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">First Horizon Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alcoa Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TD SYNNEX Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Toll Brothers, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ally Financial, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Viatris, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ball Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WESCO International, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Invesco, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comerica, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">First Horizon Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.007 0.006 0.006 0.006 0.006 0.006 0.006 0.006 0.005 0.005 0.295 0.161 0.139 0.089 0.075 0.073 0.066 0.057 0.027 0.010 0.005 0.003 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on March 25-27, 2025, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 28, 2025, GW&amp;K Investment Management (“GW&amp;K”) was removed as subadvisor to the fund. Dimensional Fund Advisers LP continues to subadvise the fund as the sole subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At the same meeting, the Board approved a change in the fund’s management fee schedule effective May 28, 2025 whereby the annual rate is as follows: 0.720% of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, as of May 28, 2025, the “Principal investment strategies” in the “Fund Summary” section are revised to remove references to GW&amp;K’s investment strategies.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on March 25-27, 2025, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 28, 2025, GW&amp;K Investment Management (“GW&amp;K”) was removed as subadvisor to the fund. Dimensional Fund Advisers LP continues to subadvise the fund as the sole subadvisor.</div> 2025-05-28 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At the same meeting, the Board approved a change in the fund’s management fee schedule effective May 28, 2025 whereby the annual rate is as follows: 0.720% of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, as of May 28, 2025, the “Principal investment strategies” in the “Fund Summary” section are revised to remove references to GW&amp;K’s investment strategies.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 Small Cap Stock Trust Series I JESGX This annual shareholder report contains important information about the Small Cap Stock Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Stock Trust<br/>(Series I/JESGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>120</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td> </tr> </table> 120 0.0113 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Small Cap Stock Trust (Series I/JESGX) returned 12.66% for the year ended December 31, 2025. U.S. equities rose over the twelve-month period ending December 31, 2025, buoyed by stabilizing inflation, robust corporate earnings, improved trade sentiment, and above-trend GDP growth. Volatility, initially sparked by tariff escalations and later compounded by artificial intelligence valuation concerns, Federal Reserve policy uncertainty, and a prolonged government shutdown, gradually subsided as trade tensions eased, earnings beat expectations, and consumer spending remained resilient. In addition, the Federal Reserve resumed easing with three rate cuts, beginning in September.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector contributors</b> | The health care and industrials sectors contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Contributing positions</b> | Positions in Hims &amp; Hers Health, Inc. and Insmed, Inc. contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector detractors</b> | The communication services and materials sectors detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Holdings detractors</b> | Positions in PROCEPT BioRobotics Corp. and BellRing Brands, Inc. were the top detractors from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6288842.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Cap Stock Trust (Series I/JESGX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.57<span>%</span></td> </tr> </table> Small Cap Stock Trust (Series I/JESGX) 0.1266 0.0036 0.1007 Russell 3000 Index 0.1715 0.1315 0.1429 Russell 2000 Growth Index 0.1301 0.0318 0.0957 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>264,922,725</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">107</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,653,803</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">71<span>%</span></td> </tr> </table> 264922725 107 2653803 0.71 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SiTime Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Zurn Elkay Water Solutions Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Verra Mobility Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Healthcare REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nextpower, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alignment Healthcare, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Vita Coco Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Acuity, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SiriusPoint, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">REVOLUTION Medicines, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SiTime Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Zurn Elkay Water Solutions Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Verra Mobility Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Healthcare REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nextpower, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alignment Healthcare, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Vita Coco Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Acuity, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SiriusPoint, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">REVOLUTION Medicines, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.029 0.022 0.022 0.020 0.019 0.018 0.018 0.018 0.018 0.017 0.292 0.231 0.190 0.087 0.085 0.034 0.022 0.021 0.017 0.011 0.010 Small Cap Stock Trust Series II JAGQX This annual shareholder report contains important information about the Small Cap Stock Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Stock Trust<br/>(Series II/JAGQX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>141</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.33<span>%</span></td> </tr> </table> 141 0.0133 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Small Cap Stock Trust (Series II/JAGQX) returned 12.50% for the year ended December 31, 2025. U.S. equities rose over the twelve-month period ending December 31, 2025, buoyed by stabilizing inflation, robust corporate earnings, improved trade sentiment, and above-trend GDP growth. Volatility, initially sparked by tariff escalations and later compounded by artificial intelligence valuation concerns, Federal Reserve policy uncertainty, and a prolonged government shutdown, gradually subsided as trade tensions eased, earnings beat expectations, and consumer spending remained resilient. In addition, the Federal Reserve resumed easing with three rate cuts, beginning in September.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector contributors</b> | The health care and industrials sectors contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Contributing positions</b> | Positions in Hims &amp; Hers Health, Inc. and Insmed, Inc. contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector detractors</b> | The communication services and materials sectors detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Holdings detractors</b> | Positions in PROCEPT BioRobotics Corp. and BellRing Brands, Inc. were the top detractors from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6288811.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Cap Stock Trust (Series II/JAGQX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.50<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.16<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.86<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.57<span>%</span></td> </tr> </table> Small Cap Stock Trust (Series II/JAGQX) 0.1250 0.0016 0.0986 Russell 3000 Index 0.1715 0.1315 0.1429 Russell 2000 Growth Index 0.1301 0.0318 0.0957 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>264,922,725</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">107</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,653,803</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">71<span>%</span></td> </tr> </table> 264922725 107 2653803 0.71 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SiTime Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Zurn Elkay Water Solutions Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Verra Mobility Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Healthcare REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nextpower, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alignment Healthcare, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Vita Coco Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Acuity, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SiriusPoint, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">REVOLUTION Medicines, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SiTime Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Zurn Elkay Water Solutions Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Verra Mobility Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Healthcare REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nextpower, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alignment Healthcare, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Vita Coco Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Acuity, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SiriusPoint, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">REVOLUTION Medicines, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.029 0.022 0.022 0.020 0.019 0.018 0.018 0.018 0.018 0.017 0.292 0.231 0.190 0.087 0.085 0.034 0.022 0.021 0.017 0.011 0.010 Small Cap Stock Trust Series NAV JAGPX This annual shareholder report contains important information about the Small Cap Stock Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Stock Trust<br/>(Series NAV/JAGPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>115</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.08<span>%</span></td> </tr> </table> 115 0.0108 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Small Cap Stock Trust (Series NAV/JAGPX) returned 12.70% for the year ended December 31, 2025. U.S. equities rose over the twelve-month period ending December 31, 2025, buoyed by stabilizing inflation, robust corporate earnings, improved trade sentiment, and above-trend GDP growth. Volatility, initially sparked by tariff escalations and later compounded by artificial intelligence valuation concerns, Federal Reserve policy uncertainty, and a prolonged government shutdown, gradually subsided as trade tensions eased, earnings beat expectations, and consumer spending remained resilient. In addition, the Federal Reserve resumed easing with three rate cuts, beginning in September.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector contributors</b> | The health care and industrials sectors contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Contributing positions</b> | Positions in Hims &amp; Hers Health, Inc. and Insmed, Inc. contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Sector detractors</b> | The communication services and materials sectors detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Holdings detractors</b> | Positions in PROCEPT BioRobotics Corp. and BellRing Brands, Inc. were the top detractors from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6288802.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Cap Stock Trust (Series NAV/JAGPX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.12<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.57<span>%</span></td> </tr> </table> Small Cap Stock Trust (Series NAV/JAGPX) 0.1270 0.0039 0.1012 Russell 3000 Index 0.1715 0.1315 0.1429 Russell 2000 Growth Index 0.1301 0.0318 0.0957 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>264,922,725</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">107</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,653,803</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">71<span>%</span></td> </tr> </table> 264922725 107 2653803 0.71 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SiTime Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Zurn Elkay Water Solutions Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Verra Mobility Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Healthcare REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nextpower, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alignment Healthcare, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Vita Coco Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Acuity, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SiriusPoint, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">REVOLUTION Medicines, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SiTime Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Zurn Elkay Water Solutions Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Verra Mobility Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Healthcare REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Nextpower, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alignment Healthcare, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Vita Coco Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Acuity, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SiriusPoint, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">REVOLUTION Medicines, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.029 0.022 0.022 0.020 0.019 0.018 0.018 0.018 0.018 0.017 0.292 0.231 0.190 0.087 0.085 0.034 0.022 0.021 0.017 0.011 0.010 Small Company Value Trust Series I JAEPX This annual shareholder report contains important information about the Small Company Value Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Company Value Trust<br/>(Series I/JAEPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>118</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.14<span>%</span></td> </tr> </table> 118 0.0114 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Small Company Value Trust (Series I/JAEPX) returned 7.12% for the year ended December 31, 2025. Major U.S. stock market indexes rose in 2025. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation that should provide some fiscal stimulus to the economy. In addition, the U.S. Federal Reserve resumed reducing short-term interest rates despite continued elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector contributed in absolute terms, supported by strong gains from Nextpower, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | Financials contributed in absolute terms, driven by PennyMac Financial Services, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector also added value, notably our holding in Viavi Solutions, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | Consumer staples detracted from absolute performance, due to negative performance by BellRing Brands, Inc. and Grocery Outlet Holding Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Real estate</b> | The real estate sector also weighed on performance. Apple Hospitality REIT, Inc. was a notable detractor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290828.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Company Value Trust (Series I/JAEPX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.12<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.93<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.27<span>%</span></td> </tr> </table> Small Company Value Trust (Series I/JAEPX) 0.0712 0.0596 0.0893 Russell 3000 Index 0.1715 0.1315 0.1429 Russell 2000 Value Index 0.1259 0.0888 0.0927 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>127,876,132</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">200</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,202,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">40<span>%</span></td> </tr> </table> 127876132 200 1202580 0.40 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Columbia Banking System, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pinnacle Financial Partners, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PennyMac Financial Services, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curbline Properties Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CareTrust REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Western Alliance Bancorp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cytokinetics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FB Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Texas Capital Bancshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Independence Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Columbia Banking System, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pinnacle Financial Partners, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PennyMac Financial Services, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curbline Properties Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CareTrust REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Western Alliance Bancorp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cytokinetics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FB Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Texas Capital Bancshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Independence Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.018 0.017 0.016 0.013 0.012 0.011 0.011 0.011 0.010 0.010 0.264 0.128 0.106 0.101 0.092 0.089 0.069 0.054 0.047 0.020 0.015 0.015 Small Company Value Trust Series II JAERX This annual shareholder report contains important information about the Small Company Value Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Company Value Trust<br/>(Series II/JAERX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>139</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.34<span>%</span></td> </tr> </table> 139 0.0134 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Small Company Value Trust (Series II/JAERX) returned 7.00% for the year ended December 31, 2025. Major U.S. stock market indexes rose in 2025. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation that should provide some fiscal stimulus to the economy. In addition, the U.S. Federal Reserve resumed reducing short-term interest rates despite continued elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector contributed in absolute terms, supported by strong gains from Nextpower, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | Financials contributed in absolute terms, driven by PennyMac Financial Services, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector also added value, notably our holding in Viavi Solutions, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | Consumer staples detracted from absolute performance, due to negative performance by BellRing Brands, Inc. and Grocery Outlet Holding Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Real estate</b> | The real estate sector also weighed on performance. Apple Hospitality REIT, Inc. was a notable detractor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290797.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Company Value Trust (Series II/JAERX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.72<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.27<span>%</span></td> </tr> </table> Small Company Value Trust (Series II/JAERX) 0.0700 0.0577 0.0872 Russell 3000 Index 0.1715 0.1315 0.1429 Russell 2000 Value Index 0.1259 0.0888 0.0927 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>127,876,132</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">200</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,202,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">40<span>%</span></td> </tr> </table> 127876132 200 1202580 0.40 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Columbia Banking System, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pinnacle Financial Partners, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PennyMac Financial Services, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curbline Properties Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CareTrust REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Western Alliance Bancorp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cytokinetics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FB Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Texas Capital Bancshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Independence Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Columbia Banking System, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pinnacle Financial Partners, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PennyMac Financial Services, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curbline Properties Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CareTrust REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Western Alliance Bancorp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cytokinetics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FB Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Texas Capital Bancshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Independence Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.018 0.017 0.016 0.013 0.012 0.011 0.011 0.011 0.010 0.010 0.264 0.128 0.106 0.101 0.092 0.089 0.069 0.054 0.047 0.020 0.015 0.015 Small Company Value Trust Series NAV JAEQX This annual shareholder report contains important information about the Small Company Value Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Company Value Trust<br/>(Series NAV/JAEQX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>113</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.09<span>%</span></td> </tr> </table> 113 0.0109 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Small Company Value Trust (Series NAV/JAEQX) returned 7.11% for the year ended December 31, 2025. Major U.S. stock market indexes rose in 2025. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation that should provide some fiscal stimulus to the economy. In addition, the U.S. Federal Reserve resumed reducing short-term interest rates despite continued elevated inflation, lowering rates in September, October, and December.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | The industrials sector contributed in absolute terms, supported by strong gains from Nextpower, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | Financials contributed in absolute terms, driven by PennyMac Financial Services, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector also added value, notably our holding in Viavi Solutions, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | Consumer staples detracted from absolute performance, due to negative performance by BellRing Brands, Inc. and Grocery Outlet Holding Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Real estate</b> | The real estate sector also weighed on performance. Apple Hospitality REIT, Inc. was a notable detractor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290788.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Company Value Trust (Series NAV/JAEQX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000 Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.27<span>%</span></td> </tr> </table> Small Company Value Trust (Series NAV/JAEQX) 0.0711 0.0602 0.0898 Russell 3000 Index 0.1715 0.1315 0.1429 Russell 2000 Value Index 0.1259 0.0888 0.0927 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>127,876,132</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">200</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,202,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">40<span>%</span></td> </tr> </table> 127876132 200 1202580 0.40 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Columbia Banking System, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pinnacle Financial Partners, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PennyMac Financial Services, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curbline Properties Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CareTrust REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Western Alliance Bancorp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cytokinetics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FB Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Texas Capital Bancshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Independence Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Columbia Banking System, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Pinnacle Financial Partners, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PennyMac Financial Services, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Curbline Properties Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CareTrust REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Western Alliance Bancorp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cytokinetics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FB Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Texas Capital Bancshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Independence Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.018 0.017 0.016 0.013 0.012 0.011 0.011 0.011 0.010 0.010 0.264 0.128 0.106 0.101 0.092 0.089 0.069 0.054 0.047 0.020 0.015 0.015 Strategic Equity Allocation Trust Series NAV JAFVX This annual shareholder report contains important information about the Strategic Equity Allocation Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Strategic Equity Allocation Trust<br/>(Series NAV/JAFVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>60</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.54<span>%</span></td> </tr> </table> 60 0.0054 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Strategic Equity Allocation Trust (Series NAV/JAFVX) returned 20.70% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | The information technology sector was the largest positive contributor to absolute fund performance which was led by holdings in NVIDIA Corp.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector also contributed to performance by posting positive returns for the period driven by JPMorgan Chase &amp; Co., Banco Santander SA, and HSBC Holdings PLC.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The industrials, communication services and health care sectors were other contributing sectors to absolute performance.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors </b> | At a time where major U.S. stock markets were experiencing positive performance, there were no sectors that detracted from absolute performance.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Individual holdings </b> | Novo Nordisk A/S and UnitedHealth Group Inc. detracted the most from performance on an absolute basis.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6289768.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Strategic Equity Allocation Trust (Series NAV/JAFVX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">30%% MSCI EAFE Index/ 70% Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.51<span>%</span></td> </tr> </table> Strategic Equity Allocation Trust (Series NAV/JAFVX) 0.2070 0.1134 0.1167 S&P 500 Index 0.1788 0.1442 0.1482 30%% MSCI EAFE Index/ 70% Russell 3000 Index 0.2135 0.1197 0.1251 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>6,942,837,630</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3,343</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>33,913,062</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">5<span>%</span></td> </tr> </table> 6942837630 3343 33913062 0.05 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Berkshire Hathaway, Inc., Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Berkshire Hathaway, Inc., Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.040 0.035 0.032 0.020 0.016 0.014 0.013 0.013 0.011 0.008 0.221 0.173 0.130 0.101 0.098 0.072 0.053 0.034 0.030 0.027 0.022 0.039 Total Stock Market Index Trust Series I JETSX This annual shareholder report contains important information about the Total Stock Market Index Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Total Stock Market Index Trust<br/>(Series I/JETSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>53</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.49<span>%</span></td> </tr> </table> 53 0.0049 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Total Stock Market Index Trust (Series I/JETSX) returned 16.63% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | Information technology was the leading sector contributing to absolute fund performance. NVIDIA Corp., Microsoft Corp., and Broadcom, Inc. were strong performers.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The communication services and financials sectors also added to absolute performance with holdings in Alphabet, Inc. and JPMorgan Chase &amp; Co., respectively.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors </b> | At a time where major U.S. stock markets were experiencing positive performance, there were no sectors that detracted from absolute performance.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Individual holdings </b> | The fund's holding in UnitedHealth Group Inc. detracted the most from performance on an absolute basis.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290473.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total Stock Market Index Trust (Series I/JETSX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.63<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Wilshire 5000 Total Market Full Cap Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.17<span>%</span></td> </tr> </table> Total Stock Market Index Trust (Series I/JETSX) 0.1663 0.1236 0.1367 Wilshire 5000 Total Market Full Cap Index 0.1715 0.1280 0.1417 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,135,579,708</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">2,898</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,159,927</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td> </tr> </table> 1135579708 2898 4159927 0.07 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.063 0.056 0.050 0.034 0.025 0.024 0.023 0.021 0.020 0.014 0.305 0.137 0.105 0.098 0.098 0.090 0.049 0.028 0.022 0.021 0.021 0.026 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> 2025-06-30 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 Total Stock Market Index Trust Series II JAFFX This annual shareholder report contains important information about the Total Stock Market Index Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Total Stock Market Index Trust<br/>(Series II/JAFFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>75</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.69<span>%</span></td> </tr> </table> 75 0.0069 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Total Stock Market Index Trust (Series II/JAFFX) returned 16.43% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | Information technology was the leading sector contributing to absolute fund performance. NVIDIA Corp., Microsoft Corp., and Broadcom, Inc. were strong performers.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The communication services and financials sectors also added to absolute performance with holdings in Alphabet, Inc. and JPMorgan Chase &amp; Co., respectively.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors </b> | At a time where major U.S. stock markets were experiencing positive performance, there were no sectors that detracted from absolute performance.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Individual holdings </b> | The fund's holding in UnitedHealth Group Inc. detracted the most from performance on an absolute basis.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290442.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total Stock Market Index Trust (Series II/JAFFX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.44<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Wilshire 5000 Total Market Full Cap Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.17<span>%</span></td> </tr> </table> Total Stock Market Index Trust (Series II/JAFFX) 0.1643 0.1214 0.1344 Wilshire 5000 Total Market Full Cap Index 0.1715 0.1280 0.1417 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,135,579,708</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">2,898</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,159,927</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td> </tr> </table> 1135579708 2898 4159927 0.07 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.063 0.056 0.050 0.034 0.025 0.024 0.023 0.021 0.020 0.014 0.305 0.137 0.105 0.098 0.098 0.090 0.049 0.028 0.022 0.021 0.021 0.026 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> 2025-06-30 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 Total Stock Market Index Trust Series NAV JAFEX This annual shareholder report contains important information about the Total Stock Market Index Trust (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Total Stock Market Index Trust<br/>(Series NAV/JAFEX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>48</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.44<span>%</span></td> </tr> </table> 48 0.0044 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">Total Stock Market Index Trust (Series NAV/JAFEX) returned 16.68% for the year ended December 31, 2025. Major U.S. stock market indexes rose during the period. Global equities and emerging markets also posted strong gains. Equities struggled early in the year amid concerns that President Trump’s tariffs on imports from major trading partners would lead to higher prices of goods sold in the U.S. and contribute to inflation pressures. After plunging at the beginning of April following President Trump’s proposed tariffs, the market rallied after President Trump declared a 90-day pause on these tariffs for many countries and began negotiating trade deals. Equities continued rising for the remainder of the year, as the U.S. and China made efforts to improve their trade relationship, corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation which was viewed by market participants as supportive of economic activity. In addition, the U.S. Federal Reserve resumed short-term interest rate cuts despite elevated inflation, lowering rates in September, October, and December.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | Information technology was the leading sector contributing to absolute fund performance. NVIDIA Corp., Microsoft Corp., and Broadcom, Inc. were strong performers.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors </b> | The communication services and financials sectors also added to absolute performance with holdings in Alphabet, Inc. and JPMorgan Chase &amp; Co., respectively.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors </b> | At a time where major U.S. stock markets were experiencing positive performance, there were no sectors that detracted from absolute performance.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Individual holdings </b> | The fund's holding in UnitedHealth Group Inc. detracted the most from performance on an absolute basis.</div><div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290433.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total Stock Market Index Trust (Series NAV/JAFEX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.73<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Wilshire 5000 Total Market Full Cap Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.17<span>%</span></td> </tr> </table> Total Stock Market Index Trust (Series NAV/JAFEX) 0.1668 0.1242 0.1373 Wilshire 5000 Total Market Full Cap Index 0.1715 0.1280 0.1417 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,135,579,708</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">2,898</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,159,927</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td> </tr> </table> 1135579708 2898 4159927 0.07 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.063 0.056 0.050 0.034 0.025 0.024 0.023 0.021 0.020 0.014 0.305 0.137 0.105 0.098 0.098 0.090 0.049 0.028 0.022 0.021 0.021 0.026 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on June 24-26, 2025, the Board of Trustees of the Trust approved changes to the fund’s subadvisory arrangements such that effective June 30, 2025, Manulife Investment Management (North America) Limited was replaced by Manulife Investment Management (US) LLC as the fund’s subadvisor.</div> 2025-06-30 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 U.S. Growth Trust Series I JAFHX This annual shareholder report contains important information about the U.S. Growth Trust, formerly Capital Appreciation Trust, (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">U.S. Growth Trust<br/>(Series I/JAFHX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>82</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.74<span>%</span></td> </tr> </table> 82 0.0074 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">U.S. Growth Trust (Series I/JAFHX) returned 20.60% for the year ended December 31, 2025. U.S. equities rose over the twelve-month period ending December 31, 2025, buoyed by stabilizing inflation, robust corporate earnings, improved trade sentiment, and above-trend GDP growth. Volatility, initially sparked by tariff escalations, later compounded by artificial intelligence valuation concerns, Federal Reserve policy uncertainty, and a prolonged government shutdown, gradually subsided as trade tensions eased, earnings beat expectations, and consumer spending remained resilient. In addition, the Federal Reserve resumed easing with three rate cuts, beginning in September.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Top holdings</b> | Positions in NVIDIA Corp. and Alphabet, Inc. contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Best performing sectors</b> | The information technology and communication services sectors contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest holdings</b> | Positions in Salesforce, Inc. and The Trade Desk, Inc. were the top detractors from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Worst performing sectors</b> | The consumer discretionary sector detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290382.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">U.S. Growth Trust (Series I/JAFHX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.06<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.59<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.13<span>%</span></td> </tr> </table> U.S. Growth Trust (Series I/JAFHX) 0.2060 0.1170 0.1706 Russell 1000 Index 0.1737 0.1359 0.1459 Russell 1000 Growth Index 0.1856 0.1532 0.1813 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>744,455,310</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">41</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,171,648</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">127<span>%</span></td> </tr> </table> 744455310 41 4171648 1.27 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">49.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.138 0.114 0.096 0.072 0.060 0.049 0.038 0.037 0.031 0.030 0.492 0.132 0.109 0.103 0.076 0.023 0.021 0.021 0.018 0.005 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on March 25-27, 2025, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 28, 2025, Jennison Associates LLC was replaced by Wellington Management Company LLP as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Prior to May 29, 2025, U.S. Growth Trust was known as Capital Appreciation Trust.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, at the same meeting, the Board approved a change in the fund’s management fee schedule effective May 29, 2025 whereby the annual rate is as follows: a) 0.600% of the first $500 million of aggregate net assets; b) 0.550% of the next $1 billion of aggregate net assets; c) 0.530% of the excess over $1.5 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In connection with the Board actions described above, the principal investment strategies of the fund have been revised. The purpose of these changes was to align the fund with the investment approach of the new subadvisor. Specifically, the strategies were revised to reflect the new subadvisor’s investment process that begins with the broad universe of equity securities included in US equity indices, along with other ideas that come from a combination of company meetings, investment conferences, field trips and industry analysis. The subadvisor monitors and ranks securities based on their relative attractiveness across this universe. Securities considered for purchase by the subadvisor are attractive on a majority of certain metrics (Quality, Growth, Valuation, Capital Returns, and Earnings Revisions), and have a positive catalyst such as accelerating earnings or revenue growth.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Additionally, effective May 28, 2025, the following risks were added to the fund’s “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund: Exchange-traded funds risk and Liquidity risk. The following risks were removed from the “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund: Consumer discretionary sector risk; Credit and counterparty risk; Fixed-income securities risk; Initial public offerings; Master limited partnership (MLP) risk; Mortgage-backed and asset-backed securities risk; Repurchase agreements risk; Short sales risk; U.S. government agency obligations risk and Warrants risk.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a special meeting of shareholders of the fund held on August 26, 2025, the fund’s shareholders approved a proposal to change the fund’s diversification status from diversified to non-diversified effective on that date. In connection with this change, Non-diversified risk was added to the fund’s “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on March 25-27, 2025, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 28, 2025, Jennison Associates LLC was replaced by Wellington Management Company LLP as the fund’s subadvisor.</div> 2025-05-28 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Prior to May 29, 2025, U.S. Growth Trust was known as Capital Appreciation Trust.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, at the same meeting, the Board approved a change in the fund’s management fee schedule effective May 29, 2025 whereby the annual rate is as follows: a) 0.600% of the first $500 million of aggregate net assets; b) 0.550% of the next $1 billion of aggregate net assets; c) 0.530% of the excess over $1.5 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In connection with the Board actions described above, the principal investment strategies of the fund have been revised. The purpose of these changes was to align the fund with the investment approach of the new subadvisor. Specifically, the strategies were revised to reflect the new subadvisor’s investment process that begins with the broad universe of equity securities included in US equity indices, along with other ideas that come from a combination of company meetings, investment conferences, field trips and industry analysis. The subadvisor monitors and ranks securities based on their relative attractiveness across this universe. Securities considered for purchase by the subadvisor are attractive on a majority of certain metrics (Quality, Growth, Valuation, Capital Returns, and Earnings Revisions), and have a positive catalyst such as accelerating earnings or revenue growth.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Additionally, effective May 28, 2025, the following risks were added to the fund’s “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund: Exchange-traded funds risk and Liquidity risk. The following risks were removed from the “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund: Consumer discretionary sector risk; Credit and counterparty risk; Fixed-income securities risk; Initial public offerings; Master limited partnership (MLP) risk; Mortgage-backed and asset-backed securities risk; Repurchase agreements risk; Short sales risk; U.S. government agency obligations risk and Warrants risk.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a special meeting of shareholders of the fund held on August 26, 2025, the fund’s shareholders approved a proposal to change the fund’s diversification status from diversified to non-diversified effective on that date. In connection with this change, Non-diversified risk was added to the fund’s “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 U.S. Growth Trust Series II JAFJX This annual shareholder report contains important information about the U.S. Growth Trust, formerly Capital Appreciation Trust, (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">U.S. Growth Trust<br/>(Series II/JAFJX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>104</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.94<span>%</span></td> </tr> </table> 104 0.0094 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">U.S. Growth Trust (Series II/JAFJX) returned 20.55% for the year ended December 31, 2025. U.S. equities rose over the twelve-month period ending December 31, 2025, buoyed by stabilizing inflation, robust corporate earnings, improved trade sentiment, and above-trend GDP growth. Volatility, initially sparked by tariff escalations, later compounded by artificial intelligence valuation concerns, Federal Reserve policy uncertainty, and a prolonged government shutdown, gradually subsided as trade tensions eased, earnings beat expectations, and consumer spending remained resilient. In addition, the Federal Reserve resumed easing with three rate cuts, beginning in September.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Top holdings</b> | Positions in NVIDIA Corp. and Alphabet, Inc. contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Best performing sectors</b> | The information technology and communication services sectors contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest holdings</b> | Positions in Salesforce, Inc. and The Trade Desk, Inc. were the top detractors from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Worst performing sectors</b> | The consumer discretionary sector detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290351.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">U.S. Growth Trust (Series II/JAFJX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.59<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.13<span>%</span></td> </tr> </table> U.S. Growth Trust (Series II/JAFJX) 0.2055 0.1151 0.1684 Russell 1000 Index 0.1737 0.1359 0.1459 Russell 1000 Growth Index 0.1856 0.1532 0.1813 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>744,455,310</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">41</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,171,648</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">127<span>%</span></td> </tr> </table> 744455310 41 4171648 1.27 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">49.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.138 0.114 0.096 0.072 0.060 0.049 0.038 0.037 0.031 0.030 0.492 0.132 0.109 0.103 0.076 0.023 0.021 0.021 0.018 0.005 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on March 25-27, 2025, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 28, 2025, Jennison Associates LLC was replaced by Wellington Management Company LLP as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Prior to May 29, 2025, U.S. Growth Trust was known as Capital Appreciation Trust.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, at the same meeting, the Board approved a change in the fund’s management fee schedule effective May 29, 2025 whereby the annual rate is as follows: a) 0.600% of the first $500 million of aggregate net assets; b) 0.550% of the next $1 billion of aggregate net assets; c) 0.530% of the excess over $1.5 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In connection with the Board actions described above, the principal investment strategies of the fund have been revised. The purpose of these changes was to align the fund with the investment approach of the new subadvisor. Specifically, the strategies were revised to reflect the new subadvisor’s investment process that begins with the broad universe of equity securities included in US equity indices, along with other ideas that come from a combination of company meetings, investment conferences, field trips and industry analysis. The subadvisor monitors and ranks securities based on their relative attractiveness across this universe. Securities considered for purchase by the subadvisor are attractive on a majority of certain metrics (Quality, Growth, Valuation, Capital Returns, and Earnings Revisions), and have a positive catalyst such as accelerating earnings or revenue growth.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Additionally, effective May 28, 2025, the following risks were added to the fund’s “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund: Exchange-traded funds risk and Liquidity risk. The following risks were removed from the “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund: Consumer discretionary sector risk; Credit and counterparty risk; Fixed-income securities risk; Initial public offerings; Master limited partnership (MLP) risk; Mortgage-backed and asset-backed securities risk; Repurchase agreements risk; Short sales risk; U.S. government agency obligations risk and Warrants risk.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a special meeting of shareholders of the fund held on August 26, 2025, the fund’s shareholders approved a proposal to change the fund’s diversification status from diversified to non-diversified effective on that date. In connection with this change, Non-diversified risk was added to the fund’s “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on March 25-27, 2025, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 28, 2025, Jennison Associates LLC was replaced by Wellington Management Company LLP as the fund’s subadvisor.</div> 2025-05-28 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Prior to May 29, 2025, U.S. Growth Trust was known as Capital Appreciation Trust.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, at the same meeting, the Board approved a change in the fund’s management fee schedule effective May 29, 2025 whereby the annual rate is as follows: a) 0.600% of the first $500 million of aggregate net assets; b) 0.550% of the next $1 billion of aggregate net assets; c) 0.530% of the excess over $1.5 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In connection with the Board actions described above, the principal investment strategies of the fund have been revised. The purpose of these changes was to align the fund with the investment approach of the new subadvisor. Specifically, the strategies were revised to reflect the new subadvisor’s investment process that begins with the broad universe of equity securities included in US equity indices, along with other ideas that come from a combination of company meetings, investment conferences, field trips and industry analysis. The subadvisor monitors and ranks securities based on their relative attractiveness across this universe. Securities considered for purchase by the subadvisor are attractive on a majority of certain metrics (Quality, Growth, Valuation, Capital Returns, and Earnings Revisions), and have a positive catalyst such as accelerating earnings or revenue growth.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Additionally, effective May 28, 2025, the following risks were added to the fund’s “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund: Exchange-traded funds risk and Liquidity risk. The following risks were removed from the “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund: Consumer discretionary sector risk; Credit and counterparty risk; Fixed-income securities risk; Initial public offerings; Master limited partnership (MLP) risk; Mortgage-backed and asset-backed securities risk; Repurchase agreements risk; Short sales risk; U.S. government agency obligations risk and Warrants risk.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a special meeting of shareholders of the fund held on August 26, 2025, the fund’s shareholders approved a proposal to change the fund’s diversification status from diversified to non-diversified effective on that date. In connection with this change, Non-diversified risk was added to the fund’s “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 U.S. Growth Trust Series NAV JAFGX This annual shareholder report contains important information about the U.S. Growth Trust, formerly Capital Appreciation Trust, (the fund) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt;">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance. dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; font-size: 9pt; font-weight: bold;">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">U.S. Growth Trust<br/>(Series NAV/JAFGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>76</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.69<span>%</span></td> </tr> </table> 76 0.0069 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">U.S. Growth Trust (Series NAV/JAFGX) returned 20.76% for the year ended December 31, 2025. U.S. equities rose over the twelve-month period ending December 31, 2025, buoyed by stabilizing inflation, robust corporate earnings, improved trade sentiment, and above-trend GDP growth. Volatility, initially sparked by tariff escalations, later compounded by artificial intelligence valuation concerns, Federal Reserve policy uncertainty, and a prolonged government shutdown, gradually subsided as trade tensions eased, earnings beat expectations, and consumer spending remained resilient. In addition, the Federal Reserve resumed easing with three rate cuts, beginning in September.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Top holdings</b> | Positions in NVIDIA Corp. and Alphabet, Inc. contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Best performing sectors</b> | The information technology and communication services sectors contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Weakest holdings</b> | Positions in Salesforce, Inc. and The Trade Desk, Inc. were the top detractors from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><b>Worst performing sectors</b> | The consumer discretionary sector detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">GROWTH OF $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6290342.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">U.S. Growth Trust (Series NAV/JAFGX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.13<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.59<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.13<span>%</span></td> </tr> </table> U.S. Growth Trust (Series NAV/JAFGX) 0.2076 0.1177 0.1713 Russell 1000 Index 0.1737 0.1359 0.1459 Russell 1000 Growth Index 0.1856 0.1532 0.1813 Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>744,455,310</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">41</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,171,648</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">127<span>%</span></td> </tr> </table> 744455310 41 4171648 1.27 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Sector Composition</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">49.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">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.</div> <div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mastercard, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eli Lilly &amp; Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> </table> 0.138 0.114 0.096 0.072 0.060 0.049 0.038 0.037 0.031 0.030 0.492 0.132 0.109 0.103 0.076 0.023 0.021 0.021 0.018 0.005 <div style="font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on March 25-27, 2025, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 28, 2025, Jennison Associates LLC was replaced by Wellington Management Company LLP as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Prior to May 29, 2025, U.S. Growth Trust was known as Capital Appreciation Trust.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, at the same meeting, the Board approved a change in the fund’s management fee schedule effective May 29, 2025 whereby the annual rate is as follows: a) 0.600% of the first $500 million of aggregate net assets; b) 0.550% of the next $1 billion of aggregate net assets; c) 0.530% of the excess over $1.5 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In connection with the Board actions described above, the principal investment strategies of the fund have been revised. The purpose of these changes was to align the fund with the investment approach of the new subadvisor. Specifically, the strategies were revised to reflect the new subadvisor’s investment process that begins with the broad universe of equity securities included in US equity indices, along with other ideas that come from a combination of company meetings, investment conferences, field trips and industry analysis. The subadvisor monitors and ranks securities based on their relative attractiveness across this universe. Securities considered for purchase by the subadvisor are attractive on a majority of certain metrics (Quality, Growth, Valuation, Capital Returns, and Earnings Revisions), and have a positive catalyst such as accelerating earnings or revenue growth.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Additionally, effective May 28, 2025, the following risks were added to the fund’s “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund: Exchange-traded funds risk and Liquidity risk. The following risks were removed from the “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund: Consumer discretionary sector risk; Credit and counterparty risk; Fixed-income securities risk; Initial public offerings; Master limited partnership (MLP) risk; Mortgage-backed and asset-backed securities risk; Repurchase agreements risk; Short sales risk; U.S. government agency obligations risk and Warrants risk.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a special meeting of shareholders of the fund held on August 26, 2025, the fund’s shareholders approved a proposal to change the fund’s diversification status from diversified to non-diversified effective on that date. In connection with this change, Non-diversified risk was added to the fund’s “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on March 25-27, 2025, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 28, 2025, Jennison Associates LLC was replaced by Wellington Management Company LLP as the fund’s subadvisor.</div> 2025-05-28 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Prior to May 29, 2025, U.S. Growth Trust was known as Capital Appreciation Trust.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In addition, at the same meeting, the Board approved a change in the fund’s management fee schedule effective May 29, 2025 whereby the annual rate is as follows: a) 0.600% of the first $500 million of aggregate net assets; b) 0.550% of the next $1 billion of aggregate net assets; c) 0.530% of the excess over $1.5 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">In connection with the Board actions described above, the principal investment strategies of the fund have been revised. The purpose of these changes was to align the fund with the investment approach of the new subadvisor. Specifically, the strategies were revised to reflect the new subadvisor’s investment process that begins with the broad universe of equity securities included in US equity indices, along with other ideas that come from a combination of company meetings, investment conferences, field trips and industry analysis. The subadvisor monitors and ranks securities based on their relative attractiveness across this universe. Securities considered for purchase by the subadvisor are attractive on a majority of certain metrics (Quality, Growth, Valuation, Capital Returns, and Earnings Revisions), and have a positive catalyst such as accelerating earnings or revenue growth.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">Additionally, effective May 28, 2025, the following risks were added to the fund’s “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund: Exchange-traded funds risk and Liquidity risk. The following risks were removed from the “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund: Consumer discretionary sector risk; Credit and counterparty risk; Fixed-income securities risk; Initial public offerings; Master limited partnership (MLP) risk; Mortgage-backed and asset-backed securities risk; Repurchase agreements risk; Short sales risk; U.S. government agency obligations risk and Warrants risk.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7.5pt;">At a special meeting of shareholders of the fund held on August 26, 2025, the fund’s shareholders approved a proposal to change the fund’s diversification status from diversified to non-diversified effective on that date. In connection with this change, Non-diversified risk was added to the fund’s “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-25</i> <i>. For more complete information, please refer to the fund’s prospectus. The currently effective prospectus is available at </i> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'arial narrow'; font-size: 9pt; font-style: italic;">dfinview.com/johnhancock?site=funds</span> <i> or by calling 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.</i></div> dfinview.com/johnhancock?site=funds 800-344-1029800-732-5543