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10893.56458 12909.245632 10029.3966 0.023 10000 0.090 11227.264432 12255.465257 8092.3463 9328.433162 10000 10047.8756 20632.954259 13326.059681 10000 0.029 12620.705221 10158.664721 11054.2933279999 27892.62788 9460.030715 0.077 17445.95379 0.004 0.055 0.087 15815.431343 10000 0.001 10211.537867 11368.765707 28258.022012 27345.279442 10000 16220.455006 15871.470686 9323.547259 10000 10101.6927 12526.348421 0.082 10091.1302 16390.169268 11577.184288 10005.348 12123.585338 21262.102661 12662.217887 9653.813064 12444.47882 10000 35358.092128 26953.376564 21216.068831 0.689 13477.069086 10000 14455.108516 0.018 10383.576559 13549.434175 0.046 10910.39414 11001.219832 34089.01033 12728.081443 10000 10195.718855 10000 24183.380325 12865.717552 0.001 17050.411671 10000 0.010 9308.5128 14361.869759 10183.220712 10973.67835 18993.35474 10000 21172.353704 15833.319809 15689.723651 12319.13716 12104.85304 10571.149627 12687.404599 11137.200802 9205.2516 44645.493302 0.016 14951.327031 0.010 10011.5754 10266.225803 19728.340712 0.229 0.024 15131.505425 35256.840239 0.074 15104.826223 14734.650728 10643.8813 11090.047058 10000 0.030 21238.739237 0.068 11494.226229 11719.075613 10819.332157 14637.266283 12435.0525 15441.189921 14898.087316 16417.777651 10087.491212 10612.132223 0.021 10000 12578.539296 0.071 9558.5906 20464.608117 0.063 10000 0.058 0.030 10223.990167 10000 0.378 12872.357419 0.091 10000 10781.905306 13773.170576 46313.315852 20322.806142 10731.957997 9546.735 11976.417779 0.010 35186.245116 21288.64922 11112.8512 9984.8658 13985.01634 12087.998741 14972.525361 10000 11683.846874 0.002 0.006 17772.747684 0.245 10383.485 26340.153371 13038.849109 14774.75317 16441.852661 11648.319878 11014.503208 0.049 0.075 16441.087782 21233.217257 18316.596695 10000 29476.534488 11129.745041 15418.633696 13824.455763 0.174 0.267 10036.128 16752.548933 14959.70377 10253.124471 25765.237692 10289.817773 12146.426059 15127.882714 0.029 14443.401892 13729.813938 13278.476225 10638.8831 9913.6033 0.005 0.420 12413.25572 12514.093649 0.075 0.023 11162.733511 10309.795598 0.522 11594.230748 20583.582257 9542.265 0.130 10890.849345 20302.202868 14947.984558 10328.906252 10551.956511 12950.908944 10820.307976 0.451 28999.574955 14442.213146 11078.292466 10183.026871 11898.66839 0.005 19743.136126 15933.481571 0.087 19147.2753179999 11620.877019 12208.080445 12028.662766 10013.2367 0.069 12521.820411 10976.430788 11964.314205 10000 0.045 10461.879342 0.041 0.002 16232.063253 10285.301462 10687.931792 36281.942548 11028.838362 10004.4265 16649.065628 0.344 15066.701557 18495.815728 10304.575333 11243.431225 15001.389753 9650.1517 13081.967505 11587.806329 11210.473378 0.040 10668.8712 11268.479502 10666.327259 10819.202694 18463.111555 0.028 10664.323008 35392.244241 0.286 10543.383328 14919.227174 0.045 10649.3656 0.002 14286.96355 0.021 17571.272455 0.068 19634.291957 17738.456663 10000 10131.998766 12352.619503 9094.376 28036.490105 0.201 0.346 14144.249504 26334.054497 0.007 22579.888957 0.109 18341.577188 13315.889818 0.057 0.008 0.203 10685.778308 13350.686841 10000 10381.416423 10000 10000 21632.634104 0.001 15203.317354 23382.987454 13793.057845 10559.807086 12673.334818 22164.706449 9908.9263 0.522 10667.705823 0.150 14706.546756 12086.809537 13569.339195 11172.02556 11025.72745 0.274 0.021 14739.717933 12340.400154 11819.090208 0.033 0.029 10669.303925 17669.094485 13203.181375 0.029 13263.450431 0.024 12009.360363 0.168 0.021 12163.133063 21056.632292 23664.463439 13294.32959 10000 11605.072628 17510.97182 21394.705996 11699.697797 10081.475642 15505.694555 16940.755345 35230.808164 9818.116277 21187.923165 13721.048896 13345.544254 0.215 12892.154087 0.041 26482.678067 10871.759051 10565.055808 0.001 15406.567368 17391.061686 0.005 0.057 10679.683028 0.075 0.792 21449.204415 10000 10000 10434.30193 21484.948949 14171.712529 0.108 20692.565228 14951.121203 28969.488603 15544.146229 15866.32754 14433.34522 12440.084925 0.046 0.236 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11740.070023 12396.752164 16253.871036 10243.581674 19203.067793 10000 0.051 10265.186162 11420.89758 11249.4374 12175.565874 0.092 9522.0107 0.017 0.091 21636.255433 13818.321104 16303.239871 0.008 0.051 14801.692576 10401.142 17356.323807 0.201 10216.565062 10855.369 16346.336795 10000 13157.187364 10965.821701 15469.174935 10979.847679 10000 11192.941688 0.145 11829.565568 0.020 0.010 12528.514372 10331.333363 36151.770589 10575.910304 0.272 14654.238826 19443.062799 22329.685068 0.116 0.030 0.111 0.211 10701.8916 0.136 0.108 0.075 0.004 0.132 0.689 13120.538613 9518.7305 10118.695644 12938.438747 11471.932961 10995.43014 0.086 16486.135691 0.025 11922.781978 15738.241216 0.420 10000 11138.816558 23752.252102 11596.934605 29523.484215 51470.441772 11367.87595 0.378 0.090 15588.751299 11563.735361 10035.8138 18906.422901 9617.2661 13043.611089 12908.941854 15473.872257 11849.316206 16577.376141 19313.470412 10667.7014 10571.554438 12920.928543 19026.119288 10433.116123 16313.496342 12202.16146 0.346 10017.249016 10000 18443.350428 10000 14421.230442 0.106 10000 12078.650441 9984.605 10000 10194.779163 11396.661251 11729.856179 11456.155905 22537.766158 10000 0.230 17653.047365 13354.979804 0.001 21460.438088 12090.543004 0.113 17103.64393 0.010 10246.4686 0.005 17691.153201 15848.99796 14065.936813 0.006 18924.641928 10647.971747 0.091 10000 10983.101732 10000 35259.92667 0.020 11997.217906 9465.7535 9636.01959999999 10000 10067.462344 0.286 18246.480021 10266.104286 0.060 10000 12689.062841 18415.738599 11099.543098 15973.51186 10649.507 11791.20268 14375.384428 13500.824243 21521.558899 0.113 0.025 10623.799664 13389.622368 22393.522229 12732.668086 14229.839202 0.017 17226.511808 10000 14387.769306 10594.269142 17621.023832 12715.059741 0.048 14625.083728 14747.923492 10306.029542 0.199 15623.734758 15611.516696 25687.616924 0.028 12322.247045 10000 16428.210796 0.008 10000 0.090 24240.944318 11814.408656 9977.6043 0.015 0.245 16116.155367 13938.561228 14141.054828 0.010 0.029 8508.2225 10000 11201.584301 20247.957469 0.091 0.137 12083.047447 17149.689945 17406.290194 9558.694916 13044.672472 29937.108452 13956.537522 11595.33432 9325.2984 11170.392311 14043.068973 10570.553943 11418.358958 14419.10784 9996.8293 10000 14205.323306 10000 13211.426534 14669.936311 15985.147348 13891.761405 11350.927528 11115.856148 18049.812316 12683.823051 13653.71891 9918.5836 24456.093039 19976.685355 17374.537313 10000 16292.251271 12697.998879 10766.198612 9483.475 13677.706696 12780.495309 23475.034908 11178.071972 13101.057533 15987.172604 17386.054363 11886.561493 11183.665881 15177.538205 13175.558542 15868.239344 13851.002975 20179.027651 10769.043631 14415.425122 10000 22685.137513 13121.001267 12584.178253 10852.495478 10000 11662.525558 14988.619816 9517.5961 30689.763933 13465.870483 10000 11234.08056 10000.3912 10086.1363 14485.041116 13922.461224 13171.247168 13710.391804 13066.353491 13090.188078 23431.493207 9837.013737 9953.407638 10127.1968 18041.406034 19789.936623 14965.974895 14183.221565 13717.024071 12863.873229 11317.539144 12888.653838 10566.7256 10016.9809 12854.215146 9979.9912 11334.18618 10456.413732 10000 22601.687524 13489.122988 9879.1038 10146.4378 10096.4429 10977.585149 30497.351124 9976.1896 29169.011868 11605.667065 12043.843491 11113.563009 13358.203878 9931.9345 19244.443451 12521.109144 13709.490558 11661.668111 18375.668938 31696.951181 11491.621493 12204.386945 19697.000667 10528.3278 15542.52995 24854.395919 12033.461945 10000 10363.683504 23568.728956 11383.387416 12536.857509 10000 10000 28812.098163 11234.861375 19799.918312 19033.047086 16704.317998 11121.535194 10121.7585 14048.97175 17240.047496 19483.015237 14743.203812 20194.856519 12302.434657 10839.587388 15414.394942 11677.844056 23203.255941 10000 9946.9539 13417.930466 11193.646942 10758.209729 11620.01764 13005.698504 14058.230267 15730.983465 9962.673358 25948.880415 10459.375921 18565.192052 21182.253503 10516.763431 13067.019192 26493.8506 10360.3369 13097.771306 11914.07758 12692.974199 10000 13469.813695 16545.767889 33389.516269 12120.751809 10654.4336 26029.596149 13051.890311 12850.076313 18131.715437 17124.801808 15820.014531 14774.261607 14481.035956 12458.353431 14498.009055 29323.305621 14568.881879 11255.273619 10101.3736 11785.276678 13072.800683 20051.169603 15360.995498 19662.164257 32563.989447 11782.674971 12438.648917 10710.58263 10526.6165 11838.370401 9696.186 29802.777131 30242.964207 10000 11772.96307 15187.305442 18969.098562 13382.079865 16609.627094 10630.781792 10963.209992 9253.1213 9540.8616 10000 10299.5934 11810.212121 12302.94445 10546.0902 14329.854279 15372.77743 47152.219369 10000 12660.985424 13231.943029 16502.605036 10000 20165.955591 15970.738108 14115.531563 10045.6046 16159.582811 13078.052799 12723.665748 19808.569098 18124.261899 26542.963478 11176.785107 15927.469597 15080.875919 13128.183164 14278.839222 16216.832555 14019.671227 10000 13046.837825 17468.985985 12039.172985 10000 30071.027443 10692.559574 29466.22003 24976.667217 12864.141554 10468.432532 12328.825252 20226.151707 13864.877066 14732.866459 10000 12374.322754 10509.8456 13644.616602 11196.10273 19743.969008 10302.412615 10748.164292 16303.951151 28729.576616 14540.544181 11309.416919 15431.076003 12554.263272 12616.360848 13829.011855 10000 26782.838009 9974.9914 16953.864398 19414.642588 10000 9556.6595 19987.539435 31586.405591 11833.174042 14446.709349 19483.922164 20842.340092 10000 9145.4252 10000 12486.143634 9627.1819 10820.501531 15378.448737 15949.475425 20279.178226 19888.371389 10000 10267.5518 26658.118738 13599.740279 14469.135949 12966.056219 11160.094015 14955.354663 13738.693498 13021.730089 10000 10014.7044 9989.5003 10000 11082.763 9649.5495 15630.166404 12866.084467 24781.718734 11276.657743 27398.839785 13507.663747 15988.369647 17636.087395 15494.780986 17718.545088 16460.022182 10000 9218.768 26185.293358 16598.387472 16699.04702 15161.431014 10000 12881.477894 10017.790463 15420.320944 10000 10061.8699 19066.90896 11561.628336 11001.056652 12914.042849 13222.699021 14655.362061 11173.997528 17313.69827 11022.146263 11151.091005 10000 11292.988651 12730.294893 9520.5087 20444.854002 10010.1228 20545.6432 11213.054055 12886.392936 10626.966587 16857.194716 24402.608874 11380.738892 10316.56654 19204.085034 11942.109175 10617.280736 11548.099953 14426.3061 20040.005087 20082.488031 39813.13583 15111.516571 17486.929255 14214.065498 13087.906335 12438.052136 9419.6054 11720.960592 25811.237885 13667.398611 9433.7949 13317.165551 29246.879237 16831.080485 14174.809193 14648.798811 12107.43891 11488.795307 12922.861684 10000 11703.977931 17063.346955 13107.607479 15146.911079 10583.24761 13486.676494 15904.089693 14009.607495 10303.8217 13606.240794 18128.248868 9502.1832 13610.571658 14509.848577 10604.566657 11597.590501 13198.766162 11717.929063 16771.805306 10111.4503 22739.186271 10798.351995 29349.93462 9898.3537 9907.905903 13410.620785 13728.447554 16714.143132 11314.483635 20037.468359 13667.702473 11283.752929 10000 14811.264378 11868.396399 10675.036496 19614.108827 27407.676729 10000 12499.299808 19696.983384 10000 10000 11209.829222 18816.477561 13112.750532 12550.575165 10875.031569 13011.52653 24876.929442 15292.747451 18443.091357 12378.60585 12790.06973 10274.853 21695.585085 13451.655271 19624.5768099999 19605.960135 18849.683409 23547.014593 13149.188425 13145.587032 15432.017395 23071.683482 13159.106351 15597.564869 10000 9988.2958 10000 16109.08761 12361.037132 30292.503427 23711.164347 13725.570682 10669.453832 10841.993659 11328.925542 15805.327822 13686.564124 12371.979048 11454.543317 12003.334953 17460.155574 39015.954861 34253.952782 11192.786733 24520.59584 16066.902924 13624.228066 12921.203062 9814.696238 10646.125905 11257.663105 13747.217775 10000 10516.939523 26021.870064 11117.817107 12156.886919 15597.083254 11105.9775 13601.566541 11591.312861 11947.488426 10745.6222 23031.430137 10347.161336 11233.327996 21264.214299 10298.782214 13521.186574 16688.78439 19469.625204 13480.531436 10836.497911 9168.08 11702.142715 19738.92883 11472.592018 12701.341587 28824.61587 11545.770624 12101.278357 13357.71873 10115.1465 9996.9011 16783.190688 13523.376077 10000 20563.757509 30852.590778 12352.010315 13033.013056 17675.069538 12590.327772 10000 25604.569278 12730.534333 14089.16043 18531.86661 10414.010083 11008.983459 25577.439555 11812.937864 13593.52884 11182.18124 25438.207148 12809.050106 26462.988761 9784.601293 17632.599465 15258.171398 12123.770465 15778.226857 13851.374318 15167.776168 10632.319051 19312.723777 11885.033476 10721.53951 11568.684575 19994.549311 27122.241605 11234.300768 26795.938366 10000 10000 10000 11458.675985 16604.470782 10652.550299 20050.169556 20035.578996 15073.208867 12958.910415 10978.0171 12538.369575 16357.902851 21205.058229 10000 14669.383449 10110.1328 24167.221133 16389.890613 34971.248845 22360.424141 9857.853886 10355.43616 12909.84313 11282.146103 10623.172818 10022.2736 15559.035989 13109.790116 13687.169759 16190.747513 12190.139727 10138.384 18973.488041 12406.572849 9916.5043 11274.531861 11329.566936 15261.49785 11388.845973 26667.795427 10782.243461 13776.391553 17157.873376 11166.901406 12525.676184 29763.660059 24651.544105 32052.258664 13333.976964 11258.586638 17327.691488 18448.026982 14058.983994 12585.713377 23630.222395 9936.4808 19989.910151 20185.775982 10711.380544 10000 14294.938662 19933.950803 15584.82525 10659.206603 10000 16091.223516 33227.752555 11686.993441 9546.2729 20815.24858 12983.690499 11166.525455 10529.877351 14086.987927 23429.580984 15461.632143 31252.804166 13406.411303 10072.5794 19391.82756 30201.310199 14211.918525 24965.992992 17165.840903 24407.879986 13072.327785 20584.876082 11049.584153 14393.676891 20040.826634 14465.311228 13461.027101 15661.387507 14220.768211 10640.048509 0.199 0.065 0.058 0.042 0.108 0.057 0.048 0.145 0.074 0.063 0.059 0.045 0.230 0.090 0.028 0.260 0.077 0.116 0.068 0.081 0.029 0.058 0.051 0.038 0.075 0.048 0.012 0.082 0.016 0.090 0.108 0.132 0000756913 false N-1A N-CSR JOHN HANCOCK VARIABLE INSURANCE TRUST 2024-12-31 500 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">500 Index Trust<br/>(Series I/JFIVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>34</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.30<span>%</span></td> </tr> </table> 34 0.0030 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">500 Index Trust (Series I/JFIVX) returned 24.60% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The fund benefited from several strong performers in the sector, led by NVIDIA Corp. Other notable individual contributors included Apple, Inc. and Broadcom, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors</b> | Financials, communication services and consumer discretionary also contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Intel Corp.</b> | The single largest absolute detractor was Intel Corp., a semiconductor company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no sectors that detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (North America) Limited, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661933.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.76<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> </table> 500 Index Trust (Series I/JFIVX) 0.2460 0.1418 0.1276 S&P 500 Index 0.2502 0.1453 0.1310 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>10,708,610,614</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">505</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>19,129,393</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3<span>%</span></td> </tr> </table> 10708610614 505 19129393 0.03 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<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> 0.074 0.064 0.061 0.040 0.025 0.022 0.021 0.021 0.018 0.016 0.315 0.132 0.109 0.098 0.091 0.079 0.054 0.031 0.022 0.020 0.018 0.031 500 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">500 Index Trust<br/>(Series II/JAGKX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>56</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.50<span>%</span></td> </tr> </table> 56 0.0050 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">500 Index Trust (Series II/JAGKX) returned 24.36% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The fund benefited from several strong performers in the sector, led by NVIDIA Corp. Other notable individual contributors included Apple, Inc. and Broadcom, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors</b> | Financials, communication services and consumer discretionary also contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Intel Corp.</b> | The single largest absolute detractor was Intel Corp., a semiconductor company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no sectors that detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (North America) Limited, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661929.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.53<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> </table> 500 Index Trust (Series II/JAGKX) 0.2436 0.1394 0.1253 S&P 500 Index 0.2502 0.1453 0.1310 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>10,708,610,614</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">505</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>19,129,393</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3<span>%</span></td> </tr> </table> 10708610614 505 19129393 0.03 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<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> 0.074 0.064 0.061 0.040 0.025 0.022 0.021 0.021 0.018 0.016 0.315 0.132 0.109 0.098 0.091 0.079 0.054 0.031 0.022 0.020 0.018 0.031 500 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">500 Index Trust<br/>(Series NAV/JAGMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>28</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.25<span>%</span></td> </tr> </table> 28 0.0025 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">500 Index Trust (Series NAV/JAGMX) returned 24.67% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The fund benefited from several strong performers in the sector, led by NVIDIA Corp. Other notable individual contributors included Apple, Inc. and Broadcom, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors</b> | Financials, communication services and consumer discretionary also contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Intel Corp.</b> | The single largest absolute detractor was Intel Corp., a semiconductor company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no sectors that detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (North America) Limited, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660756.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.81<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> </table> 500 Index Trust (Series NAV/JAGMX) 0.2467 0.1423 0.1281 S&P 500 Index 0.2502 0.1453 0.1310 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>10,708,610,614</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">505</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>19,129,393</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3<span>%</span></td> </tr> </table> 10708610614 505 19129393 0.03 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<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> 0.074 0.064 0.061 0.040 0.025 0.022 0.021 0.021 0.018 0.016 0.315 0.132 0.109 0.098 0.091 0.079 0.054 0.031 0.022 0.020 0.018 0.031 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Asset Allocation Trust<br/>(Series I/JAHZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>67</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">American Asset Allocation Trust (Series I/JAHZX) returned 16.02% for the year ended December 31, 2024. During the fund's fiscal year, U.S. economic growth remained solid, driven by strong consumer spending, despite uncertainties regarding the presidential election, high interest rates and a slowing labor market. In September, the U.S. Federal Reserve cut rates for the first time since 2020 and followed with additional reductions in November and December. Short-term bond yields declined, while longer term yields rose.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Holdings in most equity sectors produced positive returns for the fund, with information technology, financials and communication services companies particularly additive to results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers</b> | Consumer discretionary, consumer staples and materials shares were also positive, though below the fund's overall return attributable to its equity portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | Holdings in the real estate and energy sectors saw negative returns during the period detracting from the fund's performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income holdings</b> | The bond portfolio yielded lower returns than equities but helped in mitigating overall portfolio risk by providing protection against market volatility.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Capital Research and Management Company^SM, investment advisor for American Funds Insurance Series, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660480.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.93<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.93<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.52<span>%</span></td> </tr> </table> American Asset Allocation Trust (Series I/JAHZX) 0.1602 0.0793 0.0793 S&P 500 Index 0.2502 0.1453 0.1310 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 40% Bloomberg U.S. Aggregate Bond Index/ 60% S&P 500 Index 0.1504 0.0867 0.0852 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,189,184,726</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td> </tr> </table> 1189184726 1 0 0.07 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">67.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</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;">2.4<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.673 0.103 0.102 0.070 0.025 0.002 0.001 0.024 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Asset Allocation Trust<br/>(Series II/JAIFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">American Asset Allocation Trust (Series II/JAIFX) returned 15.92% for the year ended December 31, 2024. During the fund's fiscal year, U.S. economic growth remained solid, driven by strong consumer spending, despite uncertainties regarding the presidential election, high interest rates and a slowing labor market. In September, the U.S. Federal Reserve cut rates for the first time since 2020 and followed with additional reductions in November and December. Short-term bond yields declined, while longer term yields rose.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Holdings in most equity sectors produced positive returns for the fund, with information technology, financials and communication services companies particularly additive to results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers</b> | Consumer discretionary, consumer staples and materials shares were also positive, though below the fund's overall return attributable to its equity portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | Holdings in the real estate and energy sectors saw negative returns during the period detracting from the fund's performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income holdings</b> | The bond portfolio yielded lower returns than equities but helped in mitigating overall portfolio risk by providing protection against market volatility.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Capital Research and Management Company^SM, investment advisor for American Funds Insurance Series, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660472.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.52<span>%</span></td> </tr> </table> American Asset Allocation Trust (Series II/JAIFX) 0.1592 0.0783 0.0782 S&P 500 Index 0.2502 0.1453 0.1310 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 40% Bloomberg U.S. Aggregate Bond Index/ 60% S&P 500 Index 0.1504 0.0867 0.0852 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,189,184,726</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td> </tr> </table> 1189184726 1 0 0.07 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">67.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</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;">2.4<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.673 0.103 0.102 0.070 0.025 0.002 0.001 0.024 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Asset Allocation Trust<br/>(Series III/JAIDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>29</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">American Asset Allocation Trust (Series III/JAIDX) returned 16.50% for the year ended December 31, 2024. During the fund's fiscal year, U.S. economic growth remained solid, driven by strong consumer spending, despite uncertainties regarding the presidential election, high interest rates and a slowing labor market. In September, the U.S. Federal Reserve cut rates for the first time since 2020 and followed with additional reductions in November and December. Short-term bond yields declined, while longer term yields rose.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Holdings in most equity sectors produced positive returns for the fund, with information technology, financials and communication services companies particularly additive to results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers</b> | Consumer discretionary, consumer staples and materials shares were also positive, though below the fund's overall return attributable to its equity portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | Holdings in the real estate and energy sectors saw negative returns during the period detracting from the fund's performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income holdings</b> | The bond portfolio yielded lower returns than equities but helped in mitigating overall portfolio risk by providing protection against market volatility.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Capital Research and Management Company^SM, investment advisor for American Funds Insurance Series, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660446.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.50<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.30<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.52<span>%</span></td> </tr> </table> American Asset Allocation Trust (Series III/JAIDX) 0.1650 0.0831 0.0830 S&P 500 Index 0.2502 0.1453 0.1310 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 40% Bloomberg U.S. Aggregate Bond Index/ 60% S&P 500 Index 0.1504 0.0867 0.0852 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,189,184,726</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td> </tr> </table> 1189184726 1 0 0.07 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">67.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</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;">2.4<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.673 0.103 0.102 0.070 0.025 0.002 0.001 0.024 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Global Growth Trust<br/>(Series I/JAJQX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>69</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.65<span>%</span></td> </tr> </table> 69 0.0065 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">American Global Growth Trust (Series I/JAJQX) returned 13.20% for the year ended December 31, 2024. During the fund's fiscal year, U.S. economic growth remained solid, driven by strong consumer spending. This growth persisted despite the uncertainties surrounding the presidential election, high interest rates and a slowing labor market. Overseas, Europe and Japan saw modest growth while the U.K. economy contracted in September and October, but grew slightly in November. Among emerging economies, China faced stagnant consumption, a property crisis and rising debt. Conversely, India showed resilience with strong growth and robust investment, though it struggled with inflation.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Holdings in a majority of equity sectors produced positive contribution, with shares of information technology, financials and communication services companies particularly additive to results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country allocation</b> | Geographically, investments based in the U.S., Taiwan and Canada were additive.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers</b> | Industrials and consumer discretionary sectors were also positive, although below the fund’s overall return.<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | On the contrary, holdings in the consumer staples, energy and health care sectors weighed on results during the period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country allocation</b> | Investments in South Korea and Denmark posted negative overall returns detracting from the fund’s performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Capital Research and Management Company^SM, investment advisor for American Funds Insurance Series, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660540.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.32<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.49<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.23<span>%</span></td> </tr> </table> American Global Growth Trust (Series I/JAJQX) 0.1320 0.0933 0.1032 MSCI ACWI 0.1749 0.1006 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>195,647,983</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 195647983 1 0 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">27.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">14.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<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;">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: #000000; 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> 0.275 0.148 0.142 0.132 0.119 0.057 0.031 0.027 0.021 0.005 0.005 0.038 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Global Growth Trust<br/>(Series II/JAHWX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.72<span>%</span></td> </tr> </table> 77 0.0072 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">American Global Growth Trust (Series II/JAHWX) returned 13.15% for the year ended December 31, 2024. During the fund's fiscal year, U.S. economic growth remained solid, driven by strong consumer spending. This growth persisted despite the uncertainties surrounding the presidential election, high interest rates and a slowing labor market. Overseas, Europe and Japan saw modest growth while the U.K. economy contracted in September and October, but grew slightly in November. Among emerging economies, China faced stagnant consumption, a property crisis and rising debt. Conversely, India showed resilience with strong growth and robust investment, though it struggled with inflation.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Holdings in a majority of equity sectors produced positive contribution, with shares of information technology, financials and communication services companies particularly additive to results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country allocation</b> | Geographically, investments based in the U.S., Taiwan and Canada were additive.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers</b> | Industrials and consumer discretionary sectors were also positive, although below the fund’s overall return.<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | On the contrary, holdings in the consumer staples, energy and health care sectors weighed on results during the period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country allocation</b> | Investments in South Korea and Denmark posted negative overall returns detracting from the fund’s performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Capital Research and Management Company^SM, investment advisor for American Funds Insurance Series, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660536.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.23<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.49<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.23<span>%</span></td> </tr> </table> American Global Growth Trust (Series II/JAHWX) 0.1315 0.0925 0.1023 MSCI ACWI 0.1749 0.1006 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>195,647,983</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 195647983 1 0 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">27.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">14.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<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;">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: #000000; 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> 0.275 0.148 0.142 0.132 0.119 0.057 0.031 0.027 0.021 0.005 0.005 0.038 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Global Growth Trust<br/>(Series III/JAHVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>32</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.30<span>%</span></td> </tr> </table> 32 0.0030 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">American Global Growth Trust (Series III/JAHVX) returned 13.58% for the year ended December 31, 2024. During the fund's fiscal year, U.S. economic growth remained solid, driven by strong consumer spending. This growth persisted despite the uncertainties surrounding the presidential election, high interest rates and a slowing labor market. Overseas, Europe and Japan saw modest growth while the U.K. economy contracted in September and October, but grew slightly in November. Among emerging economies, China faced stagnant consumption, a property crisis and rising debt. Conversely, India showed resilience with strong growth and robust investment, though it struggled with inflation.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Holdings in a majority of equity sectors produced positive contribution, with shares of information technology, financials and communication services companies particularly additive to results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country allocation</b> | Geographically, investments based in the U.S., Taiwan and Canada were additive.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers</b> | Industrials and consumer discretionary sectors were also positive, although below the fund’s overall return.<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | On the contrary, holdings in the consumer staples, energy and health care sectors weighed on results during the period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country allocation</b> | Investments in South Korea and Denmark posted negative overall returns detracting from the fund’s performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Capital Research and Management Company^SM, investment advisor for American Funds Insurance Series, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660840.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.71<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.49<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.23<span>%</span></td> </tr> </table> American Global Growth Trust (Series III/JAHVX) 0.1358 0.0972 0.1071 MSCI ACWI 0.1749 0.1006 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>195,647,983</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 195647983 1 0 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">27.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">14.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<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;">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: #000000; 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> 0.275 0.148 0.142 0.132 0.119 0.057 0.031 0.027 0.021 0.005 0.005 0.038 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Growth Trust<br/>(Series I/JAHJX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>72</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span></td> </tr> </table> 72 0.0062 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">American Growth Trust (Series I/JAHJX) returned 31.09% for the year ended December 31, 2024. During the fund's fiscal year, U.S. economic growth remained solid driven by strong consumer spending. Headwinds to the market included uncertainty surrounding the presidential election, higher interest rates and slowing job growth. However, the market appeared largely unbothered by inflation remaining above the U.S. Federal Reserve’s (Fed) target as well as an expanding government budget deficit. Speculation surrounding the pace and magnitude of the Fed’s rate cuts was a primary driver of market returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Overall, most sectors added to the fund’s positive results with communication services and information technology holdings leading the way.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers</b> | Likewise, returns among the fund’s consumer discretionary and financials holdings surpassed those of the overall portfolio, contributing to the fund’s results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | Holdings in the energy and consumer staples sectors weighed on the fund’s results given negative returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other detractors</b> | Holdings in real estate also slightly detracted from the fund's performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Capital Research and Management Company^SM, investment advisor for American Funds Insurance Series, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659279.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.15<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> </table> American Growth Trust (Series I/JAHJX) 0.3109 0.1839 0.1615 S&P 500 Index 0.2502 0.1453 0.1310 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,021,728,308</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">5<span>%</span></td> </tr> </table> 1021728308 1 0 0.05 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">24.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">19.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">16.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<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;">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;">2.0<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.241 0.198 0.160 0.117 0.106 0.082 0.028 0.022 0.015 0.006 0.005 0.020 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Growth Trust<br/>(Series II/JAHKX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>79</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.68<span>%</span></td> </tr> </table> 79 0.0068 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">American Growth Trust (Series II/JAHKX) returned 31.03% for the year ended December 31, 2024. During the fund's fiscal year, U.S. economic growth remained solid driven by strong consumer spending. Headwinds to the market included uncertainty surrounding the presidential election, higher interest rates and slowing job growth. However, the market appeared largely unbothered by inflation remaining above the U.S. Federal Reserve’s (Fed) target as well as an expanding government budget deficit. Speculation surrounding the pace and magnitude of the Fed’s rate cuts was a primary driver of market returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Overall, most sectors added to the fund’s positive results with communication services and information technology holdings leading the way.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers</b> | Likewise, returns among the fund’s consumer discretionary and financials holdings surpassed those of the overall portfolio, contributing to the fund’s results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | Holdings in the energy and consumer staples sectors weighed on the fund’s results given negative returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other detractors</b> | Holdings in real estate also slightly detracted from the fund's performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Capital Research and Management Company^SM, investment advisor for American Funds Insurance Series, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659270.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.03<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.07<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> </table> American Growth Trust (Series II/JAHKX) 0.3103 0.1832 0.1607 S&P 500 Index 0.2502 0.1453 0.1310 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,021,728,308</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">5<span>%</span></td> </tr> </table> 1021728308 1 0 0.05 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">24.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">19.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">16.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<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;">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;">2.0<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.241 0.198 0.160 0.117 0.106 0.082 0.028 0.022 0.015 0.006 0.005 0.020 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Growth Trust<br/>(Series III/JAHGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.27<span>%</span></td> </tr> </table> 31 0.0027 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">American Growth Trust (Series III/JAHGX) returned 31.60% for the year ended December 31, 2024. During the fund's fiscal year, U.S. economic growth remained solid driven by strong consumer spending. Headwinds to the market included uncertainty surrounding the presidential election, higher interest rates and slowing job growth. However, the market appeared largely unbothered by inflation remaining above the U.S. Federal Reserve’s (Fed) target as well as an expanding government budget deficit. Speculation surrounding the pace and magnitude of the Fed’s rate cuts was a primary driver of market returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Overall, most sectors added to the fund’s positive results with communication services and information technology holdings leading the way.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers</b> | Likewise, returns among the fund’s consumer discretionary and financials holdings surpassed those of the overall portfolio, contributing to the fund’s results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | Holdings in the energy and consumer staples sectors weighed on the fund’s results given negative returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other detractors</b> | Holdings in real estate also slightly detracted from the fund's performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Capital Research and Management Company^SM, investment advisor for American Funds Insurance Series, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659244.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.56<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> </table> American Growth Trust (Series III/JAHGX) 0.3160 0.1880 0.1656 S&P 500 Index 0.2502 0.1453 0.1310 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,021,728,308</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">5<span>%</span></td> </tr> </table> 1021728308 1 0 0.05 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">24.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">19.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">16.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<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;">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;">2.0<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.241 0.198 0.160 0.117 0.106 0.082 0.028 0.022 0.015 0.006 0.005 0.020 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Growth-Income Trust<br/>(Series I/JAHQX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>70</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.63<span>%</span></td> </tr> </table> 70 0.0063 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">American Growth-Income Trust (Series I/JAHQX) returned 23.71% for the year ended December 31, 2024. During the fund's fiscal year, U.S. economic growth remained solid, driven by strong consumer spending despite uncertainties of the presidential election, high interest rates and a slowing labor market. Inflation declined but stayed above the U.S. Federal Reserve’s (Fed’s) target. Government spending grew rapidly, partly due to federal grants. U.S. exports remained flat over the past year, while imports increased.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Within the fund, most sectors added positive returns to the portfolio, with communication services, information technology and consumer discretionary holdings particularly additive.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | This sector, while underperforming the fund’s overall return, was a strong contributor to the fund’s performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers</b> | Financials and utilities companies also saw returns surpassing those of the overall fund.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sector</b> | Conversely, holdings in materials posted negative overall returns detracting from fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest contributor</b> | Holdings in real estate, while still positive, contributed less than the broader fund’s overall return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Capital Research and Management Company^SM, investment advisor for American Funds Insurance Series, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659135.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.71<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.80<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> </table> American Growth-Income Trust (Series I/JAHQX) 0.2371 0.1259 0.1180 S&P 500 Index 0.2502 0.1453 0.1310 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>962,509,784</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 962509784 1 0 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">23.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">13.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.0<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;">3.4<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.237 0.139 0.131 0.112 0.104 0.102 0.034 0.034 0.031 0.022 0.020 0.034 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Growth-Income Trust<br/>(Series II/JAHRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>79</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.71<span>%</span></td> </tr> </table> 79 0.0071 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">American Growth-Income Trust (Series II/JAHRX) returned 23.66% for the year ended December 31, 2024. During the fund's fiscal year, U.S. economic growth remained solid, driven by strong consumer spending despite uncertainties of the presidential election, high interest rates and a slowing labor market. Inflation declined but stayed above the U.S. Federal Reserve’s (Fed’s) target. Government spending grew rapidly, partly due to federal grants. U.S. exports remained flat over the past year, while imports increased.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Within the fund, most sectors added positive returns to the portfolio, with communication services, information technology and consumer discretionary holdings particularly additive.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | This sector, while underperforming the fund’s overall return, was a strong contributor to the fund’s performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers</b> | Financials and utilities companies also saw returns surpassing those of the overall fund.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sector</b> | Conversely, holdings in materials posted negative overall returns detracting from fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest contributor</b> | Holdings in real estate, while still positive, contributed less than the broader fund’s overall return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Capital Research and Management Company^SM, investment advisor for American Funds Insurance Series, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659131.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> </table> American Growth-Income Trust (Series II/JAHRX) 0.2366 0.1250 0.1170 S&P 500 Index 0.2502 0.1453 0.1310 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>962,509,784</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 962509784 1 0 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">23.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">13.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.0<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;">3.4<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.237 0.139 0.131 0.112 0.104 0.102 0.034 0.034 0.031 0.022 0.020 0.034 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American Growth-Income Trust<br/>(Series III/JAHUX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">American Growth-Income Trust (Series III/JAHUX) returned 24.17% for the year ended December 31, 2024. During the fund's fiscal year, U.S. economic growth remained solid, driven by strong consumer spending despite uncertainties of the presidential election, high interest rates and a slowing labor market. Inflation declined but stayed above the U.S. Federal Reserve’s (Fed’s) target. Government spending grew rapidly, partly due to federal grants. U.S. exports remained flat over the past year, while imports increased.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Within the fund, most sectors added positive returns to the portfolio, with communication services, information technology and consumer discretionary holdings particularly additive.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | This sector, while underperforming the fund’s overall return, was a strong contributor to the fund’s performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other strong performers</b> | Financials and utilities companies also saw returns surpassing those of the overall fund.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sector</b> | Conversely, holdings in materials posted negative overall returns detracting from fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest contributor</b> | Holdings in real estate, while still positive, contributed less than the broader fund’s overall return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Capital Research and Management Company^SM, investment advisor for American Funds Insurance Series, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659105.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> </table> American Growth-Income Trust (Series III/JAHUX) 0.2417 0.1298 0.1219 S&P 500 Index 0.2502 0.1453 0.1310 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>962,509,784</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 962509784 1 0 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">23.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">13.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.0<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;">3.4<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.237 0.139 0.131 0.112 0.104 0.102 0.034 0.034 0.031 0.022 0.020 0.034 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American International Trust<br/>(Series I/JAHLX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>64</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.63<span>%</span></td> </tr> </table> 64 0.0063 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">American International Trust (Series I/JAHLX) returned 2.79% for the year ended December 31, 2024. During the fund's fiscal year, Europe’s gross domestic product increased modestly, and inflation rose at year end. The UK economy rebounded in early 2024 but growth slowed in the third-quarter. Japan saw modest growth after a first-quarter contraction. China faced stagnant consumption, a property crisis and rising debt. India saw strong growth but struggled with inflation.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Most sectors added to the fund’s positive returns, particularly communication services, information technology and industrials. Likewise, consumer discretionary returns surpassed those of the overall portfolio contributing to fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other positive performers</b> | Financials and consumer staples were also positive, though below the portfolio’s return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Region allocation</b> | Geographically, holdings in companies listed in Canada and emerging markets were especially additive.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | Investments in the energy, health care and materials sectors were notable detractors to overall results. Real estate, while having a smaller weighting, also detracted.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Region allocation</b> | Likewise, the fund’s holdings in companies based in the other Europe (outside the eurozone), Pacific ex-Japan and UK regions posted negative overall returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Capital Research and Management Company^SM, investment advisor for American Funds Insurance Series, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659203.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.80<span>%</span></td> </tr> </table> American International Trust (Series I/JAHLX) 0.0279 0.0085 0.0363 MSCI ACWI ex-USA Index 0.0553 0.0410 0.0480 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>349,009,594</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 349009594 1 0 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">20.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">14.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">6.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.3<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;">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;">5.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.206 0.146 0.112 0.111 0.108 0.105 0.068 0.041 0.032 0.010 0.003 0.058 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American International Trust<br/>(Series II/JAHMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>76</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.75<span>%</span></td> </tr> </table> 76 0.0075 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">American International Trust (Series II/JAHMX) returned 2.61% for the year ended December 31, 2024. During the fund's fiscal year, Europe’s gross domestic product increased modestly, and inflation rose at year end. The UK economy rebounded in early 2024 but growth slowed in the third-quarter. Japan saw modest growth after a first-quarter contraction. China faced stagnant consumption, a property crisis and rising debt. India saw strong growth but struggled with inflation.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Most sectors added to the fund’s positive returns, particularly communication services, information technology and industrials. Likewise, consumer discretionary returns surpassed those of the overall portfolio contributing to fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other positive performers</b> | Financials and consumer staples were also positive, though below the portfolio’s return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Region allocation</b> | Geographically, holdings in companies listed in Canada and emerging markets were especially additive.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | Investments in the energy, health care and materials sectors were notable detractors to overall results. Real estate, while having a smaller weighting, also detracted.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Region allocation</b> | Likewise, the fund’s holdings in companies based in the other Europe (outside the eurozone), Pacific ex-Japan and UK regions posted negative overall returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Capital Research and Management Company^SM, investment advisor for American Funds Insurance Series, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659190.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.49<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.80<span>%</span></td> </tr> </table> American International Trust (Series II/JAHMX) 0.0261 0.0072 0.0349 MSCI ACWI ex-USA Index 0.0553 0.0410 0.0480 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>349,009,594</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 349009594 1 0 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">20.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">14.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">6.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.3<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;">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;">5.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.206 0.146 0.112 0.111 0.108 0.105 0.068 0.041 0.032 0.010 0.003 0.058 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">American International Trust<br/>(Series III/JAHPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>28</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.28<span>%</span></td> </tr> </table> 28 0.0028 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">American International Trust (Series III/JAHPX) returned 3.10% for the year ended December 31, 2024. During the fund's fiscal year, Europe’s gross domestic product increased modestly, and inflation rose at year end. The UK economy rebounded in early 2024 but growth slowed in the third-quarter. Japan saw modest growth after a first-quarter contraction. China faced stagnant consumption, a property crisis and rising debt. India saw strong growth but struggled with inflation.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strongest sectors</b> | Most sectors added to the fund’s positive returns, particularly communication services, information technology and industrials. Likewise, consumer discretionary returns surpassed those of the overall portfolio contributing to fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other positive performers</b> | Financials and consumer staples were also positive, though below the portfolio’s return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Region allocation</b> | Geographically, holdings in companies listed in Canada and emerging markets were especially additive.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Weakest sectors</b> | Investments in the energy, health care and materials sectors were notable detractors to overall results. Real estate, while having a smaller weighting, also detracted.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Region allocation</b> | Likewise, the fund’s holdings in companies based in the other Europe (outside the eurozone), Pacific ex-Japan and UK regions posted negative overall returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Capital Research and Management Company^SM, investment advisor for American Funds Insurance Series, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659188.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.80<span>%</span></td> </tr> </table> American International Trust (Series III/JAHPX) 0.0310 0.0119 0.0398 MSCI ACWI ex-USA Index 0.0553 0.0410 0.0480 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>349,009,594</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 349009594 1 0 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">20.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">14.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">6.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.3<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;">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;">5.8<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.206 0.146 0.112 0.111 0.108 0.105 0.068 0.041 0.032 0.010 0.003 0.058 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Blue Chip Growth Trust<br/>(Series I/JADZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>92</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.78<span>%</span></td> </tr> </table> 92 0.0078 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Blue Chip Growth Trust (Series I/JADZX) returned 35.65% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information Technology</b> | The information technology sector was the leading contributor to absolute performance in the portfolio during the period. Notable contributors included NVIDIA Corp and Apple Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Communication Services</b> | The communication services sector also boosted absolute performance driven by Meta Platforms, Inc. and Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer Discretionary</b> | The consumer discretionary sector contributed by posting positive absolute returns for the period driven by Amazon.com Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy sector detracted from absolute performance driven by Schlumberger, Ltd.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer Staples</b> | The consumer staples sector detracted by posting negative absolute returns for the period driven by Dollar General Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658614.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.78<span>%</span></td> </tr> </table> Blue Chip Growth Trust (Series I/JADZX) 0.3565 0.1454 0.1482 S&P 500 Index 0.2502 0.1453 0.1310 Russell 1000 Growth Index 0.3336 0.1896 0.1678 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>2,077,176,426</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">82</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>13,764,623</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">17<span>%</span></td> </tr> </table> 2077176426 82 13764623 0.17 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">43.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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> 0.123 0.115 0.092 0.088 0.063 0.049 0.032 0.030 0.029 0.024 0.431 0.173 0.160 0.107 0.084 0.017 0.008 0.007 0.007 0.002 0.004 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Blue Chip Growth Trust<br/>(Series II/JADYX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>115</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.98<span>%</span></td> </tr> </table> 115 0.0098 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Blue Chip Growth Trust (Series II/JADYX) returned 35.36% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information Technology</b> | The information technology sector was the leading contributor to absolute performance in the portfolio during the period. Notable contributors included NVIDIA Corp and Apple Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Communication Services</b> | The communication services sector also boosted absolute performance driven by Meta Platforms, Inc. and Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer Discretionary</b> | The consumer discretionary sector contributed by posting positive absolute returns for the period driven by Amazon.com Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy sector detracted from absolute performance driven by Schlumberger, Ltd.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer Staples</b> | The consumer staples sector detracted by posting negative absolute returns for the period driven by Dollar General Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661009.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.78<span>%</span></td> </tr> </table> Blue Chip Growth Trust (Series II/JADYX) 0.3536 0.1431 0.1458 S&P 500 Index 0.2502 0.1453 0.1310 Russell 1000 Growth Index 0.3336 0.1896 0.1678 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>2,077,176,426</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">82</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>13,764,623</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">17<span>%</span></td> </tr> </table> 2077176426 82 13764623 0.17 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">43.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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> 0.123 0.115 0.092 0.088 0.063 0.049 0.032 0.030 0.029 0.024 0.431 0.173 0.160 0.107 0.084 0.017 0.008 0.007 0.007 0.002 0.004 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Blue Chip Growth Trust<br/>(Series NAV/JAEDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>86</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.73<span>%</span></td> </tr> </table> 86 0.0073 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Blue Chip Growth Trust (Series NAV/JAEDX) returned 35.73% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information Technology</b> | The information technology sector was the leading contributor to absolute performance in the portfolio during the period. Notable contributors included NVIDIA Corp and Apple Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Communication Services</b> | The communication services sector also boosted absolute performance driven by Meta Platforms, Inc. and Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer Discretionary</b> | The consumer discretionary sector contributed by posting positive absolute returns for the period driven by Amazon.com Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy sector detracted from absolute performance driven by Schlumberger, Ltd.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer Staples</b> | The consumer staples sector detracted by posting negative absolute returns for the period driven by Dollar General Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661022.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.78<span>%</span></td> </tr> </table> Blue Chip Growth Trust (Series NAV/JAEDX) 0.3573 0.1460 0.1487 S&P 500 Index 0.2502 0.1453 0.1310 Russell 1000 Growth Index 0.3336 0.1896 0.1678 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>2,077,176,426</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">82</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>13,764,623</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">17<span>%</span></td> </tr> </table> 2077176426 82 13764623 0.17 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">43.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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> 0.123 0.115 0.092 0.088 0.063 0.049 0.032 0.030 0.029 0.024 0.431 0.173 0.160 0.107 0.084 0.017 0.008 0.007 0.007 0.002 0.004 Capital Appreciation Trust Series I JAFHX This annual shareholder report contains important information about the Capital Appreciation Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation Trust<br/>(Series I/JAFHX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>91</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.79<span>%</span></td> </tr> </table> 91 0.0079 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Capital Appreciation Trust (Series I/JAFHX) returned 30.81% for the year ended December 31, 2024. Capital asset prices increased over the period, ending the year at near record levels, as investors reacted positively to the slowing pace of inflation and sustained economic growth. The U.S. Federal Reserve lowered the federal funds rate at each of its last three meetings of the year bringing the effective federal funds rate to 4.3% from 5.3% when the year began. Equity prices responded favorably to the interest rate cuts, especially interest rate sensitive sectors of the market.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sectors</b> | The top performing sectors were information technology, communication services and consumer discretionary.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | The top individual contributors included NVIDIA Corp., Broadcom, Inc., Amazon.com, Inc., Meta Platforms, Inc. and Netflix, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sectors</b> | The real estate and industrials sectors were the only absolute detractors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | Top individual detractors included Lululemon Athletica, Inc., MongoDB, Inc., The Boeing Company, Snowflake, Inc. and Adobe, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Jennison Associates LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662374.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.14<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.78<span>%</span></td> </tr> </table> Capital Appreciation Trust (Series I/JAFHX) 0.3081 0.1761 0.1614 Russell 1000 Index 0.2451 0.1428 0.1287 Russell 1000 Growth Index 0.3336 0.1896 0.1678 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>685,787,464</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">54</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,522,445</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 685787464 54 4522445 0.30 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Netflix, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">38.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Netflix, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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> 0.093 0.087 0.071 0.059 0.056 0.055 0.040 0.032 0.026 0.025 0.386 0.194 0.170 0.081 0.069 0.055 0.038 0.007 Capital Appreciation Trust Series II JAFJX This annual shareholder report contains important information about the Capital Appreciation Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation Trust<br/>(Series II/JAFJX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>114</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span></td> </tr> </table> 114 0.0099 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Capital Appreciation Trust (Series II/JAFJX) returned 30.54% for the year ended December 31, 2024. Capital asset prices increased over the period, ending the year at near record levels, as investors reacted positively to the slowing pace of inflation and sustained economic growth. The U.S. Federal Reserve lowered the federal funds rate at each of its last three meetings of the year bringing the effective federal funds rate to 4.3% from 5.3% when the year began. Equity prices responded favorably to the interest rate cuts, especially interest rate sensitive sectors of the market.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sectors</b> | The top performing sectors were information technology, communication services and consumer discretionary.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | The top individual contributors included NVIDIA Corp., Broadcom, Inc., Amazon.com, Inc., Meta Platforms, Inc. and Netflix, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sectors</b> | The real estate and industrials sectors were the only absolute detractors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | Top individual detractors included Lululemon Athletica, Inc., MongoDB, Inc., The Boeing Company, Snowflake, Inc. and Adobe, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Jennison Associates LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662359.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.90<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.78<span>%</span></td> </tr> </table> Capital Appreciation Trust (Series II/JAFJX) 0.3054 0.1736 0.1590 Russell 1000 Index 0.2451 0.1428 0.1287 Russell 1000 Growth Index 0.3336 0.1896 0.1678 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>685,787,464</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">54</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,522,445</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 685787464 54 4522445 0.30 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Netflix, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">38.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Netflix, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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> 0.093 0.087 0.071 0.059 0.056 0.055 0.040 0.032 0.026 0.025 0.386 0.194 0.170 0.081 0.069 0.055 0.038 0.007 Capital Appreciation Trust Series NAV JAFGX This annual shareholder report contains important information about the Capital Appreciation Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation Trust<br/>(Series NAV/JAFGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>85</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.74<span>%</span></td> </tr> </table> 85 0.0074 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Capital Appreciation Trust (Series NAV/JAFGX) returned 30.71% for the year ended December 31, 2024. Capital asset prices increased over the period, ending the year at near record levels, as investors reacted positively to the slowing pace of inflation and sustained economic growth. The U.S. Federal Reserve lowered the federal funds rate at each of its last three meetings of the year bringing the effective federal funds rate to 4.3% from 5.3% when the year began. Equity prices responded favorably to the interest rate cuts, especially interest rate sensitive sectors of the market.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sectors</b> | The top performing sectors were information technology, communication services and consumer discretionary.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | The top individual contributors included NVIDIA Corp., Broadcom, Inc., Amazon.com, Inc., Meta Platforms, Inc. and Netflix, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sectors</b> | The real estate and industrials sectors were the only absolute detractors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | Top individual detractors included Lululemon Athletica, Inc., MongoDB, Inc., The Boeing Company, Snowflake, Inc. and Adobe, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Jennison Associates LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662355.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.71<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.20<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.78<span>%</span></td> </tr> </table> Capital Appreciation Trust (Series NAV/JAFGX) 0.3071 0.1768 0.1620 Russell 1000 Index 0.2451 0.1428 0.1287 Russell 1000 Growth Index 0.3336 0.1896 0.1678 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>685,787,464</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">54</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,522,445</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 685787464 54 4522445 0.30 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Netflix, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">38.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Netflix, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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> 0.093 0.087 0.071 0.059 0.056 0.055 0.040 0.032 0.026 0.025 0.386 0.194 0.170 0.081 0.069 0.055 0.038 0.007 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation Value Trust<br/>(Series I/JAFPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>94</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Capital Appreciation Value Trust (Series I/JAFPX) returned 12.33% for the year ended December 31, 2024. U.S. stocks advanced in 2024, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors generally welcomed looser monetary policy and U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sectors contributed to performance by posting positive returns for the period driven by NVIDIA Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Communication services</b> | The communication services sector contributed to performance during the period in absolute terms driven by Meta Platforms, Inc. and Alphabet Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector also contributed to performance during the period in absolute terms driven by KKR &amp; Company, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Real estate</b> | The real estate sector detracted during the period in absolute terms driven by SBA Communications Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | The consumer staples sector detracted during the period in absolute terms driven by Keurig Dr. Pepper, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care</b> | The health care sector posted negative absolute returns for the period, driven by Cigna Group and Humana, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660418.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.25<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.52<span>%</span></td> </tr> </table> Capital Appreciation Value Trust (Series I/JAFPX) 0.1233 0.1017 0.1025 S&P 500 Index 0.2502 0.1453 0.1310 40% Bloomberg U.S. Aggregate Bond Index/ 60% S&P 500 Index 0.1504 0.0867 0.0852 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>476,346,744</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">318</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,712,898</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">83<span>%</span></td> </tr> </table> 476346744 318 3712898 0.83 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 4.125%, 10/31/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.625%, 08/31/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Roper Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fortive Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Revvity, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">60.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">14.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">5.0<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;"></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 4.125%, 10/31/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.625%, 08/31/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Roper Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fortive Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Revvity, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.083 0.052 0.041 0.034 0.028 0.028 0.026 0.025 0.025 0.023 0.606 0.147 0.105 0.088 0.003 0.001 0.050 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation Value Trust<br/>(Series II/JAFQX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>116</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.09<span>%</span></td> </tr> </table> 116 0.0109 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Capital Appreciation Value Trust (Series II/JAFQX) returned 12.15% for the year ended December 31, 2024. U.S. stocks advanced in 2024, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors generally welcomed looser monetary policy and U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sectors contributed to performance by posting positive returns for the period driven by NVIDIA Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Communication services</b> | The communication services sector contributed to performance during the period in absolute terms driven by Meta Platforms, Inc. and Alphabet Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector also contributed to performance during the period in absolute terms driven by KKR &amp; Company, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Real estate</b> | The real estate sector detracted during the period in absolute terms driven by SBA Communications Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | The consumer staples sector detracted during the period in absolute terms driven by Keurig Dr. Pepper, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care</b> | The health care sector posted negative absolute returns for the period, driven by Cigna Group and Humana, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660391.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.95<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.04<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.52<span>%</span></td> </tr> </table> Capital Appreciation Value Trust (Series II/JAFQX) 0.1215 0.0995 0.1004 S&P 500 Index 0.2502 0.1453 0.1310 40% Bloomberg U.S. Aggregate Bond Index/ 60% S&P 500 Index 0.1504 0.0867 0.0852 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>476,346,744</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">318</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,712,898</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">83<span>%</span></td> </tr> </table> 476346744 318 3712898 0.83 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 4.125%, 10/31/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.625%, 08/31/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Roper Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fortive Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Revvity, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">60.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">14.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">5.0<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;"></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 4.125%, 10/31/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.625%, 08/31/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Roper Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fortive Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Revvity, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.083 0.052 0.041 0.034 0.028 0.028 0.026 0.025 0.025 0.023 0.606 0.147 0.105 0.088 0.003 0.001 0.050 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Capital Appreciation Value Trust<br/>(Series NAV/JAFRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>89</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Capital Appreciation Value Trust (Series NAV/JAFRX) returned 12.43% for the year ended December 31, 2024. U.S. stocks advanced in 2024, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors generally welcomed looser monetary policy and U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sectors contributed to performance by posting positive returns for the period driven by NVIDIA Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Communication services</b> | The communication services sector contributed to performance during the period in absolute terms driven by Meta Platforms, Inc. and Alphabet Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector also contributed to performance during the period in absolute terms driven by KKR &amp; Company, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Real estate</b> | The real estate sector detracted during the period in absolute terms driven by SBA Communications Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer staples</b> | The consumer staples sector detracted during the period in absolute terms driven by Keurig Dr. Pepper, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care</b> | The health care sector posted negative absolute returns for the period, driven by Cigna Group and Humana, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660376.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.22<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.30<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.52<span>%</span></td> </tr> </table> Capital Appreciation Value Trust (Series NAV/JAFRX) 0.1243 0.1022 0.1030 S&P 500 Index 0.2502 0.1453 0.1310 40% Bloomberg U.S. Aggregate Bond Index/ 60% S&P 500 Index 0.1504 0.0867 0.0852 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>476,346,744</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">318</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,712,898</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">83<span>%</span></td> </tr> </table> 476346744 318 3712898 0.83 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 4.125%, 10/31/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.625%, 08/31/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Roper Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fortive Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Revvity, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">60.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">14.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">5.0<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;"></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 4.125%, 10/31/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">U.S. Treasury Note, 3.625%, 08/31/2029</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Roper Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fortive Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Revvity, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.083 0.052 0.041 0.034 0.028 0.028 0.026 0.025 0.025 0.023 0.606 0.147 0.105 0.088 0.003 0.001 0.050 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Disciplined Value International Trust<br/>(Series I/JAJHX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>84</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> </tr> </table> 84 0.0084 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Disciplined Value International Trust (Series I/JAJHX) declined 0.38% for the year ended December 31, 2024. International markets posted gains for 2024, but finished the year on a down note after Donald Trump and Republican majorities in both houses of Congress won the November elections. Concerns about a renewed wave of tariffs sparked a sell off in overseas markets and sent the U.S. dollar higher against major foreign currencies.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>NatWest Group PLC</b> | The financials sector was the strongest performing area for the year, and the British banking and insurance company was among the top performers for the portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Beazley PLC</b> | The British insurance company posted strong returns during the year driven in part by improved underwriting results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Samsung Electronics Company, Ltd.</b> | The information technology sector detracted from performance led by Samsung Electronics Company, Ltd., after disappointing earnings results due to increased competition and weakness in its semiconductors segment.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Infineon Technologies AG</b> | The German semiconductor manufacturer declined during the period amid softer regional demand and inventory management concerns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Boston Partners Global Investors, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661983.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.38<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.39<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.20<span>%</span></td> </tr> </table> Disciplined Value International Trust (Series I/JAJHX) -0.0038 0.0585 0.0439 MSCI EAFE Index 0.0382 0.0473 0.0520 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>264,897,043</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,940,566</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">93<span>%</span></td> </tr> </table> 264897043 80 1940566 0.93 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sony Group Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prosus NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hiscox, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sandoz Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enel SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">21.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">16.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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; height: 20pt; 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="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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_5660995.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sony Group Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prosus NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hiscox, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sandoz Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enel SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.035 0.026 0.026 0.025 0.025 0.025 0.024 0.024 0.024 0.022 0.215 0.161 0.114 0.105 0.096 0.084 0.059 0.048 0.044 0.036 0.038 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held December 10-12, 2024, the Board of Trustees of the Board (the Board) approved a change to the fund’s management fee schedule effective December 12, 2024 whereby the annual rate is as follows: a) 0.710% of the first $500 million of aggregate net assets; b) 0.690% of the next $500 million of aggregate net assets; c) 0.680% of the next $1 billion of aggregate net assets; d) 0.670% of the next $1 billion of aggregate net assets; e) 0.660% of the next $2 billion of aggregate net assets and f) 0.650% of the excess over $5 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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: #000000; font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held December 10-12, 2024, the Board of Trustees of the Board (the Board) approved a change to the fund’s management fee schedule effective December 12, 2024 whereby the annual rate is as follows: a) 0.710% of the first $500 million of aggregate net assets; b) 0.690% of the next $500 million of aggregate net assets; c) 0.680% of the next $1 billion of aggregate net assets; d) 0.670% of the next $1 billion of aggregate net assets; e) 0.660% of the next $2 billion of aggregate net assets and f) 0.650% of the excess over $5 billion of aggregate net assets.</div> 2024-12-12 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Disciplined Value International Trust<br/>(Series II/JAJIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>104</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.04<span>%</span></td> </tr> </table> 104 0.0104 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Disciplined Value International Trust (Series II/JAJIX) declined 0.56% for the year ended December 31, 2024. International markets posted gains for 2024, but finished the year on a down note after Donald Trump and Republican majorities in both houses of Congress won the November elections. Concerns about a renewed wave of tariffs sparked a sell off in overseas markets and sent the U.S. dollar higher against major foreign currencies.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>NatWest Group PLC</b> | The financials sector was the strongest performing area for the year, and the British banking and insurance company was among the top performers for the portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Beazley PLC</b> | The British insurance company posted strong returns during the year driven in part by improved underwriting results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Samsung Electronics Company, Ltd.</b> | The information technology sector detracted from performance led by Samsung Electronics Company, Ltd., after disappointing earnings results due to increased competition and weakness in its semiconductors segment.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Infineon Technologies AG</b> | The German semiconductor manufacturer declined during the period amid softer regional demand and inventory management concerns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Boston Partners Global Investors, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661969.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.56<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.19<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.20<span>%</span></td> </tr> </table> Disciplined Value International Trust (Series II/JAJIX) -0.0056 0.0564 0.0419 MSCI EAFE Index 0.0382 0.0473 0.0520 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>264,897,043</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,940,566</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">93<span>%</span></td> </tr> </table> 264897043 80 1940566 0.93 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sony Group Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prosus NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hiscox, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sandoz Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enel SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">21.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">16.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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; height: 20pt; 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="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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_5660972.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sony Group Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prosus NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hiscox, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sandoz Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enel SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.035 0.026 0.026 0.025 0.025 0.025 0.024 0.024 0.024 0.022 0.215 0.161 0.114 0.105 0.096 0.084 0.059 0.048 0.044 0.036 0.038 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held December 10-12, 2024, the Board of Trustees of the Board (the Board) approved a change to the fund’s management fee schedule effective December 12, 2024 whereby the annual rate is as follows: a) 0.710% of the first $500 million of aggregate net assets; b) 0.690% of the next $500 million of aggregate net assets; c) 0.680% of the next $1 billion of aggregate net assets; d) 0.670% of the next $1 billion of aggregate net assets; e) 0.660% of the next $2 billion of aggregate net assets and f) 0.650% of the excess over $5 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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: #000000; font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held December 10-12, 2024, the Board of Trustees of the Board (the Board) approved a change to the fund’s management fee schedule effective December 12, 2024 whereby the annual rate is as follows: a) 0.710% of the first $500 million of aggregate net assets; b) 0.690% of the next $500 million of aggregate net assets; c) 0.680% of the next $1 billion of aggregate net assets; d) 0.670% of the next $1 billion of aggregate net assets; e) 0.660% of the next $2 billion of aggregate net assets and f) 0.650% of the excess over $5 billion of aggregate net assets.</div> 2024-12-12 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Disciplined Value International Trust<br/>(Series NAV/JAJJX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>79</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.79<span>%</span></td> </tr> </table> 79 0.0079 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Disciplined Value International Trust (Series NAV/JAJJX) declined 0.35% for the year ended December 31, 2024. International markets posted gains for 2024, but finished the year on a down note after Donald Trump and Republican majorities in both houses of Congress won the November elections. Concerns about a renewed wave of tariffs sparked a sell off in overseas markets and sent the U.S. dollar higher against major foreign currencies.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>NatWest Group PLC</b> | The financials sector was the strongest performing area for the year, and the British banking and insurance company was among the top performers for the portfolio.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Beazley PLC</b> | The British insurance company posted strong returns during the year driven in part by improved underwriting results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Samsung Electronics Company, Ltd.</b> | The information technology sector detracted from performance led by Samsung Electronics Company, Ltd., after disappointing earnings results due to increased competition and weakness in its semiconductors segment.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Infineon Technologies AG</b> | The German semiconductor manufacturer declined during the period amid softer regional demand and inventory management concerns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Boston Partners Global Investors, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661964.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.35<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.89<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.20<span>%</span></td> </tr> </table> Disciplined Value International Trust (Series NAV/JAJJX) -0.0035 0.0589 0.0445 MSCI EAFE Index 0.0382 0.0473 0.0520 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>264,897,043</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,940,566</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">93<span>%</span></td> </tr> </table> 264897043 80 1940566 0.93 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sony Group Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prosus NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hiscox, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sandoz Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enel SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">21.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">16.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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; height: 20pt; 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="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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_5660983.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sony Group Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prosus NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Hiscox, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sandoz Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enel SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.035 0.026 0.026 0.025 0.025 0.025 0.024 0.024 0.024 0.022 0.215 0.161 0.114 0.105 0.096 0.084 0.059 0.048 0.044 0.036 0.038 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held December 10-12, 2024, the Board of Trustees of the Board (the Board) approved a change to the fund’s management fee schedule effective December 12, 2024 whereby the annual rate is as follows: a) 0.710% of the first $500 million of aggregate net assets; b) 0.690% of the next $500 million of aggregate net assets; c) 0.680% of the next $1 billion of aggregate net assets; d) 0.670% of the next $1 billion of aggregate net assets; e) 0.660% of the next $2 billion of aggregate net assets and f) 0.650% of the excess over $5 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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: #000000; font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held December 10-12, 2024, the Board of Trustees of the Board (the Board) approved a change to the fund’s management fee schedule effective December 12, 2024 whereby the annual rate is as follows: a) 0.710% of the first $500 million of aggregate net assets; b) 0.690% of the next $500 million of aggregate net assets; c) 0.680% of the next $1 billion of aggregate net assets; d) 0.670% of the next $1 billion of aggregate net assets; e) 0.660% of the next $2 billion of aggregate net assets and f) 0.650% of the excess over $5 billion of aggregate net assets.</div> 2024-12-12 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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 Disciplined Value Emerging Markets Equity Trust Series I JAJBX This annual shareholder report contains important information about the Disciplined Value Emerging Markets Equity Trust, formerly Emerging Markets Value Trust, (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Disciplined Value Emerging Markets Equity Trust<br/>(Series I/JAJBX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>106</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.07<span>%</span></td> </tr> </table> 106 0.0107 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Disciplined Value Emerging Markets Equity Trust (Series I/JAJBX) declined 2.48% for the year ended December 31, 2024. Emerging markets lagged developed markets for the year. China’s stock market malaise persisted in the first half of the year, but enjoyed a rally in September as the Chinese government announced a wide-ranging economic stimulus package with a goal of stabilizing the economy and restoring investor confidence. The year was also notable for the underperformance of markets in Latin America, which was affected by U.S. dollar strength. Effective May 30, 2024, Boston Partners Global Investors, Inc. became the fund’s subadvisor replacing Dimensional Fund Advisors LP.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The fund benefitted favorably from its allocation to the financials sector which performed well during the period. The fund’s performance in this sector was supported by its position in Kasikornbank PCL NVDR, which was purchased later in the year.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The fund benefited from Taiwan Semiconductor Manufacturing Company, Ltd. which had strong performance early in the year.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | The fund’s notable allocation to the materials sector which underperformed was the primary detractor from absolute performance during the period. A number of positions in this sector, including Hubei Xingfa Chemicals Group Co., Ltd. and Shandong Sunpaper Co., Ltd. were among the securities with the lowest returns on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | Positions in industrials in the latter part of the year posted negative returns and detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Boston Partners Global Investors, Inc., and are subject to change. They are not meant as investment advice. Effective May 30, 2024, Dimensional Fund Advisors LP was replaced by Boston Partners Global Investors, Inc. as the fund’s subadvisor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662098.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(2.48<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.33<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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.64<span>%</span></td> </tr> </table> Disciplined Value Emerging Markets Equity Trust (Series I/JAJBX) -0.0248 0.0270 0.0333 MSCI Emerging Markets Index 0.0750 0.0170 0.0364 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>218,452,810</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">178</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,751,984</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">264<span>%</span></td> </tr> </table> 218452810 178 1751984 2.64 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NAVER Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oversea-Chinese Banking Corp., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Al Rajhi Bank</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Geely Automobile Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">America Movil SAB de CV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eva Airways Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">19.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">16.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">9.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<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;">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;">8.0<span>%</span></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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_5661034.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NAVER Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oversea-Chinese Banking Corp., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Al Rajhi Bank</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Geely Automobile Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">America Movil SAB de CV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eva Airways Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.033 0.028 0.027 0.025 0.022 0.021 0.021 0.019 0.018 0.018 0.197 0.165 0.116 0.099 0.099 0.094 0.080 0.054 0.011 0.005 0.080 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on March 25-28, 2024, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 30, 2024, Dimensional Fund Advisors LP was replaced by Boston Partners Global Investors, Inc. (Boston Partners) as the fund's subadvisor. Also effective May 30, 2024, the name of the fund was changed from Emerging Markets Value Trust to Disciplined Value Emerging Markets Equity Trust and the principal investment strategies of the fund were changed to reflect Boston Partners' investment strategy. Specifically, that the fund will pursue its objective through a value oriented, research-driven strategy of investing in equity securities and financial instruments with equity like characteristics designed to provide exposure to emerging markets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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 30, 2024 whereby the annual rate is as follows: a) 0.780% of the first $100 million of aggregate net assets; b) 0.750% of the next $900 million of aggregate net assets; c) 0.740% of the next $1 billion of aggregate net assets; and d) 0.730% of the excess over $2 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Additionally, effective May 30, 2024, 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 (ETFs) risk; High portfolio turnover risk; Illiquid and restricted securities risk; Initial public offerings (IPOs) risk; Lower-rated and high-yield fixed-income securities risk; Master limited partnership (MLP) risk; Preferred and convertible securities risk; Real estate investment trust (REIT) risk and Warrants risk.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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> At a meeting held on March 25-28, 2024, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 30, 2024, Dimensional Fund Advisors LP was replaced by Boston Partners Global Investors, Inc. (Boston Partners) as the fund's subadvisor. 2024-05-30 Also effective May 30, 2024, the name of the fund was changed from Emerging Markets Value Trust to Disciplined Value Emerging Markets Equity Trust and the principal investment strategies of the fund were changed to reflect Boston Partners' investment strategy. Also effective May 30, 2024, the name of the fund was changed from Emerging Markets Value Trust to Disciplined Value Emerging Markets Equity Trust and the principal investment strategies of the fund were changed to reflect Boston Partners' investment strategy. <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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 30, 2024 whereby the annual rate is as follows: a) 0.780% of the first $100 million of aggregate net assets; b) 0.750% of the next $900 million of aggregate net assets; c) 0.740% of the next $1 billion of aggregate net assets; and d) 0.730% of the excess over $2 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Additionally, effective May 30, 2024, 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 (ETFs) risk; High portfolio turnover risk; Illiquid and restricted securities risk; Initial public offerings (IPOs) risk; Lower-rated and high-yield fixed-income securities risk; Master limited partnership (MLP) risk; Preferred and convertible securities risk; Real estate investment trust (REIT) risk and Warrants risk.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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 Disciplined Value Emerging Markets Equity Trust Series II JEMTX This annual shareholder report contains important information about the Disciplined Value Emerging Markets Equity Trust, formerly Emerging Markets Value Trust, (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Disciplined Value Emerging Markets Equity Trust<br/>(Series II/JEMTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>125</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.27<span>%</span></td> </tr> </table> 125 0.0127 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Disciplined Value Emerging Markets Equity Trust (Series II/JEMTX) declined 2.65% for the year ended December 31, 2024. Emerging markets lagged developed markets for the year. China’s stock market malaise persisted in the first half of the year, but enjoyed a rally in September as the Chinese government announced a wide-ranging economic stimulus package with a goal of stabilizing the economy and restoring investor confidence. The year was also notable for the underperformance of markets in Latin America, which was affected by U.S. dollar strength. Effective May 30, 2024, Boston Partners Global Investors, Inc. became the fund’s subadvisor replacing Dimensional Fund Advisors LP.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The fund benefitted favorably from its allocation to the financials sector which performed well during the period. The fund’s performance in this sector was supported by its position in Kasikornbank PCL NVDR, which was purchased later in the year.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The fund benefited from Taiwan Semiconductor Manufacturing Company, Ltd. which had strong performance early in the year.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | The fund’s notable allocation to the materials sector which underperformed was the primary detractor from absolute performance during the period. A number of positions in this sector, including Hubei Xingfa Chemicals Group Co., Ltd. and Shandong Sunpaper Co., Ltd. were among the securities with the lowest returns on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | Positions in industrials in the latter part of the year posted negative returns and detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Dimensional Fund Advisors LP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662082.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(2.65<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.50<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.13<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.64<span>%</span></td> </tr> </table> Disciplined Value Emerging Markets Equity Trust (Series II/JEMTX) -0.0265 0.0250 0.0313 MSCI Emerging Markets Index 0.0750 0.0170 0.0364 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>218,452,810</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">178</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,751,984</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">264<span>%</span></td> </tr> </table> 218452810 178 1751984 2.64 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NAVER Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oversea-Chinese Banking Corp., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Al Rajhi Bank</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Geely Automobile Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">America Movil SAB de CV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eva Airways Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">19.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">16.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">9.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<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;">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;">8.0<span>%</span></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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_5662077.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NAVER Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oversea-Chinese Banking Corp., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Al Rajhi Bank</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Geely Automobile Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">America Movil SAB de CV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eva Airways Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.033 0.028 0.027 0.025 0.022 0.021 0.021 0.019 0.018 0.018 0.197 0.165 0.116 0.099 0.099 0.094 0.080 0.054 0.011 0.005 0.080 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on March 25-28, 2024, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 30, 2024, Dimensional Fund Advisors LP was replaced by Boston Partners Global Investors, Inc. (Boston Partners) as the fund's subadvisor. Also effective May 30, 2024, the name of the fund was changed from Emerging Markets Value Trust to Disciplined Value Emerging Markets Equity Trust and the principal investment strategies of the fund were changed to reflect Boston Partners' investment strategy. Specifically, that the fund will pursue its objective through a value oriented, research-driven strategy of investing in equity securities and financial instruments with equity like characteristics designed to provide exposure to emerging markets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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 30, 2024 whereby the annual rate is as follows: a) 0.780% of the first $100 million of aggregate net assets; b) 0.750% of the next $900 million of aggregate net assets; c) 0.740% of the next $1 billion of aggregate net assets; and d) 0.730% of the excess over $2 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Additionally, effective May 30, 2024, 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 (ETFs) risk; High portfolio turnover risk; Illiquid and restricted securities risk; Initial public offerings (IPOs) risk; Lower-rated and high-yield fixed-income securities risk; Master limited partnership (MLP) risk; Preferred and convertible securities risk; Real estate investment trust (REIT) risk and Warrants risk.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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> At a meeting held on March 25-28, 2024, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 30, 2024, Dimensional Fund Advisors LP was replaced by Boston Partners Global Investors, Inc. (Boston Partners) as the fund's subadvisor. 2024-05-30 Also effective May 30, 2024, the name of the fund was changed from Emerging Markets Value Trust to Disciplined Value Emerging Markets Equity Trust and the principal investment strategies of the fund were changed to reflect Boston Partners' investment strategy. Also effective May 30, 2024, the name of the fund was changed from Emerging Markets Value Trust to Disciplined Value Emerging Markets Equity Trust and the principal investment strategies of the fund were changed to reflect Boston Partners' investment strategy. <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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 30, 2024 whereby the annual rate is as follows: a) 0.780% of the first $100 million of aggregate net assets; b) 0.750% of the next $900 million of aggregate net assets; c) 0.740% of the next $1 billion of aggregate net assets; and d) 0.730% of the excess over $2 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Additionally, effective May 30, 2024, 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 (ETFs) risk; High portfolio turnover risk; Illiquid and restricted securities risk; Initial public offerings (IPOs) risk; Lower-rated and high-yield fixed-income securities risk; Master limited partnership (MLP) risk; Preferred and convertible securities risk; Real estate investment trust (REIT) risk and Warrants risk.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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 Disciplined Value Emerging Markets Equity Trust Series NAV JHVTX This annual shareholder report contains important information about the Disciplined Value Emerging Markets Equity Trust, formerly Emerging Markets Value Trust, (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Disciplined Value Emerging Markets Equity Trust<br/>(Series NAV/JHVTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>101</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.02<span>%</span></td> </tr> </table> 101 0.0102 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Disciplined Value Emerging Markets Equity Trust (Series NAV/JHVTX) declined 2.44% for the year ended December 31, 2024. Emerging markets lagged developed markets for the year. China’s stock market malaise persisted in the first half of the year, but enjoyed a rally in September as the Chinese government announced a wide-ranging economic stimulus package with a goal of stabilizing the economy and restoring investor confidence. The year was also notable for the underperformance of markets in Latin America, which was affected by U.S. dollar strength. Effective May 30, 2024, Boston Partners Global Investors, Inc. became the fund’s subadvisor replacing Dimensional Fund Advisors LP.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The fund benefitted favorably from its allocation to the financials sector which performed well during the period. The fund’s performance in this sector was supported by its position in Kasikornbank PCL NVDR, which was purchased later in the year.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The fund benefited from Taiwan Semiconductor Manufacturing Company, Ltd. which had strong performance early in the year.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | The fund’s notable allocation to the materials sector which underperformed was the primary detractor from absolute performance during the period. A number of positions in this sector, including Hubei Xingfa Chemicals Group Co., Ltd. and Shandong Sunpaper Co., Ltd. were among the securities with the lowest returns on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | Positions in industrials in the latter part of the year posted negative returns and detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Dimensional Fund Advisors LP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658173.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(2.44<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.64<span>%</span></td> </tr> </table> Disciplined Value Emerging Markets Equity Trust (Series NAV/JHVTX) -0.0244 0.0275 0.0338 MSCI Emerging Markets Index 0.0750 0.0170 0.0364 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>218,452,810</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">178</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,751,984</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">264<span>%</span></td> </tr> </table> 218452810 178 1751984 2.64 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NAVER Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oversea-Chinese Banking Corp., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Al Rajhi Bank</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Geely Automobile Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">America Movil SAB de CV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eva Airways Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">19.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">16.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">9.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<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;">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;">8.0<span>%</span></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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_5658168.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">NAVER Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Taiwan Semiconductor Manufacturing Company, Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oversea-Chinese Banking Corp., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Al Rajhi Bank</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Geely Automobile Holdings, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">America Movil SAB de CV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Eva Airways Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.033 0.028 0.027 0.025 0.022 0.021 0.021 0.019 0.018 0.018 0.197 0.165 0.116 0.099 0.099 0.094 0.080 0.054 0.011 0.005 0.080 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held on March 25-28, 2024, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 30, 2024, Dimensional Fund Advisors LP was replaced by Boston Partners Global Investors, Inc. (Boston Partners) as the fund's subadvisor. Also effective May 30, 2024, the name of the fund was changed from Emerging Markets Value Trust to Disciplined Value Emerging Markets Equity Trust and the principal investment strategies of the fund were changed to reflect Boston Partners' investment strategy. Specifically, that the fund will pursue its objective through a value oriented, research-driven strategy of investing in equity securities and financial instruments with equity like characteristics designed to provide exposure to emerging markets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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 30, 2024 whereby the annual rate is as follows: a) 0.780% of the first $100 million of aggregate net assets; b) 0.750% of the next $900 million of aggregate net assets; c) 0.740% of the next $1 billion of aggregate net assets; and d) 0.730% of the excess over $2 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Additionally, effective May 30, 2024, 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 (ETFs) risk; High portfolio turnover risk; Illiquid and restricted securities risk; Initial public offerings (IPOs) risk; Lower-rated and high-yield fixed-income securities risk; Master limited partnership (MLP) risk; Preferred and convertible securities risk; Real estate investment trust (REIT) risk and Warrants risk.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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> At a meeting held on March 25-28, 2024, the Board of Trustees of the Trust (the Board) approved changes to the fund’s subadvisory arrangements such that effective May 30, 2024, Dimensional Fund Advisors LP was replaced by Boston Partners Global Investors, Inc. (Boston Partners) as the fund's subadvisor. 2024-05-30 Also effective May 30, 2024, the name of the fund was changed from Emerging Markets Value Trust to Disciplined Value Emerging Markets Equity Trust and the principal investment strategies of the fund were changed to reflect Boston Partners' investment strategy. Also effective May 30, 2024, the name of the fund was changed from Emerging Markets Value Trust to Disciplined Value Emerging Markets Equity Trust and the principal investment strategies of the fund were changed to reflect Boston Partners' investment strategy. <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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 30, 2024 whereby the annual rate is as follows: a) 0.780% of the first $100 million of aggregate net assets; b) 0.750% of the next $900 million of aggregate net assets; c) 0.740% of the next $1 billion of aggregate net assets; and d) 0.730% of the excess over $2 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Additionally, effective May 30, 2024, 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 (ETFs) risk; High portfolio turnover risk; Illiquid and restricted securities risk; Initial public offerings (IPOs) risk; Lower-rated and high-yield fixed-income securities risk; Master limited partnership (MLP) risk; Preferred and convertible securities risk; Real estate investment trust (REIT) risk and Warrants risk.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Equity Income Trust<br/>(Series I/JAEGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>78</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.74<span>%</span></td> </tr> </table> 78 0.0074 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Equity Income Trust (Series I/JAEGX) returned 11.67% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors generally welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector contributed to performance during the period in absolute terms driven by Wells Fargo &amp; Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | The materials sector also contributed to absolute performance driven by International Paper Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Utilities</b> | The utilities sector further contributed to absolute performance driven by The Southern Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary</b> | The consumer discretionary sector detracted from absolute performance driven by Kohl's Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care</b> | The health care sector also detracted during the period in absolute terms driven by CVS Health Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Real estate</b> | The real estate sector further detracted during the period in absolute terms driven by Weyerhaeuser Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658568.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.23<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.49<span>%</span></td> </tr> </table> Equity Income Trust (Series I/JAEGX) 0.1167 0.0837 0.0823 Russell 1000 Index 0.2451 0.1428 0.1287 Russell 1000 Value Index 0.1437 0.0868 0.0849 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,367,074,964</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">128</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>9,127,865</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">22<span>%</span></td> </tr> </table> 1367074964 128 9127865 0.22 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chubb, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">General Electric Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chubb, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">General Electric Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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> 0.023 0.022 0.020 0.019 0.018 0.018 0.018 0.018 0.018 0.017 0.232 0.152 0.133 0.092 0.089 0.086 0.064 0.039 0.039 0.034 0.029 0.011 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Equity Income Trust<br/>(Series II/JAEFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>99</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.94<span>%</span></td> </tr> </table> 99 0.0094 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Equity Income Trust (Series II/JAEFX) returned 11.36% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors generally welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector contributed to performance during the period in absolute terms driven by Wells Fargo &amp; Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | The materials sector also contributed to absolute performance driven by International Paper Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Utilities</b> | The utilities sector further contributed to absolute performance driven by The Southern Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary</b> | The consumer discretionary sector detracted from absolute performance driven by Kohl's Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care</b> | The health care sector also detracted during the period in absolute terms driven by CVS Health Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Real estate</b> | The real estate sector further detracted during the period in absolute terms driven by Weyerhaeuser Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661108.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.02<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.49<span>%</span></td> </tr> </table> Equity Income Trust (Series II/JAEFX) 0.1136 0.0814 0.0802 Russell 1000 Index 0.2451 0.1428 0.1287 Russell 1000 Value Index 0.1437 0.0868 0.0849 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,367,074,964</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">128</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>9,127,865</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">22<span>%</span></td> </tr> </table> 1367074964 128 9127865 0.22 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chubb, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">General Electric Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chubb, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">General Electric Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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> 0.023 0.022 0.020 0.019 0.018 0.018 0.018 0.018 0.018 0.017 0.232 0.152 0.133 0.092 0.089 0.086 0.064 0.039 0.039 0.034 0.029 0.011 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Equity Income Trust<br/>(Series NAV/JAEEX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>73</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.69<span>%</span></td> </tr> </table> 73 0.0069 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Equity Income Trust (Series NAV/JAEEX) returned 11.67% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors generally welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector contributed to performance during the period in absolute terms driven by Wells Fargo &amp; Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | The materials sector also contributed to absolute performance driven by International Paper Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Utilities</b> | The utilities sector further contributed to absolute performance driven by The Southern Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary</b> | The consumer discretionary sector detracted from absolute performance driven by Kohl's Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care</b> | The health care sector also detracted during the period in absolute terms driven by CVS Health Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Real estate</b> | The real estate sector further detracted during the period in absolute terms driven by Weyerhaeuser Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661069.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.49<span>%</span></td> </tr> </table> Equity Income Trust (Series NAV/JAEEX) 0.1167 0.0842 0.0829 Russell 1000 Index 0.2451 0.1428 0.1287 Russell 1000 Value Index 0.1437 0.0868 0.0849 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,367,074,964</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">128</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>9,127,865</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">22<span>%</span></td> </tr> </table> 1367074964 128 9127865 0.22 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chubb, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">General Electric Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Chubb, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">General Electric Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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> 0.023 0.022 0.020 0.019 0.018 0.018 0.018 0.018 0.018 0.017 0.232 0.152 0.133 0.092 0.089 0.086 0.064 0.039 0.039 0.034 0.029 0.011 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Financial Industries Trust<br/>(Series I/JEFSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>107</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td> </tr> </table> 107 0.0093 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Financial Industries Trust (Series I/JEFSX) returned 30.23% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Diversified banks</b> | Emphasis in the diversified banks industry was a key contributor to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other industries</b> | Asset management and custody banks also contributed to absolute performance. Its holding in KKR &amp; Company, Inc. was a leading individual stock performer.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Individual holdings</b> | American Express Company, The Goldman Sachs Group, Inc. and M&amp;T Bank Corp. were among the top performing holdings on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industry detractors</b> | Industrial REITs and other diversified financial services detracted from performance on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Single-stock detractors</b> | Adyen NV, TriCo Bancshares, and Flagstar Financial, Inc. were among the largest detractors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660599.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.00<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.43<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.71<span>%</span></td> </tr> </table> Financial Industries Trust (Series I/JEFSX) 0.3023 0.0941 0.0900 S&P 500 Index 0.2502 0.1453 0.1310 S&P 500 Financials Index 0.3056 0.1170 0.1143 Lipper Financial Services Index 0.2891 0.1227 0.1071 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>141,841,161</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">56</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>959,540</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">67<span>%</span></td> </tr> </table> 141841161 56 959540 0.67 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">M&amp;T Bank Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Discover Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Goldman Sachs Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Express Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Allstate Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">38.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">M&amp;T Bank Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Discover Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Goldman Sachs Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Express Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Allstate Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.037 0.034 0.033 0.032 0.031 0.031 0.030 0.030 0.030 0.029 0.386 0.226 0.190 0.105 0.061 0.013 0.019 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Financial Industries Trust<br/>(Series II/JEFCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>130</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td> </tr> </table> 130 0.0113 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Financial Industries Trust (Series II/JEFCX) returned 29.99% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Diversified banks</b> | Emphasis in the diversified banks industry was a key contributor to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other industries</b> | Asset management and custody banks also contributed to absolute performance. Its holding in KKR &amp; Company, Inc. was a leading individual stock performer.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Individual holdings</b> | American Express Company, The Goldman Sachs Group, Inc. and M&amp;T Bank Corp. were among the top performing holdings on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industry detractors</b> | Industrial REITs and other diversified financial services detracted from performance on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Single-stock detractors</b> | Adyen NV, TriCo Bancshares, and Flagstar Financial, Inc. were among the largest detractors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660584.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.43<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.71<span>%</span></td> </tr> </table> Financial Industries Trust (Series II/JEFCX) 0.2999 0.0918 0.0878 S&P 500 Index 0.2502 0.1453 0.1310 S&P 500 Financials Index 0.3056 0.1170 0.1143 Lipper Financial Services Index 0.2891 0.1227 0.1071 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>141,841,161</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">56</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>959,540</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">67<span>%</span></td> </tr> </table> 141841161 56 959540 0.67 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">M&amp;T Bank Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Discover Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Goldman Sachs Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Express Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Allstate Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">38.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">M&amp;T Bank Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Discover Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Goldman Sachs Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Express Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Allstate Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.037 0.034 0.033 0.032 0.031 0.031 0.030 0.030 0.030 0.029 0.386 0.226 0.190 0.105 0.061 0.013 0.019 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Financial Industries Trust<br/>(Series NAV/JAFNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>101</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.88<span>%</span></td> </tr> </table> 101 0.0088 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Financial Industries Trust (Series NAV/JAFNX) returned 30.36% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Diversified banks</b> | Emphasis in the diversified banks industry was a key contributor to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other industries</b> | Asset management and custody banks also contributed to absolute performance. Its holding in KKR &amp; Company, Inc. was a leading individual stock performer.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Individual holdings</b> | American Express Company, The Goldman Sachs Group, Inc. and M&amp;T Bank Corp. were among the top performing holdings on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industry detractors</b> | Industrial REITs and other diversified financial services detracted from performance on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Single-stock detractors</b> | Adyen NV, TriCo Bancshares, and Flagstar Financial, Inc. were among the largest detractors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660570.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.05<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.43<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.71<span>%</span></td> </tr> </table> Financial Industries Trust (Series NAV/JAFNX) 0.3036 0.0947 0.0905 S&P 500 Index 0.2502 0.1453 0.1310 S&P 500 Financials Index 0.3056 0.1170 0.1143 Lipper Financial Services Index 0.2891 0.1227 0.1071 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>141,841,161</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">56</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>959,540</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">67<span>%</span></td> </tr> </table> 141841161 56 959540 0.67 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">M&amp;T Bank Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Discover Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Goldman Sachs Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Express Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Allstate Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">38.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">M&amp;T Bank Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Discover Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Goldman Sachs Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Express Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The Allstate Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.037 0.034 0.033 0.032 0.031 0.031 0.030 0.030 0.030 0.029 0.386 0.226 0.190 0.105 0.061 0.013 0.019 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fundamental All Cap Core Trust<br/>(Series I/JEQAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>84</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.75<span>%</span></td> </tr> </table> 84 0.0075 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Fundamental All Cap Core Trust (Series I/JEQAX) returned 24.16% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The fund benefited from positive performance in the sector. NVIDIA Corp. was a strong contributor to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | Financials also contributed to performance. Notable holdings included KKR &amp; Company, Inc., Morgan Stanley and The Goldman Sachs Group, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sector detractors</b> | Real estate, consumer staples and health care detracted from performance on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Single-stock detractors</b> | Mobileye Global, Inc., Crown Castle, Inc. and Polaris, Inc. were among the largest detractors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659340.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.16<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.66<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<span>%</span></td> </tr> </table> Fundamental All Cap Core Trust (Series I/JEQAX) 0.2416 0.1610 0.1366 Russell 3000 Index 0.2381 0.1386 0.1255 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>2,649,678,736</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">50</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>16,595,497</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">16<span>%</span></td> </tr> </table> 2649678736 50 16595497 0.16 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">First Hawaiian, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">First Hawaiian, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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> 0.093 0.076 0.055 0.048 0.041 0.036 0.036 0.036 0.032 0.030 0.308 0.239 0.137 0.100 0.049 0.048 0.047 0.025 0.021 0.009 0.017 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fundamental All Cap Core Trust<br/>(Series II/JFLGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>106</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.95<span>%</span></td> </tr> </table> 106 0.0095 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Fundamental All Cap Core Trust (Series II/JFLGX) returned 23.92% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The fund benefited from positive performance in the sector. NVIDIA Corp. was a strong contributor to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | Financials also contributed to performance. Notable holdings included KKR &amp; Company, Inc., Morgan Stanley and The Goldman Sachs Group, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sector detractors</b> | Real estate, consumer staples and health care detracted from performance on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Single-stock detractors</b> | Mobileye Global, Inc., Crown Castle, Inc. and Polaris, Inc. were among the largest detractors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661040.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.43<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<span>%</span></td> </tr> </table> Fundamental All Cap Core Trust (Series II/JFLGX) 0.2392 0.1587 0.1343 Russell 3000 Index 0.2381 0.1386 0.1255 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>2,649,678,736</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">50</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>16,595,497</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">16<span>%</span></td> </tr> </table> 2649678736 50 16595497 0.16 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">First Hawaiian, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">First Hawaiian, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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> 0.093 0.076 0.055 0.048 0.041 0.036 0.036 0.036 0.032 0.030 0.308 0.239 0.137 0.100 0.049 0.048 0.047 0.025 0.021 0.009 0.017 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fundamental All Cap Core Trust<br/>(Series NAV/JADDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>78</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.70<span>%</span></td> </tr> </table> 78 0.0070 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Fundamental All Cap Core Trust (Series NAV/JADDX) returned 24.24% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The fund benefited from positive performance in the sector. NVIDIA Corp. was a strong contributor to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | Financials also contributed to performance. Notable holdings included KKR &amp; Company, Inc., Morgan Stanley and The Goldman Sachs Group, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sector detractors</b> | Real estate, consumer staples and health care detracted from performance on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Single-stock detractors</b> | Mobileye Global, Inc., Crown Castle, Inc. and Polaris, Inc. were among the largest detractors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661044.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.16<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.71<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<span>%</span></td> </tr> </table> Fundamental All Cap Core Trust (Series NAV/JADDX) 0.2424 0.1616 0.1371 Russell 3000 Index 0.2381 0.1386 0.1255 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>2,649,678,736</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">50</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>16,595,497</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">16<span>%</span></td> </tr> </table> 2649678736 50 16595497 0.16 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">First Hawaiian, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">First Hawaiian, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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> 0.093 0.076 0.055 0.048 0.041 0.036 0.036 0.036 0.032 0.030 0.308 0.239 0.137 0.100 0.049 0.048 0.047 0.025 0.021 0.009 0.017 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fundamental Large Cap Value Trust<br/>(Series I/JVFLX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>82</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.76<span>%</span></td> </tr> </table> 82 0.0076 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Fundamental Large Cap Value Trust (Series I/JVFLX) returned 16.98% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector which contributed positively to results was led by a position in KKR &amp; Company, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other top sectors</b> | Industrials and information technology were among other notable sector contributors to the fund's absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sectors </b> | Health care, real estate and materials were the only sectors with a negative impact on the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Specific holdings</b> | The largest absolute detractors were holdings in Elevance Health, Inc., Samsung Electronics Company, Ltd., and Crown Castle, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659085.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.80<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.49<span>%</span></td> </tr> </table> Fundamental Large Cap Value Trust (Series I/JVFLX) 0.1698 0.1410 0.1080 Russell 1000 Index 0.2451 0.1428 0.1287 Russell 1000 Value Index 0.1437 0.0868 0.0849 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>821,651,657</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">60</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,502,906</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">16<span>%</span></td> </tr> </table> 821651657 60 5502906 0.16 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oracle Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comcast Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">State Street Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oracle Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comcast Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">State Street Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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; 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 0.040 0.038 0.038 0.036 0.034 0.031 0.030 0.028 0.028 0.204 0.163 0.126 0.124 0.086 0.082 0.076 0.067 0.031 0.022 0.019 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fundamental Large Cap Value Trust<br/>(Series II/JADJX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>104</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.96<span>%</span></td> </tr> </table> 104 0.0096 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Fundamental Large Cap Value Trust (Series II/JADJX) returned 16.74% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector which contributed positively to results was led by a position in KKR &amp; Company, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other top sectors</b> | Industrials and information technology were among other notable sector contributors to the fund's absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sectors </b> | Health care, real estate and materials were the only sectors with a negative impact on the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Specific holdings</b> | The largest absolute detractors were holdings in Elevance Health, Inc., Samsung Electronics Company, Ltd., and Crown Castle, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661144.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.49<span>%</span></td> </tr> </table> Fundamental Large Cap Value Trust (Series II/JADJX) 0.1674 0.1388 0.1058 Russell 1000 Index 0.2451 0.1428 0.1287 Russell 1000 Value Index 0.1437 0.0868 0.0849 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>821,651,657</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">60</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,502,906</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">16<span>%</span></td> </tr> </table> 821651657 60 5502906 0.16 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oracle Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comcast Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">State Street Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oracle Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comcast Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">State Street Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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; 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 0.040 0.038 0.038 0.036 0.034 0.031 0.030 0.028 0.028 0.204 0.163 0.126 0.124 0.086 0.082 0.076 0.067 0.031 0.022 0.019 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fundamental Large Cap Value Trust<br/>(Series NAV/JADIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Fundamental Large Cap Value Trust (Series NAV/JADIX) returned 17.02% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector which contributed positively to results was led by a position in KKR &amp; Company, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other top sectors</b> | Industrials and information technology were among other notable sector contributors to the fund's absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sectors </b> | Health care, real estate and materials were the only sectors with a negative impact on the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Specific holdings</b> | The largest absolute detractors were holdings in Elevance Health, Inc., Samsung Electronics Company, Ltd., and Crown Castle, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661145.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.16<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.86<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.49<span>%</span></td> </tr> </table> Fundamental Large Cap Value Trust (Series NAV/JADIX) 0.1702 0.1416 0.1086 Russell 1000 Index 0.2451 0.1428 0.1287 Russell 1000 Value Index 0.1437 0.0868 0.0849 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>821,651,657</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">60</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,502,906</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">16<span>%</span></td> </tr> </table> 821651657 60 5502906 0.16 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oracle Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comcast Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">State Street Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Oracle Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Walmart, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Comcast Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">State Street Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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; 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 0.040 0.038 0.038 0.036 0.034 0.031 0.030 0.028 0.028 0.204 0.163 0.126 0.124 0.086 0.082 0.076 0.067 0.031 0.022 0.019 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Global Equity Trust<br/>(Series I/JEFGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>98</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td> </tr> </table> 98 0.0093 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Global Equity Trust (Series I/JEFGX) returned 10.47% for the year ended December 31, 2024. Global markets ended the year on a positive note, boosted by the performance of U.S. stocks over the past 12 months. Investor excitement about opportunities in the artificial intelligence space outweighed concerns about slowing growth in China and an increasingly uncertain macroeconomic environment.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector which contributed positively to results was led by a position in Sumitomo Mitsui Financial Group, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Communication services</b> | Favorable performance in this sector was led by Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | Apple, Inc. and Oracle Corp. were top contributors in this sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Utilities and energy</b> | Utilities and energy were the only sectors in the fund that generated negative returns on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Specific holdings</b> | The largest absolute detractor was a position held in Samsung Electronics Company, Ltd. in the information technology sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662044.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.95<span>%</span></td> </tr> </table> Global Equity Trust (Series I/JEFGX) 0.1047 0.0788 0.0585 MSCI World Index 0.1867 0.1117 0.0995 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>294,147,993</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">59</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,404,870</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">47<span>%</span></td> </tr> </table> 294147993 59 2404870 0.47 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Philip Morris International, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ConocoPhillips</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CRH PLC (London Stock Exchange)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">T-Mobile US, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">18.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">14.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.9<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;">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="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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_5662027.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Philip Morris International, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ConocoPhillips</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CRH PLC (London Stock Exchange)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">T-Mobile US, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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> 0.057 0.036 0.032 0.031 0.025 0.025 0.023 0.022 0.022 0.021 0.180 0.145 0.141 0.114 0.109 0.096 0.075 0.057 0.043 0.009 0.031 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Global Equity Trust<br/>(Series II/JAJFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>119</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td> </tr> </table> 119 0.0113 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Global Equity Trust (Series II/JAJFX) returned 10.28% for the year ended December 31, 2024. Global markets ended the year on a positive note, boosted by the performance of U.S. stocks over the past 12 months. Investor excitement about opportunities in the artificial intelligence space outweighed concerns about slowing growth in China and an increasingly uncertain macroeconomic environment.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector which contributed positively to results was led by a position in Sumitomo Mitsui Financial Group, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Communication services</b> | Favorable performance in this sector was led by Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | Apple, Inc. and Oracle Corp. were top contributors in this sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Utilities and energy</b> | Utilities and energy were the only sectors in the fund that generated negative returns on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Specific holdings</b> | The largest absolute detractor was a position held in Samsung Electronics Company, Ltd. in the information technology sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662022.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.64<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.95<span>%</span></td> </tr> </table> Global Equity Trust (Series II/JAJFX) 0.1028 0.0766 0.0564 MSCI World Index 0.1867 0.1117 0.0995 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>294,147,993</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">59</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,404,870</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">47<span>%</span></td> </tr> </table> 294147993 59 2404870 0.47 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Philip Morris International, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ConocoPhillips</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CRH PLC (London Stock Exchange)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">T-Mobile US, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">18.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">14.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.9<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;">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="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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_5662017.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Philip Morris International, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ConocoPhillips</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CRH PLC (London Stock Exchange)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">T-Mobile US, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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> 0.057 0.036 0.032 0.031 0.025 0.025 0.023 0.022 0.022 0.021 0.180 0.145 0.141 0.114 0.109 0.096 0.075 0.057 0.043 0.009 0.031 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Global Equity Trust<br/>(Series NAV/JAJGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>93</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Global Equity Trust (Series NAV/JAJGX) returned 10.53% for the year ended December 31, 2024. Global markets ended the year on a positive note, boosted by the performance of U.S. stocks over the past 12 months. Investor excitement about opportunities in the artificial intelligence space outweighed concerns about slowing growth in China and an increasingly uncertain macroeconomic environment.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector which contributed positively to results was led by a position in Sumitomo Mitsui Financial Group, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Communication services</b> | Favorable performance in this sector was led by Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | Apple, Inc. and Oracle Corp. were top contributors in this sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Utilities and energy</b> | Utilities and energy were the only sectors in the fund that generated negative returns on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Specific holdings</b> | The largest absolute detractor was a position held in Samsung Electronics Company, Ltd. in the information technology sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662010.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.90<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.95<span>%</span></td> </tr> </table> Global Equity Trust (Series NAV/JAJGX) 0.1053 0.0794 0.0590 MSCI World Index 0.1867 0.1117 0.0995 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>294,147,993</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">59</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,404,870</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">47<span>%</span></td> </tr> </table> 294147993 59 2404870 0.47 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Philip Morris International, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ConocoPhillips</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CRH PLC (London Stock Exchange)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">T-Mobile US, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">18.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">14.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.9<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;">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="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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_5662005.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Philip Morris International, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ConocoPhillips</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CRH PLC (London Stock Exchange)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">T-Mobile US, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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> 0.057 0.036 0.032 0.031 0.025 0.025 0.023 0.022 0.022 0.021 0.180 0.145 0.141 0.114 0.109 0.096 0.075 0.057 0.043 0.009 0.031 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Health Sciences Trust<br/>(Series I/JEHSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>95</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.94<span>%</span></td> </tr> </table> 95 0.0094 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Health Sciences Trust (Series I/JEHSX) returned 1.78% for the year ended December 31, 2024. U.S. stocks advanced during the year, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care equipment and supplies</b> | Within this sector, the products and devices industry contributed to absolute performance driven by Intuitive Surgical, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Pharmaceuticals</b> | The pharmaceuticals industry contributed to absolute performance driven by Eli Lilly &amp; Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Biotechnology</b> | The biotechnology industry had the highest exposure in the portfolio and contributed by posting positive absolute returns for the period driven by Argenx SE.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care equipment and supplies</b> | Within this sector, the services industry detracted from absolute performance driven by Humana, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Life sciences tools &amp; services</b> | The life sciences industry detracted by posting negative absolute returns for the period driven by Pacific Biosciences of California, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660659.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.06<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.92<span>%</span></td> </tr> </table> Health Sciences Trust (Series I/JEHSX) 0.0178 0.0545 0.0806 S&P 500 Index 0.2502 0.1453 0.1310 Lipper Health/Biotechnology Index 0.0170 0.0424 0.0692 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>235,823,436</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">176</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,160,305</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">44<span>%</span></td> </tr> </table> 235823436 176 2160305 0.44 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Boston Scientific Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vertex Pharmaceuticals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Boston Scientific Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vertex Pharmaceuticals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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 0.062 0.058 0.046 0.042 0.038 0.037 0.026 0.025 0.024 0.366 0.190 0.185 0.140 0.108 0.003 0.001 0.001 0.006 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held December 10-12, 2024, the Board of Trustees of the Board (the Board) approved a change to the fund’s management fee schedule effective October 1, 2024 whereby the annual rate is as follows: a) 1.050% of the first $500 million of aggregate net assets; b) 1.000% of the next $250 million of aggregate net assets; c) 0.950% of the excess over $750 million of aggregate net assets; d) 0.950% of the next $250 million of aggregate net assets; e) 0.900% of the next $500 million of aggregate net assets; f) 0.770% of the excess over $1.5 billion of aggregate net assets; and g) 0.750% of the excess over $2 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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: #000000; font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held December 10-12, 2024, the Board of Trustees of the Board (the Board) approved a change to the fund’s management fee schedule effective October 1, 2024 whereby the annual rate is as follows: a) 1.050% of the first $500 million of aggregate net assets; b) 1.000% of the next $250 million of aggregate net assets; c) 0.950% of the excess over $750 million of aggregate net assets; d) 0.950% of the next $250 million of aggregate net assets; e) 0.900% of the next $500 million of aggregate net assets; f) 0.770% of the excess over $1.5 billion of aggregate net assets; and g) 0.750% of the excess over $2 billion of aggregate net assets.</div> 2024-10-01 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Health Sciences Trust<br/>(Series II/JAFKX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>115</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.14<span>%</span></td> </tr> </table> 115 0.0114 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Health Sciences Trust (Series II/JAFKX) returned 1.62% for the year ended December 31, 2024. U.S. stocks advanced during the year, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care equipment and supplies</b> | Within this sector, the products and devices industry contributed to absolute performance driven by Intuitive Surgical, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Pharmaceuticals</b> | The pharmaceuticals industry contributed to absolute performance driven by Eli Lilly &amp; Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Biotechnology</b> | The biotechnology industry had the highest exposure in the portfolio and contributed by posting positive absolute returns for the period driven by Argenx SE.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care equipment and supplies</b> | Within this sector, the services industry detracted from absolute performance driven by Humana, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Life sciences tools &amp; services</b> | The life sciences industry detracted by posting negative absolute returns for the period driven by Pacific Biosciences of California, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658162.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.92<span>%</span></td> </tr> </table> Health Sciences Trust (Series II/JAFKX) 0.0162 0.0525 0.0785 S&P 500 Index 0.2502 0.1453 0.1310 Lipper Health/Biotechnology Index 0.0170 0.0424 0.0692 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>235,823,436</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">176</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,160,305</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">44<span>%</span></td> </tr> </table> 235823436 176 2160305 0.44 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Boston Scientific Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vertex Pharmaceuticals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Boston Scientific Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vertex Pharmaceuticals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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 0.062 0.058 0.046 0.042 0.038 0.037 0.026 0.025 0.024 0.366 0.190 0.185 0.140 0.108 0.003 0.001 0.001 0.006 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held December 10-12, 2024, the Board of Trustees of the Board (the Board) approved a change to the fund’s management fee schedule effective October 1, 2024 whereby the annual rate is as follows: a) 1.050% of the first $500 million of aggregate net assets; b) 1.000% of the next $250 million of aggregate net assets; c) 0.950% of the excess over $750 million of aggregate net assets; d) 0.950% of the next $250 million of aggregate net assets; e) 0.900% of the next $500 million of aggregate net assets; f) 0.770% of the excess over $1.5 billion of aggregate net assets; and g) 0.750% of the excess over $2 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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: #000000; font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held December 10-12, 2024, the Board of Trustees of the Board (the Board) approved a change to the fund’s management fee schedule effective October 1, 2024 whereby the annual rate is as follows: a) 1.050% of the first $500 million of aggregate net assets; b) 1.000% of the next $250 million of aggregate net assets; c) 0.950% of the excess over $750 million of aggregate net assets; d) 0.950% of the next $250 million of aggregate net assets; e) 0.900% of the next $500 million of aggregate net assets; f) 0.770% of the excess over $1.5 billion of aggregate net assets; and g) 0.750% of the excess over $2 billion of aggregate net assets.</div> 2024-10-01 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Health Sciences Trust<br/>(Series NAV/JAFMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>90</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.89<span>%</span></td> </tr> </table> 90 0.0089 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Health Sciences Trust (Series NAV/JAFMX) returned 1.86% for the year ended December 31, 2024. U.S. stocks advanced during the year, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care equipment and supplies</b> | Within this sector, the products and devices industry contributed to absolute performance driven by Intuitive Surgical, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Pharmaceuticals</b> | The pharmaceuticals industry contributed to absolute performance driven by Eli Lilly &amp; Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Biotechnology</b> | The biotechnology industry had the highest exposure in the portfolio and contributed by posting positive absolute returns for the period driven by Argenx SE.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care equipment and supplies</b> | Within this sector, the services industry detracted from absolute performance driven by Humana, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Life sciences tools &amp; services</b> | The life sciences industry detracted by posting negative absolute returns for the period driven by Pacific Biosciences of California, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658143.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.12<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.92<span>%</span></td> </tr> </table> Health Sciences Trust (Series NAV/JAFMX) 0.0186 0.0551 0.0812 S&P 500 Index 0.2502 0.1453 0.1310 Lipper Health/Biotechnology Index 0.0170 0.0424 0.0692 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>235,823,436</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">176</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,160,305</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">44<span>%</span></td> </tr> </table> 235823436 176 2160305 0.44 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Boston Scientific Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vertex Pharmaceuticals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Merck &amp; Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Boston Scientific Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vertex Pharmaceuticals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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 0.062 0.058 0.046 0.042 0.038 0.037 0.026 0.025 0.024 0.366 0.190 0.185 0.140 0.108 0.003 0.001 0.001 0.006 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held December 10-12, 2024, the Board of Trustees of the Board (the Board) approved a change to the fund’s management fee schedule effective October 1, 2024 whereby the annual rate is as follows: a) 1.050% of the first $500 million of aggregate net assets; b) 1.000% of the next $250 million of aggregate net assets; c) 0.950% of the excess over $750 million of aggregate net assets; d) 0.950% of the next $250 million of aggregate net assets; e) 0.900% of the next $500 million of aggregate net assets; f) 0.770% of the excess over $1.5 billion of aggregate net assets; and g) 0.750% of the excess over $2 billion of aggregate net assets.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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: #000000; font-size: 9pt; margin-bottom: 7.5pt;">At a meeting held December 10-12, 2024, the Board of Trustees of the Board (the Board) approved a change to the fund’s management fee schedule effective October 1, 2024 whereby the annual rate is as follows: a) 1.050% of the first $500 million of aggregate net assets; b) 1.000% of the next $250 million of aggregate net assets; c) 0.950% of the excess over $750 million of aggregate net assets; d) 0.950% of the next $250 million of aggregate net assets; e) 0.900% of the next $500 million of aggregate net assets; f) 0.770% of the excess over $1.5 billion of aggregate net assets; and g) 0.750% of the excess over $2 billion of aggregate net assets.</div> 2024-10-01 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">International Equity Index Trust<br/>(Series I/JIEQX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>40</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.39<span>%</span></td> </tr> </table> 40 0.0039 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">International Equity Index Trust (Series I/JIEQX) returned 4.91% for the year ended December 31, 2024. International markets posted gains for 2024, but finished the year on a down note after Donald Trump and Republican majorities in both houses of Congress won the November Presidential elections. Concerns about a renewed wave of tariffs sparked a sell off in overseas markets and sent the U.S. dollar higher against major foreign currencies.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sectors</b> | The sectors that contributed to absolute performance were financials, information technology and industrials.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | Taiwan, China and Japan were the top countries that contributed by posting positive absolute returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | The holdings that contributed the most were Taiwan Semiconductor Manufacturing Company, Ltd., SAP SE, and Tencent Holdings, Ltd.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sectors</b> | The sectors that detracted from absolute performance were materials, consumer staples and real estate.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | South Korea, Brazil and France were the countries that detracted by posting negative absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | The holdings that detracted by posting absolute negative returns were Nestle SA, Samsung Electronics Company, Ltd. and BHP Group, Ltd.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at SSGA Funds Management, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659739.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.83<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.64<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.80<span>%</span></td> </tr> </table> International Equity Index Trust (Series I/JIEQX) 0.0491 0.0383 0.0464 MSCI ACWI ex-USA Index 0.0553 0.0410 0.0480 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>899,300,635</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">2,044</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,286,983</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3<span>%</span></td> </tr> </table> 899300635 2044 2286983 0.03 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Novo Nordisk A/S, Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SAP SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Toyota Motor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Shell PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">23.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">14.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">13.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">7.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.7<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;">0.3<span>%</span></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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_5659734.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Novo Nordisk A/S, Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SAP SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Toyota Motor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Shell PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.031 0.014 0.011 0.011 0.010 0.008 0.008 0.008 0.008 0.008 0.233 0.140 0.135 0.112 0.088 0.071 0.063 0.058 0.050 0.030 0.017 0.003 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">International Equity Index Trust<br/>(Series II/JAJEX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>60</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.59<span>%</span></td> </tr> </table> 60 0.0059 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">International Equity Index Trust (Series II/JAJEX) returned 4.62% for the year ended December 31, 2024. International markets posted gains for 2024, but finished the year on a down note after Donald Trump and Republican majorities in both houses of Congress won the November Presidential elections. Concerns about a renewed wave of tariffs sparked a sell off in overseas markets and sent the U.S. dollar higher against major foreign currencies.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sectors</b> | The sectors that contributed to absolute performance were financials, information technology and industrials.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | Taiwan, China and Japan were the top countries that contributed by posting positive absolute returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | The holdings that contributed the most were Taiwan Semiconductor Manufacturing Company, Ltd., SAP SE, and Tencent Holdings, Ltd.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sectors</b> | The sectors that detracted from absolute performance were materials, consumer staples and real estate.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | South Korea, Brazil and France were the countries that detracted by posting negative absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | The holdings that detracted by posting absolute negative returns were Nestle SA, Samsung Electronics Company, Ltd. and BHP Group, Ltd.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at SSGA Funds Management, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661185.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.43<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.80<span>%</span></td> </tr> </table> International Equity Index Trust (Series II/JAJEX) 0.0462 0.0362 0.0443 MSCI ACWI ex-USA Index 0.0553 0.0410 0.0480 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>899,300,635</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">2,044</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,286,983</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3<span>%</span></td> </tr> </table> 899300635 2044 2286983 0.03 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Novo Nordisk A/S, Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SAP SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Toyota Motor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Shell PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">23.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">14.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">13.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">7.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.7<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;">0.3<span>%</span></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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_5659711.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Novo Nordisk A/S, Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SAP SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Toyota Motor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Shell PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.031 0.014 0.011 0.011 0.010 0.008 0.008 0.008 0.008 0.008 0.233 0.140 0.135 0.112 0.088 0.071 0.063 0.058 0.050 0.030 0.017 0.003 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">International Equity Index Trust<br/>(Series NAV/JVANX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>35</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.34<span>%</span></td> </tr> </table> 35 0.0034 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">International Equity Index Trust (Series NAV/JVANX) returned 4.90% for the year ended December 31, 2024. International markets posted gains for 2024, but finished the year on a down note after Donald Trump and Republican majorities in both houses of Congress won the November Presidential elections. Concerns about a renewed wave of tariffs sparked a sell off in overseas markets and sent the U.S. dollar higher against major foreign currencies.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sectors</b> | The sectors that contributed to absolute performance were financials, information technology and industrials.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | Taiwan, China and Japan were the top countries that contributed by posting positive absolute returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | The holdings that contributed the most were Taiwan Semiconductor Manufacturing Company, Ltd., SAP SE, and Tencent Holdings, Ltd.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sectors</b> | The sectors that detracted from absolute performance were materials, consumer staples and real estate.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | South Korea, Brazil and France were the countries that detracted by posting negative absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Holdings</b> | The holdings that detracted by posting absolute negative returns were Nestle SA, Samsung Electronics Company, Ltd. and BHP Group, Ltd.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at SSGA Funds Management, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661165.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.69<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.80<span>%</span></td> </tr> </table> International Equity Index Trust (Series NAV/JVANX) 0.0490 0.0388 0.0469 MSCI ACWI ex-USA Index 0.0553 0.0410 0.0480 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>899,300,635</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">2,044</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,286,983</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3<span>%</span></td> </tr> </table> 899300635 2044 2286983 0.03 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Novo Nordisk A/S, Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SAP SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Toyota Motor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Shell PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">23.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">14.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">13.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">7.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.7<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;">0.3<span>%</span></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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_5659699.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Novo Nordisk A/S, Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SAP SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Toyota Motor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Shell PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.031 0.014 0.011 0.011 0.010 0.008 0.008 0.008 0.008 0.008 0.233 0.140 0.135 0.112 0.088 0.071 0.063 0.058 0.050 0.030 0.017 0.003 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">International Small Company Trust<br/>(Series I/JAJCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>108</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.06<span>%</span></td> </tr> </table> 108 0.0106 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">International Small Company Trust (Series I/JAJCX) returned 3.07% for the year ended December 31, 2024. In U.S. dollar terms, developed foreign markets had positive performance for the one-year period but trailed both U.S. and emerging markets. Despite challenges in the fourth quarter of 2024, global equity markets proved resilient. More than 70 countries held national elections this year. For many investors, the potential impact of these elections, particularly the U.S. presidential election, remained top of mind for much of the year. Globally, small caps underperformed large caps while the value and profitability premiums were mixed across regions. Along the market capitalization dimension, small caps underperformed large caps.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Porfolio allocation</b> | The portfolio’s allocation to 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | At the sector level, the portfolio’s allocation to Financials contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | At the country level, the porfolio’s allocation to Canada, Japan and Italy contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | At the sector level, the portfolio’s allocation to Materials detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | At the country level, the portfolio’s allocation to Germany detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Dimensional Fund Advisors LP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659814.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.27<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.49<span>%</span></td> </tr> </table> International Small Company Trust (Series I/JAJCX) 0.0307 0.0335 0.0527 MSCI World ex-USA Index 0.0470 0.0510 0.0526 MSCI World ex-USA Small Cap Index 0.0276 0.0287 0.0549 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>95,430,100</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">2,914</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>795,881</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 95430100 2914 795881 0.13 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">GEA Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banca Monte dei Paschi di Siena SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BPER Banca SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LEG Immobilien SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Helvetia Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Unipol Gruppo SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Baloise Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">23.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">15.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">11.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.0<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;">2.1<span>%</span></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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_5659809.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">GEA Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banca Monte dei Paschi di Siena SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BPER Banca SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LEG Immobilien SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Helvetia Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Unipol Gruppo SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Baloise Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.004 0.004 0.004 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.237 0.151 0.123 0.114 0.080 0.058 0.054 0.052 0.045 0.035 0.030 0.021 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">International Small Company Trust<br/>(Series II/JAADX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>128</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.26<span>%</span></td> </tr> </table> 128 0.0126 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">International Small Company Trust (Series II/JAADX) returned 2.82% for the year ended December 31, 2024. In U.S. dollar terms, developed foreign markets had positive performance for the one-year period but trailed both U.S. and emerging markets. Despite challenges in the fourth quarter of 2024, global equity markets proved resilient. More than 70 countries held national elections this year. For many investors, the potential impact of these elections, particularly the U.S. presidential election, remained top of mind for much of the year. Globally, small caps underperformed large caps while the value and profitability premiums were mixed across regions. Along the market capitalization dimension, small caps underperformed large caps.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Porfolio allocation</b> | The portfolio’s allocation to 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | At the sector level, the portfolio’s allocation to Financials contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | At the country level, the porfolio’s allocation to Canada, Japan and Italy contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | At the sector level, the portfolio’s allocation to Materials detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | At the country level, the portfolio’s allocation to Germany detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Dimensional Fund Advisors LP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659798.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.49<span>%</span></td> </tr> </table> International Small Company Trust (Series II/JAADX) 0.0282 0.0315 0.0507 MSCI World ex-USA Index 0.0470 0.0510 0.0526 MSCI World ex-USA Small Cap Index 0.0276 0.0287 0.0549 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>95,430,100</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">2,914</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>795,881</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 95430100 2914 795881 0.13 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">GEA Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banca Monte dei Paschi di Siena SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BPER Banca SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LEG Immobilien SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Helvetia Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Unipol Gruppo SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Baloise Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">23.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">15.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">11.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.0<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;">2.1<span>%</span></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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_5659793.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">GEA Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banca Monte dei Paschi di Siena SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BPER Banca SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LEG Immobilien SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Helvetia Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Unipol Gruppo SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Baloise Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.004 0.004 0.004 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.237 0.151 0.123 0.114 0.080 0.058 0.054 0.052 0.045 0.035 0.030 0.021 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">International Small Company Trust<br/>(Series NAV/JAJDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>103</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.01<span>%</span></td> </tr> </table> 103 0.0101 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">International Small Company Trust (Series NAV/JAJDX) returned 3.11% for the year ended December 31, 2024. In U.S. dollar terms, developed foreign markets had positive performance for the one-year period but trailed both U.S. and emerging markets. Despite challenges in the fourth quarter of 2024, global equity markets proved resilient. More than 70 countries held national elections this year. For many investors, the potential impact of these elections, particularly the U.S. presidential election, remained top of mind for much of the year. Globally, small caps underperformed large caps while the value and profitability premiums were mixed across regions. Along the market capitalization dimension, small caps underperformed large caps.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Porfolio allocation</b> | The portfolio’s allocation to 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | At the sector level, the portfolio’s allocation to Financials contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | At the country level, the porfolio’s allocation to Canada, Japan and Italy contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sector</b> | At the sector level, the portfolio’s allocation to Materials detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Country</b> | At the country level, the portfolio’s allocation to Germany detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Dimensional Fund Advisors LP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659782.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.34<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.49<span>%</span></td> </tr> </table> International Small Company Trust (Series NAV/JAJDX) 0.0311 0.0340 0.0534 MSCI World ex-USA Index 0.0470 0.0510 0.0526 MSCI World ex-USA Small Cap Index 0.0276 0.0287 0.0549 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>95,430,100</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">2,914</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>795,881</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 95430100 2914 795881 0.13 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">GEA Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banca Monte dei Paschi di Siena SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BPER Banca SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LEG Immobilien SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Helvetia Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Unipol Gruppo SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Baloise Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">23.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">15.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">11.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.0<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;">2.1<span>%</span></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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_5659765.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">GEA Group AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Banca Monte dei Paschi di Siena SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">BPER Banca SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">LEG Immobilien SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Helvetia Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Unipol Gruppo SpA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Baloise Holding AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.004 0.004 0.004 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.237 0.151 0.123 0.114 0.080 0.058 0.054 0.052 0.045 0.035 0.030 0.021 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Balanced Portfolio<br/>(Series I/JHBPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>13</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Lifestyle Balanced Portfolio (Series I/JHBPX) returned 8.52% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks and developed-market international equities recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-caps were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation</b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Small-cap equity allocation</b> | The fund’s exposure to small-cap equities contributed the least to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659848.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.52<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.62<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.03<span>%</span></td> </tr> </table> Lifestyle Balanced Portfolio (Series I/JHBPX) 0.0852 0.0518 0.0562 S&P 500 Index 0.2502 0.1453 0.1310 Morningstar U.S. Moderate Target Allocation Index 0.1296 0.0747 0.0745 50% Bloomberg U.S. Aggregate Bond Index/ 15% MSCI EAFE Index/ 35% Russell 3000 Index 0.0920 0.0557 0.0603 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>976,528,669</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>357,422</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 976528669 3 357422 0.13 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">50.4<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;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">49.6<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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 0.504 0.496 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Balanced Portfolio<br/>(Series II/JAILX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>33</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.32<span>%</span></td> </tr> </table> 33 0.0032 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Lifestyle Balanced Portfolio (Series II/JAILX) returned 8.37% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks and developed-market international equities recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-caps were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation</b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Small-cap equity allocation</b> | The fund’s exposure to small-cap equities contributed the least to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662327.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.41<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.03<span>%</span></td> </tr> </table> Lifestyle Balanced Portfolio (Series II/JAILX) 0.0837 0.0498 0.0541 S&P 500 Index 0.2502 0.1453 0.1310 Morningstar U.S. Moderate Target Allocation Index 0.1296 0.0747 0.0745 50% Bloomberg U.S. Aggregate Bond Index/ 15% MSCI EAFE Index/ 35% Russell 3000 Index 0.0920 0.0557 0.0603 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>976,528,669</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>357,422</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 976528669 3 357422 0.13 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">50.4<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;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">49.6<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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 0.504 0.496 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Balanced Portfolio<br/>(Series NAV/JAINX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>7</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Lifestyle Balanced Portfolio (Series NAV/JAINX) returned 8.67% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks and developed-market international equities recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-caps were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation</b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Small-cap equity allocation</b> | The fund’s exposure to small-cap equities contributed the least to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662313.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.68<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.03<span>%</span></td> </tr> </table> Lifestyle Balanced Portfolio (Series NAV/JAINX) 0.0867 0.0524 0.0568 S&P 500 Index 0.2502 0.1453 0.1310 Morningstar U.S. Moderate Target Allocation Index 0.1296 0.0747 0.0745 50% Bloomberg U.S. Aggregate Bond Index/ 15% MSCI EAFE Index/ 35% Russell 3000 Index 0.0920 0.0557 0.0603 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>976,528,669</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>357,422</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 976528669 3 357422 0.13 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">50.4<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;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">49.6<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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 0.504 0.496 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Conservative Portfolio<br/>(Series I/JHCIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>13</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.13<span>%</span></td> </tr> </table> 13 0.0013 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Lifestyle Conservative Portfolio (Series I/JHCIX) returned 4.43% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks and developed-market international equities recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-caps were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation</b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Small-cap equity allocation</b> | The fund’s exposure to small-cap equities contributed the least to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662179.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.18<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.26<span>%</span></td> </tr> </table> Lifestyle Conservative Portfolio (Series I/JHCIX) 0.0443 0.0210 0.0318 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Morningstar U.S. Conservative Target Allocation Index 0.0655 0.0292 0.0378 80% Bloomberg U.S. Aggregate Bond Index/ 6% MSCI EAFE Index/ 14% Russell 3000 Index 0.0438 0.0206 0.0326 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>156,076,980</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">11<span>%</span></td> </tr> </table> 156076980 3 0 0.11 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">80.3<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;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">19.7<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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 0.803 0.197 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Conservative Portfolio<br/>(Series II/JAIRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>34</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td> </tr> </table> 34 0.0033 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Lifestyle Conservative Portfolio (Series II/JAIRX) returned 4.22% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks and developed-market international equities recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-caps were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation</b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Small-cap equity allocation</b> | The fund’s exposure to small-cap equities contributed the least to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662153.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.22<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.97<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.26<span>%</span></td> </tr> </table> Lifestyle Conservative Portfolio (Series II/JAIRX) 0.0422 0.0190 0.0297 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Morningstar U.S. Conservative Target Allocation Index 0.0655 0.0292 0.0378 80% Bloomberg U.S. Aggregate Bond Index/ 6% MSCI EAFE Index/ 14% Russell 3000 Index 0.0438 0.0206 0.0326 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>156,076,980</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">11<span>%</span></td> </tr> </table> 156076980 3 0 0.11 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">80.3<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;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">19.7<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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 0.803 0.197 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Conservative Portfolio<br/>(Series NAV/JAIQX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>8</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Lifestyle Conservative Portfolio (Series NAV/JAIQX) returned 4.48% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks and developed-market international equities recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-caps were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation</b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Small-cap equity allocation</b> | The fund’s exposure to small-cap equities contributed the least to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662139.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.23<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.26<span>%</span></td> </tr> </table> Lifestyle Conservative Portfolio (Series NAV/JAIQX) 0.0448 0.0215 0.0323 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Morningstar U.S. Conservative Target Allocation Index 0.0655 0.0292 0.0378 80% Bloomberg U.S. Aggregate Bond Index/ 6% MSCI EAFE Index/ 14% Russell 3000 Index 0.0438 0.0206 0.0326 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>156,076,980</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; 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-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">11<span>%</span></td> </tr> </table> 156076980 3 0 0.11 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">80.3<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;">Equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">19.7<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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 0.803 0.197 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Growth Portfolio<br/>(Series I/JHGPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>12</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.11<span>%</span></td> </tr> </table> 12 0.0011 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Lifestyle Growth Portfolio (Series I/JHGPX) returned 11.31% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks and developed-market international equities recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-caps were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other exposures in equities</b> | International large-cap equity and mid-cap equity also contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Small-cap equity allocation</b> | The fund’s exposure to small-cap equities contributed the least to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659929.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.22<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.72<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.81<span>%</span></td> </tr> </table> Lifestyle Growth Portfolio (Series I/JHGPX) 0.1131 0.0720 0.0722 S&P 500 Index 0.2502 0.1453 0.1310 Morningstar U.S. Moderately Aggressive Target Allocation Index 0.1515 0.0904 0.0872 30% Bloomberg U.S. Aggregate Bond Index/ 21% MSCI EAFE Index/ 49% Russell 3000 Index 0.1250 0.0784 0.0781 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>5,062,283,083</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,909,461</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">9<span>%</span></td> </tr> </table> 5062283083 3 1909461 0.09 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">70.0<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;">Fixed income</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">30.0<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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 0.700 0.300 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Growth Portfolio<br/>(Series II/JAIKX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>33</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.31<span>%</span></td> </tr> </table> 33 0.0031 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Lifestyle Growth Portfolio (Series II/JAIKX) returned 11.17% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks and developed-market international equities recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-caps were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other exposures in equities</b> | International large-cap equity and mid-cap equity also contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Small-cap equity allocation</b> | The fund’s exposure to small-cap equities contributed the least to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659903.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.01<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.72<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.81<span>%</span></td> </tr> </table> Lifestyle Growth Portfolio (Series II/JAIKX) 0.1117 0.0699 0.0701 S&P 500 Index 0.2502 0.1453 0.1310 Morningstar U.S. Moderately Aggressive Target Allocation Index 0.1515 0.0904 0.0872 30% Bloomberg U.S. Aggregate Bond Index/ 21% MSCI EAFE Index/ 49% Russell 3000 Index 0.1250 0.0784 0.0781 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>5,062,283,083</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,909,461</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">9<span>%</span></td> </tr> </table> 5062283083 3 1909461 0.09 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">70.0<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;">Fixed income</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">30.0<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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 0.700 0.300 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Growth Portfolio<br/>(Series NAV/JAIJX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>6</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.06<span>%</span></td> </tr> </table> 6 0.0006 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Lifestyle Growth Portfolio (Series NAV/JAIJX) returned 11.37% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks and developed-market international equities recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-caps were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other exposures in equities</b> | International large-cap equity and mid-cap equity also contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Small-cap equity allocation</b> | The fund’s exposure to small-cap equities contributed the least to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659889.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.72<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.81<span>%</span></td> </tr> </table> Lifestyle Growth Portfolio (Series NAV/JAIJX) 0.1137 0.0726 0.0728 S&P 500 Index 0.2502 0.1453 0.1310 Morningstar U.S. Moderately Aggressive Target Allocation Index 0.1515 0.0904 0.0872 30% Bloomberg U.S. Aggregate Bond Index/ 21% MSCI EAFE Index/ 49% Russell 3000 Index 0.1250 0.0784 0.0781 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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; white-space: nowrap; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>5,062,283,083</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,909,461</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">9<span>%</span></td> </tr> </table> 5062283083 3 1909461 0.09 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">70.0<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;">Fixed income</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">30.0<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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 0.700 0.300 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Moderate Portfolio<br/>(Series I/JHMPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>13</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.13<span>%</span></td> </tr> </table> 13 0.0013 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Lifestyle Moderate Portfolio (Series I/JHMPX) returned 7.14% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks and developed-market international equities recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-caps were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation</b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Small-cap equity allocation</b> | The fund’s exposure to small-cap equities contributed the least to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662272.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.79<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.34<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.12<span>%</span></td> </tr> </table> Lifestyle Moderate Portfolio (Series I/JHMPX) 0.0714 0.0414 0.0479 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Morningstar U.S. Moderately Conservative Target Allocation Index 0.0911 0.0485 0.0534 60% Bloomberg U.S. Aggregate Bond Index/ 12% MSCI EAFE Index/ 28% Russell 3000 Index 0.0757 0.0441 0.0512 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>267,366,050</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>58,842</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">9<span>%</span></td> </tr> </table> 267366050 3 58842 0.09 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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: #000000; 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Moderate Portfolio<br/>(Series II/JAIPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>34</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td> </tr> </table> 34 0.0033 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Lifestyle Moderate Portfolio (Series II/JAIPX) returned 6.91% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks and developed-market international equities recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-caps were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation</b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Small-cap equity allocation</b> | The fund’s exposure to small-cap equities contributed the least to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662246.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.93<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.59<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.34<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.12<span>%</span></td> </tr> </table> Lifestyle Moderate Portfolio (Series II/JAIPX) 0.0691 0.0393 0.0459 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Morningstar U.S. Moderately Conservative Target Allocation Index 0.0911 0.0485 0.0534 60% Bloomberg U.S. Aggregate Bond Index/ 12% MSCI EAFE Index/ 28% Russell 3000 Index 0.0757 0.0441 0.0512 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>267,366,050</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>58,842</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">9<span>%</span></td> </tr> </table> 267366050 3 58842 0.09 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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: #000000; 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Lifestyle Moderate Portfolio<br/>(Series NAV/JAIOX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>8</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Lifestyle Moderate Portfolio (Series NAV/JAIOX) returned 7.19% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks and developed-market international equities recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-caps were the top contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation</b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no allocation detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Small-cap equity allocation</b> | The fund’s exposure to small-cap equities contributed the least to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662220.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.21<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.86<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.34<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.12<span>%</span></td> </tr> </table> Lifestyle Moderate Portfolio (Series NAV/JAIOX) 0.0719 0.0421 0.0486 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Morningstar U.S. Moderately Conservative Target Allocation Index 0.0911 0.0485 0.0534 60% Bloomberg U.S. Aggregate Bond Index/ 12% MSCI EAFE Index/ 28% Russell 3000 Index 0.0757 0.0441 0.0512 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>267,366,050</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>58,842</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">9<span>%</span></td> </tr> </table> 267366050 3 58842 0.09 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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: #000000; 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Cap Growth Trust<br/>(Series I/JAETX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>105</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td> </tr> </table> 105 0.0093 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Mid Cap Growth Trust (Series I/JAETX) returned 25.14% for the year ended December 31, 2024. U.S. equities rose over the twelve-month period ending December 31, 2024, with the S&amp;P 500 reaching new highs, driven by the performance of a select group of AI-related, mega-cap technology companies. Moderating inflationary pressures and a cooling labor market led the U.S. Federal Reserve (Fed) to begin easing monetary policy in September, delivering its first rate cut in four years. Subsequently, in the fourth quarter, the Fed cut interest rates twice before signaling a slower pace of cuts in 2025 amid concerns of reaccelerating inflation. In November, Donald Trump won the presidential election, paving the way for major policy initiatives, including a protectionist trade agenda.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Axon Enterprise, Inc. and Spotify Technology SA</b> | Positions in Axon Enterprise, Inc. and Spotify Technology SA contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials and communication services</b> | The industrials and communication services sectors contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Dexcom, Inc. and Super Micro Computer, Inc. </b> | Positions in DexCom, Inc. and Super Micro Computer, Inc. were the top detractors from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care and Real Estate</b> | The health care and real estate sectors detracted from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662611.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.36<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.54<span>%</span></td> </tr> </table> Mid Cap Growth Trust (Series I/JAETX) 0.2514 0.1070 0.1136 Russell 3000 Index 0.2381 0.1386 0.1255 Russell Midcap Growth Index 0.2210 0.1147 0.1154 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>654,734,170</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">69</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,134,685</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">152<span>%</span></td> </tr> </table> 654734170 69 5134685 1.52 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AppLovin Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Live Nation Entertainment, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tradeweb Markets, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Marvell Technology, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">On Holding AG, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DraftKings, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AppLovin Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Live Nation Entertainment, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tradeweb Markets, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Marvell Technology, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">On Holding AG, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DraftKings, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.043 0.037 0.035 0.031 0.031 0.029 0.029 0.028 0.027 0.025 0.245 0.154 0.140 0.120 0.104 0.102 0.051 0.041 0.025 0.010 0.008 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Cap Growth Trust<br/>(Series II/JAEUX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>127</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td> </tr> </table> 127 0.0113 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Mid Cap Growth Trust (Series II/JAEUX) returned 24.74% for the year ended December 31, 2024. U.S. equities rose over the twelve-month period ending December 31, 2024, with the S&amp;P 500 reaching new highs, driven by the performance of a select group of AI-related, mega-cap technology companies. Moderating inflationary pressures and a cooling labor market led the U.S. Federal Reserve (Fed) to begin easing monetary policy in September, delivering its first rate cut in four years. Subsequently, in the fourth quarter, the Fed cut interest rates twice before signaling a slower pace of cuts in 2025 amid concerns of reaccelerating inflation. In November, Donald Trump won the presidential election, paving the way for major policy initiatives, including a protectionist trade agenda.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Axon Enterprise, Inc. and Spotify Technology SA</b> | Positions in Axon Enterprise, Inc. and Spotify Technology SA contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials and communication services</b> | The industrials and communication services sectors contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Dexcom, Inc. and Super Micro Computer, Inc. </b> | Positions in DexCom, Inc. and Super Micro Computer, Inc. were the top detractors from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care and Real Estate</b> | The health care and real estate sectors detracted from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660723.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.13<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.54<span>%</span></td> </tr> </table> Mid Cap Growth Trust (Series II/JAEUX) 0.2474 0.1047 0.1113 Russell 3000 Index 0.2381 0.1386 0.1255 Russell Midcap Growth Index 0.2210 0.1147 0.1154 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>654,734,170</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">69</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,134,685</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">152<span>%</span></td> </tr> </table> 654734170 69 5134685 1.52 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AppLovin Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Live Nation Entertainment, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tradeweb Markets, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Marvell Technology, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">On Holding AG, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DraftKings, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AppLovin Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Live Nation Entertainment, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tradeweb Markets, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Marvell Technology, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">On Holding AG, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DraftKings, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.043 0.037 0.035 0.031 0.031 0.029 0.029 0.028 0.027 0.025 0.245 0.154 0.140 0.120 0.104 0.102 0.051 0.041 0.025 0.010 0.008 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Cap Growth Trust<br/>(Series NAV/JAEVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>99</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.88<span>%</span></td> </tr> </table> 99 0.0088 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Mid Cap Growth Trust (Series NAV/JAEVX) returned 25.14% for the year ended December 31, 2024. U.S. equities rose over the twelve-month period ending December 31, 2024, with the S&amp;P 500 reaching new highs, driven by the performance of a select group of AI-related, mega-cap technology companies. Moderating inflationary pressures and a cooling labor market led the U.S. Federal Reserve (Fed) to begin easing monetary policy in September, delivering its first rate cut in four years. Subsequently, in the fourth quarter, the Fed cut interest rates twice before signaling a slower pace of cuts in 2025 amid concerns of reaccelerating inflation. In November, Donald Trump won the presidential election, paving the way for major policy initiatives, including a protectionist trade agenda.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Axon Enterprise, Inc. and Spotify Technology SA</b> | Positions in Axon Enterprise, Inc. and Spotify Technology SA contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials and communication services</b> | The industrials and communication services sectors contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Dexcom, Inc. and Super Micro Computer, Inc. </b> | Positions in DexCom, Inc. and Super Micro Computer, Inc. were the top detractors from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care and Real Estate</b> | The health care and real estate sectors detracted from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660733.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.41<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.54<span>%</span></td> </tr> </table> Mid Cap Growth Trust (Series NAV/JAEVX) 0.2514 0.1076 0.1141 Russell 3000 Index 0.2381 0.1386 0.1255 Russell Midcap Growth Index 0.2210 0.1147 0.1154 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>654,734,170</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">69</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,134,685</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">152<span>%</span></td> </tr> </table> 654734170 69 5134685 1.52 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AppLovin Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Live Nation Entertainment, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tradeweb Markets, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Marvell Technology, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">On Holding AG, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DraftKings, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AppLovin Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Live Nation Entertainment, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Tradeweb Markets, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Marvell Technology, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">On Holding AG, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DraftKings, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.043 0.037 0.035 0.031 0.031 0.029 0.029 0.028 0.027 0.025 0.245 0.154 0.140 0.120 0.104 0.102 0.051 0.041 0.025 0.010 0.008 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Cap Index Trust<br/>(Series I/JECIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>48</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.45<span>%</span></td> </tr> </table> 48 0.0045 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Mid Cap Index Trust (Series I/JECIX) returned 13.37% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Leading sectors</b> | Allocations to financials, industrials and information technology garnered leading performance returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Super Micro Computer, Inc.</b> | A holding in the information technology sector was the single leading position contributing to performance on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | The materials sector was the only sector detracting from overall absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Specific holdings</b> | Five Below, Inc., Southwestern Energy Company, Flagstar Financial, Inc. and Cleveland-Cliffs, Inc. were positions in the fund detracting from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (North America) Limited, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662511.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.20<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.93<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.68<span>%</span></td> </tr> </table> Mid Cap Index Trust (Series I/JECIX) 0.1337 0.0987 0.0920 Russell 3000 Index 0.2381 0.1386 0.1255 S&P MidCap 400 Index 0.1393 0.1034 0.0968 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,244,045,129</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">403</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,503,270</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 1244045129 403 4503270 0.15 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Williams-Sonoma, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Expand Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Interactive Brokers Group, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DocuSign, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Burlington Stores, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Carlisle Companies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">RB Global, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Williams-Sonoma, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Expand Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Interactive Brokers Group, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DocuSign, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Burlington Stores, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Carlisle Companies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">RB Global, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.008 0.007 0.007 0.007 0.006 0.006 0.006 0.006 0.006 0.006 0.208 0.176 0.139 0.103 0.091 0.067 0.062 0.045 0.044 0.025 0.014 0.026 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Cap Index Trust<br/>(Series II/JAEZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>69</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.65<span>%</span></td> </tr> </table> 69 0.0065 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Mid Cap Index Trust (Series II/JAEZX) returned 13.13% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Leading sectors</b> | Allocations to financials, industrials and information technology garnered leading performance returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Super Micro Computer, Inc.</b> | A holding in the information technology sector was the single leading position contributing to performance on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | The materials sector was the only sector detracting from overall absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Specific holdings</b> | Five Below, Inc., Southwestern Energy Company, Flagstar Financial, Inc. and Cleveland-Cliffs, Inc. were positions in the fund detracting from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (North America) Limited, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662490.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.93<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.68<span>%</span></td> </tr> </table> Mid Cap Index Trust (Series II/JAEZX) 0.1313 0.0964 0.0898 Russell 3000 Index 0.2381 0.1386 0.1255 S&P MidCap 400 Index 0.1393 0.1034 0.0968 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,244,045,129</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">403</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,503,270</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 1244045129 403 4503270 0.15 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Williams-Sonoma, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Expand Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Interactive Brokers Group, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DocuSign, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Burlington Stores, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Carlisle Companies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">RB Global, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Williams-Sonoma, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Expand Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Interactive Brokers Group, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DocuSign, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Burlington Stores, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Carlisle Companies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">RB Global, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.008 0.007 0.007 0.007 0.006 0.006 0.006 0.006 0.006 0.006 0.208 0.176 0.139 0.103 0.091 0.067 0.062 0.045 0.044 0.025 0.014 0.026 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Cap Index Trust<br/>(Series NAV/JAEYX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.40<span>%</span></td> </tr> </table> 43 0.0040 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Mid Cap Index Trust (Series NAV/JAEYX) returned 13.47% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Leading sectors</b> | Allocations to financials, industrials and information technology garnered leading performance returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Super Micro Computer, Inc.</b> | A holding in the information technology sector was the single leading position contributing to performance on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | The materials sector was the only sector detracting from overall absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Specific holdings</b> | Five Below, Inc., Southwestern Energy Company, Flagstar Financial, Inc. and Cleveland-Cliffs, Inc. were positions in the fund detracting from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (North America) Limited, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662479.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.93<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.68<span>%</span></td> </tr> </table> Mid Cap Index Trust (Series NAV/JAEYX) 0.1347 0.0992 0.0926 Russell 3000 Index 0.2381 0.1386 0.1255 S&P MidCap 400 Index 0.1393 0.1034 0.0968 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,244,045,129</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">403</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,503,270</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 1244045129 403 4503270 0.15 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Williams-Sonoma, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Expand Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Interactive Brokers Group, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DocuSign, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Burlington Stores, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Carlisle Companies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">RB Global, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Williams-Sonoma, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Expand Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EMCOR Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Interactive Brokers Group, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">DocuSign, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Burlington Stores, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Carlisle Companies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">RB Global, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.008 0.007 0.007 0.007 0.006 0.006 0.006 0.006 0.006 0.006 0.208 0.176 0.139 0.103 0.091 0.067 0.062 0.045 0.044 0.025 0.014 0.026 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Value Trust<br/>(Series I/JEMUX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>99</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.92<span>%</span></td> </tr> </table> 99 0.0092 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Mid Value Trust (Series I/JEMUX) returned 16.24% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector contributed in absolute terms driven by Corning Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy sector contributed in absolute terms driven by TechnipFMC PLC.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials </b> | The financials sector contributed to fund performance driven by Fifth Third Bancorp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care</b> | The health care sector detracted from absolute performance driven by Dentsply Sirona, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer Staples</b> | The consumer staples sector posted negative absolute returns for the period driven by Dollar General Corp. which detracted from the fund's absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661732.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.10<span>%</span></td> </tr> </table> Mid Value Trust (Series I/JEMUX) 0.1624 0.1243 0.0984 Russell 3000 Index 0.2381 0.1386 0.1255 Russell Midcap Value Index 0.1307 0.0859 0.0810 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>627,769,119</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">124</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,228,285</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">50<span>%</span></td> </tr> </table> 627769119 124 5228285 0.50 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kenvue, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PG&amp;E Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Expand Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Southwest Airlines Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fortinet, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FirstEnergy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Saia, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kenvue, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PG&amp;E Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Expand Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Southwest Airlines Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fortinet, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FirstEnergy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Saia, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.030 0.019 0.018 0.017 0.014 0.014 0.014 0.013 0.013 0.013 0.180 0.169 0.130 0.101 0.079 0.079 0.066 0.059 0.058 0.047 0.016 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Value Trust<br/>(Series II/JAGYX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>121</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.12<span>%</span></td> </tr> </table> 121 0.0112 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Mid Value Trust (Series II/JAGYX) returned 16.14% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector contributed in absolute terms driven by Corning Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy sector contributed in absolute terms driven by TechnipFMC PLC.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials </b> | The financials sector contributed to fund performance driven by Fifth Third Bancorp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care</b> | The health care sector detracted from absolute performance driven by Dentsply Sirona, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer Staples</b> | The consumer staples sector posted negative absolute returns for the period driven by Dollar General Corp. which detracted from the fund's absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661705.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.22<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.62<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.10<span>%</span></td> </tr> </table> Mid Value Trust (Series II/JAGYX) 0.1614 0.1222 0.0962 Russell 3000 Index 0.2381 0.1386 0.1255 Russell Midcap Value Index 0.1307 0.0859 0.0810 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>627,769,119</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">124</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,228,285</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">50<span>%</span></td> </tr> </table> 627769119 124 5228285 0.50 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kenvue, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PG&amp;E Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Expand Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Southwest Airlines Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fortinet, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FirstEnergy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Saia, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kenvue, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PG&amp;E Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Expand Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Southwest Airlines Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fortinet, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FirstEnergy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Saia, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.030 0.019 0.018 0.017 0.014 0.014 0.014 0.013 0.013 0.013 0.180 0.169 0.130 0.101 0.079 0.079 0.066 0.059 0.058 0.047 0.016 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Mid Value Trust<br/>(Series NAV/JAGWX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>94</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.87<span>%</span></td> </tr> </table> 94 0.0087 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Mid Value Trust (Series NAV/JAGWX) returned 16.37% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The information technology sector contributed in absolute terms driven by Corning Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy sector contributed in absolute terms driven by TechnipFMC PLC.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials </b> | The financials sector contributed to fund performance driven by Fifth Third Bancorp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care</b> | The health care sector detracted from absolute performance driven by Dentsply Sirona, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer Staples</b> | The consumer staples sector posted negative absolute returns for the period driven by Dollar General Corp. which detracted from the fund's absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661702.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.89<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.10<span>%</span></td> </tr> </table> Mid Value Trust (Series NAV/JAGWX) 0.1637 0.1250 0.0989 Russell 3000 Index 0.2381 0.1386 0.1255 Russell Midcap Value Index 0.1307 0.0859 0.0810 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>627,769,119</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">124</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,228,285</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">50<span>%</span></td> </tr> </table> 627769119 124 5228285 0.50 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kenvue, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PG&amp;E Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Expand Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Southwest Airlines Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fortinet, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FirstEnergy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Saia, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Kenvue, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PG&amp;E Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Expand Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Southwest Airlines Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fortinet, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FirstEnergy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Saia, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.030 0.019 0.018 0.017 0.014 0.014 0.014 0.013 0.013 0.013 0.180 0.169 0.130 0.101 0.079 0.079 0.066 0.059 0.058 0.047 0.016 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Real Estate Securities Trust<br/>(Series I/JADBX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>85</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.81<span>%</span></td> </tr> </table> 85 0.0081 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Real Estate Securities Trust (Series I/JADBX) returned 10.71% for the year ended December 31, 2024. United States (US) equities rose over the twelve-month period ending December 31, 2024, with the S&amp;P 500 reaching new highs, driven by the performance of a select group of AI-related, mega-cap technology companies. Moderating inflationary pressures and a cooling labor market led the U.S. Federal Reserve (Fed) to begin easing monetary policy in September, delivering its first rate cut in four years. Subsequently, in the fourth quarter, the Fed cut interest rates twice before signaling a slower pace of cuts in 2025 amid concerns of reaccelerating inflation. In November, Donald Trump won the presidential election, paving the way for major policy initiatives, including a protectionist trade agenda.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Welltower, Inc. and American Healthcare REIT, Inc.</b> | Positions in Welltower, Inc. and American Healthcare REIT, Inc. contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Heathcare REITs and Specialized REITs</b> | The healthcare real estate and real estate technology sectors contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Prologis, Inc. and Public Storage </b> | Positions in Prologis, Inc. and Public Storage were the top detractors from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Self Storage REITs</b> | The warehouse/logistics and self-storage facilities sectors detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659400.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.71<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.08<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.89<span>%</span></td> </tr> </table> Real Estate Securities Trust (Series I/JADBX) 0.1071 0.0438 0.0608 S&P 500 Index 0.2502 0.1453 0.1310 Dow Jones U.S. Select REIT Index 0.0810 0.0340 0.0489 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>299,944,918</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,051,286</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">70<span>%</span></td> </tr> </table> 299944918 36 2051286 0.70 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AvalonBay Communities, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Homes 4 Rent, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Essential Properties Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AvalonBay Communities, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Homes 4 Rent, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Essential Properties Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<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: #000000; 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: #000000; 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> 0.099 0.075 0.069 0.062 0.051 0.044 0.038 0.036 0.035 0.030 0.229 0.181 0.174 0.132 0.096 0.060 0.047 0.032 0.013 0.010 0.005 0.021 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Real Estate Securities Trust<br/>(Series II/JAJLX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>106</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.01<span>%</span></td> </tr> </table> 106 0.0101 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Real Estate Securities Trust (Series II/JAJLX) returned 10.49% for the year ended December 31, 2024. United States (US) equities rose over the twelve-month period ending December 31, 2024, with the S&amp;P 500 reaching new highs, driven by the performance of a select group of AI-related, mega-cap technology companies. Moderating inflationary pressures and a cooling labor market led the U.S. Federal Reserve (Fed) to begin easing monetary policy in September, delivering its first rate cut in four years. Subsequently, in the fourth quarter, the Fed cut interest rates twice before signaling a slower pace of cuts in 2025 amid concerns of reaccelerating inflation. In November, Donald Trump won the presidential election, paving the way for major policy initiatives, including a protectionist trade agenda.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Welltower, Inc. and American Healthcare REIT, Inc.</b> | Positions in Welltower, Inc. and American Healthcare REIT, Inc. contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Heathcare REITs and Specialized REITs</b> | The healthcare real estate and real estate technology sectors contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Prologis, Inc. and Public Storage </b> | Positions in Prologis, Inc. and Public Storage were the top detractors from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Self Storage REITs</b> | The warehouse/logistics and self-storage facilities sectors detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5659385.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.49<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.89<span>%</span></td> </tr> </table> Real Estate Securities Trust (Series II/JAJLX) 0.1049 0.0418 0.0587 S&P 500 Index 0.2502 0.1453 0.1310 Dow Jones U.S. Select REIT Index 0.0810 0.0340 0.0489 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>299,944,918</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,051,286</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">70<span>%</span></td> </tr> </table> 299944918 36 2051286 0.70 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AvalonBay Communities, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Homes 4 Rent, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Essential Properties Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AvalonBay Communities, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Homes 4 Rent, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Essential Properties Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<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: #000000; 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: #000000; 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> 0.099 0.075 0.069 0.062 0.051 0.044 0.038 0.036 0.035 0.030 0.229 0.181 0.174 0.132 0.096 0.060 0.047 0.032 0.013 0.010 0.005 0.021 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Real Estate Securities Trust<br/>(Series NAV/JAJMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>80</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.76<span>%</span></td> </tr> </table> 80 0.0076 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Real Estate Securities Trust (Series NAV/JAJMX) returned 10.79% for the year ended December 31, 2024. United States (US) equities rose over the twelve-month period ending December 31, 2024, with the S&amp;P 500 reaching new highs, driven by the performance of a select group of AI-related, mega-cap technology companies. Moderating inflationary pressures and a cooling labor market led the U.S. Federal Reserve (Fed) to begin easing monetary policy in September, delivering its first rate cut in four years. Subsequently, in the fourth quarter, the Fed cut interest rates twice before signaling a slower pace of cuts in 2025 amid concerns of reaccelerating inflation. In November, Donald Trump won the presidential election, paving the way for major policy initiatives, including a protectionist trade agenda.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Welltower, Inc. and American Healthcare REIT, Inc.</b> | Positions in Welltower, Inc. and American Healthcare REIT, Inc. contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Heathcare REITs and Specialized REITs</b> | The healthcare real estate and real estate technology sectors contributed the most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Prologis, Inc. and Public Storage </b> | Positions in Prologis, Inc. and Public Storage were the top detractors from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Self Storage REITs</b> | The warehouse/logistics and self-storage facilities sectors detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658284.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.14<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.89<span>%</span></td> </tr> </table> Real Estate Securities Trust (Series NAV/JAJMX) 0.1079 0.0443 0.0614 S&P 500 Index 0.2502 0.1453 0.1310 Dow Jones U.S. Select REIT Index 0.0810 0.0340 0.0489 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>299,944,918</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,051,286</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">70<span>%</span></td> </tr> </table> 299944918 36 2051286 0.70 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AvalonBay Communities, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Homes 4 Rent, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Essential Properties Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AvalonBay Communities, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Homes 4 Rent, Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Essential Properties Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<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: #000000; 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: #000000; 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> 0.099 0.075 0.069 0.062 0.051 0.044 0.038 0.036 0.035 0.030 0.229 0.181 0.174 0.132 0.096 0.060 0.047 0.032 0.013 0.010 0.005 0.021 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Science &amp; Technology Trust<br/>(Series I/JESTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>118</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span></td> </tr> </table> 118 0.0099 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Science &amp; Technology Trust (Series I/JESTX) returned 37.90% for the year ended December 31, 2024. U.S. stocks advanced in 2024, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors generally welcomed looser monetary policy and U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Semiconductors and semiconductor equipment</b> | The semiconductors industry contributed to absolute performance driven by NVIDIA Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Software</b> | The internet industry contributed by posting positive absolute returns for the period driven by AppLovin Corp. and a sizable position in Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Telecom services</b> | The telecom services industry detracted from absolute performance driven by Arm Holdings PLC.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy industry detracted from absolute performance driven by First Solar, Inc. and Enphase Energy, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660334.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">37.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.04<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.70<span>%</span></td> </tr> </table> Science & Technology Trust (Series I/JESTX) 0.3790 0.1858 0.1804 S&P 500 Index 0.2502 0.1453 0.1310 S&P North American Technology Sector Index 0.3608 0.2106 0.2070 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,141,542,557</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">109</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>9,347,590</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">240<span>%</span></td> </tr> </table> 1141542557 109 9347590 2.40 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ServiceNow, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">68.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ServiceNow, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; 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 0.094 0.089 0.086 0.056 0.049 0.047 0.043 0.032 0.028 0.685 0.229 0.069 0.008 0.006 0.001 0.002 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Effective October 1, 2024 (the Effective Date), the fund’s diversification status was changed from diversified to non-diversified. Accordingly, on the Effective Date, the following was added to the fund’s “principal investment strategies” in the fund summary section of the fund’s prospectus, “The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.” Also on the Effective Date, “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: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Effective October 1, 2024 (the Effective Date), the fund’s diversification status was changed from diversified to non-diversified. Accordingly, on the Effective Date, the following was added to the fund’s “principal investment strategies” in the fund summary section of the fund’s prospectus, “The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.” Also on the Effective Date, “Non-Diversified Risk” was added to the fund’s “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund.</div> Effective October 1, 2024 (the Effective Date), the fund’s diversification status was changed from diversified to non-diversified. Accordingly, on the Effective Date, the following was added to the fund’s “principal investment strategies” in the fund summary section of the fund’s prospectus, “The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.” 2024-10-01 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Science &amp; Technology Trust<br/>(Series II/JAFUX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>141</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.19<span>%</span></td> </tr> </table> 141 0.0119 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Science &amp; Technology Trust (Series II/JAFUX) returned 37.58% for the year ended December 31, 2024. U.S. stocks advanced in 2024, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors generally welcomed looser monetary policy and U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Semiconductors and semiconductor equipment</b> | The semiconductors industry contributed to absolute performance driven by NVIDIA Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Software</b> | The internet industry contributed by posting positive absolute returns for the period driven by AppLovin Corp. and a sizable position in Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Telecom services</b> | The telecom services industry detracted from absolute performance driven by Arm Holdings PLC.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy industry detracted from absolute performance driven by First Solar, Inc. and Enphase Energy, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660307.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">37.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.80<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.70<span>%</span></td> </tr> </table> Science & Technology Trust (Series II/JAFUX) 0.3758 0.1835 0.1780 S&P 500 Index 0.2502 0.1453 0.1310 S&P North American Technology Sector Index 0.3608 0.2106 0.2070 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,141,542,557</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">109</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>9,347,590</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">240<span>%</span></td> </tr> </table> 1141542557 109 9347590 2.40 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ServiceNow, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">68.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ServiceNow, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; 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 0.094 0.089 0.086 0.056 0.049 0.047 0.043 0.032 0.028 0.685 0.229 0.069 0.008 0.006 0.001 0.002 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Effective October 1, 2024 (the Effective Date), the fund’s diversification status was changed from diversified to non-diversified. Accordingly, on the Effective Date, the following was added to the fund’s “principal investment strategies” in the fund summary section of the fund’s prospectus, “The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.” Also on the Effective Date, “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: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Effective October 1, 2024 (the Effective Date), the fund’s diversification status was changed from diversified to non-diversified. Accordingly, on the Effective Date, the following was added to the fund’s “principal investment strategies” in the fund summary section of the fund’s prospectus, “The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.” Also on the Effective Date, “Non-Diversified Risk” was added to the fund’s “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund.</div> Effective October 1, 2024 (the Effective Date), the fund’s diversification status was changed from diversified to non-diversified. Accordingly, on the Effective Date, the following was added to the fund’s “principal investment strategies” in the fund summary section of the fund’s prospectus, “The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.” 2024-10-01 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Science &amp; Technology Trust<br/>(Series NAV/JAFSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>112</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.94<span>%</span></td> </tr> </table> 112 0.0094 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Science &amp; Technology Trust (Series NAV/JAFSX) returned 37.98% for the year ended December 31, 2024. U.S. stocks advanced in 2024, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors generally welcomed looser monetary policy and U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Semiconductors and semiconductor equipment</b> | The semiconductors industry contributed to absolute performance driven by NVIDIA Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Software</b> | The internet industry contributed by posting positive absolute returns for the period driven by AppLovin Corp. and a sizable position in Alphabet, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Telecom services</b> | The telecom services industry detracted from absolute performance driven by Arm Holdings PLC.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Energy</b> | The energy industry detracted from absolute performance driven by First Solar, Inc. and Enphase Energy, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660292.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">37.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.70<span>%</span></td> </tr> </table> Science & Technology Trust (Series NAV/JAFSX) 0.3798 0.1865 0.1810 S&P 500 Index 0.2502 0.1453 0.1310 S&P North American Technology Sector Index 0.3608 0.2106 0.2070 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,141,542,557</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">109</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>9,347,590</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">240<span>%</span></td> </tr> </table> 1141542557 109 9347590 2.40 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ServiceNow, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">68.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ServiceNow, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; 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 0.094 0.089 0.086 0.056 0.049 0.047 0.043 0.032 0.028 0.685 0.229 0.069 0.008 0.006 0.001 0.002 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 1.5pt; page-break-after: avoid;" title="oef:MaterialFundChngTextBlock"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Effective October 1, 2024 (the Effective Date), the fund’s diversification status was changed from diversified to non-diversified. Accordingly, on the Effective Date, the following was added to the fund’s “principal investment strategies” in the fund summary section of the fund’s prospectus, “The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.” Also on the Effective Date, “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: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Effective October 1, 2024 (the Effective Date), the fund’s diversification status was changed from diversified to non-diversified. Accordingly, on the Effective Date, the following was added to the fund’s “principal investment strategies” in the fund summary section of the fund’s prospectus, “The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.” Also on the Effective Date, “Non-Diversified Risk” was added to the fund’s “Principal Risks” in the “Fund Summary” section of the Prospectus for the fund.</div> Effective October 1, 2024 (the Effective Date), the fund’s diversification status was changed from diversified to non-diversified. Accordingly, on the Effective Date, the following was added to the fund’s “principal investment strategies” in the fund summary section of the fund’s prospectus, “The fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.” 2024-10-01 <div style="margin-top: 0px; font-family: 'arial narrow'; font-style: italic; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><i>This is a summary of certain changes to the fund since </i> <i>1-1-24</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: #000000; font-family: 'arial narrow'; font-size: 9pt;">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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Index Trust<br/>(Series I/JESIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>56</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Small Cap Index Trust (Series I/JESIX) returned 10.84% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The fund benefited from several strong performers in the sector led by Super Micro Computer, Inc. and MicroStrategy, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors</b> | Industrials and financials are additional sectors that contributed to overall absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Utilities</b> | The utilities sector was the only sector detracting from overall absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Specific holdings</b> | Holdings in Equitrans Midstream Corp. and Livent Corp. were the largest detractors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (North America) Limited, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662569.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.95<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.42<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.82<span>%</span></td> </tr> </table> Small Cap Index Trust (Series I/JESIX) 0.1084 0.0695 0.0742 Russell 3000 Index 0.2381 0.1386 0.1255 Russell 2000 Index 0.1154 0.0740 0.0782 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>541,317,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,822</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,252,218</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 541317580 1822 2252218 0.13 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FTAI Aviation, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sprouts Farmers Market, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insmed, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vaxcyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Applied Industrial Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rocket Lab USA, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mueller Industries, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fluor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FTAI Aviation, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sprouts Farmers Market, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insmed, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vaxcyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Applied Industrial Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rocket Lab USA, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mueller Industries, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fluor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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 0.004 0.003 0.003 0.003 0.003 0.003 0.003 0.181 0.172 0.159 0.134 0.095 0.059 0.050 0.042 0.027 0.026 0.026 0.029 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Index Trust<br/>(Series II/JAJOX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Small Cap Index Trust (Series II/JAJOX) returned 10.60% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The fund benefited from several strong performers in the sector led by Super Micro Computer, Inc. and MicroStrategy, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors</b> | Industrials and financials are additional sectors that contributed to overall absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Utilities</b> | The utilities sector was the only sector detracting from overall absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Specific holdings</b> | Holdings in Equitrans Midstream Corp. and Livent Corp. were the largest detractors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (North America) Limited, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658261.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.20<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.82<span>%</span></td> </tr> </table> Small Cap Index Trust (Series II/JAJOX) 0.1060 0.0672 0.0720 Russell 3000 Index 0.2381 0.1386 0.1255 Russell 2000 Index 0.1154 0.0740 0.0782 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>541,317,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,822</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,252,218</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 541317580 1822 2252218 0.13 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FTAI Aviation, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sprouts Farmers Market, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insmed, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vaxcyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Applied Industrial Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rocket Lab USA, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mueller Industries, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fluor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FTAI Aviation, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sprouts Farmers Market, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insmed, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vaxcyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Applied Industrial Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rocket Lab USA, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mueller Industries, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fluor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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 0.004 0.003 0.003 0.003 0.003 0.003 0.003 0.181 0.172 0.159 0.134 0.095 0.059 0.050 0.042 0.027 0.026 0.026 0.029 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Index Trust<br/>(Series NAV/JAEWX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>51</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Small Cap Index Trust (Series NAV/JAEWX) returned 10.87% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The fund benefited from several strong performers in the sector led by Super Micro Computer, Inc. and MicroStrategy, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other contributors</b> | Industrials and financials are additional sectors that contributed to overall absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Utilities</b> | The utilities sector was the only sector detracting from overall absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Specific holdings</b> | Holdings in Equitrans Midstream Corp. and Livent Corp. were the largest detractors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (North America) Limited, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658065.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.47<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.82<span>%</span></td> </tr> </table> Small Cap Index Trust (Series NAV/JAEWX) 0.1087 0.0699 0.0747 Russell 3000 Index 0.2381 0.1386 0.1255 Russell 2000 Index 0.1154 0.0740 0.0782 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>541,317,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,822</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,252,218</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 541317580 1822 2252218 0.13 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FTAI Aviation, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sprouts Farmers Market, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insmed, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vaxcyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Applied Industrial Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rocket Lab USA, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mueller Industries, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fluor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">FTAI Aviation, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Sprouts Farmers Market, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Insmed, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vaxcyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Applied Industrial Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Rocket Lab USA, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Mueller Industries, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fluor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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 0.004 0.003 0.003 0.003 0.003 0.003 0.003 0.181 0.172 0.159 0.134 0.095 0.059 0.050 0.042 0.027 0.026 0.026 0.029 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Opportunities Trust<br/>(Series I/JADLX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>92</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Small Cap Opportunities Trust (Series I/JADLX) returned 8.58% for the year ended December 31, 2024. The U.S. market had positive performance for the one-year period, outperforming both developed foreign and emerging markets. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector was the strongest performing sector. The portfolio's greater emphasis in this sector led to it aiding the fund's absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Heath care</b> | The health care sector helped the portfolio's performance driven by Insmed Incorporated.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information Technology</b> | Information Technology sector helped performance. Specific holdings such as CyberArk Software Ltd. and Intapp, Inc. were notable contributors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | At the sector level, materials was the weakest performing sector and detracted from performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | While the industrials sector contributed overall, specific holdings such as Atkore Inc. and Paycor HCM, Inc. within the industrials sector hurt performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Dimensional Fund Advisors LP<span style="white-space: nowrap;"> </span>and<span style="white-space: nowrap;"> </span>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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658856.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.82<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.14<span>%</span></td> </tr> </table> Small Cap Opportunities Trust (Series I/JADLX) 0.0858 0.1068 0.0850 Russell 3000 Index 0.2381 0.1386 0.1255 Russell 2000 Index 0.1154 0.0740 0.0782 Russell 2000 Value Index 0.0805 0.0729 0.0714 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>169,874,759</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,171</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,231,995</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">24<span>%</span></td> </tr> </table> 169874759 1171 1231995 0.24 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CyberArk Software, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Intapp, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Permian Resources Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lithia Motors, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Grand Canyon Education, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Gates Industrial Corp. PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MACOM Technology Solutions Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PJT Partners, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Matador Resources Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CyberArk Software, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Intapp, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Permian Resources Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lithia Motors, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Grand Canyon Education, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Gates Industrial Corp. PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MACOM Technology Solutions Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PJT Partners, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Matador Resources Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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 0.010 0.008 0.008 0.008 0.007 0.007 0.007 0.007 0.006 0.233 0.174 0.136 0.126 0.109 0.078 0.055 0.041 0.025 0.016 0.002 0.005 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Opportunities Trust<br/>(Series II/JADPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>113</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.08<span>%</span></td> </tr> </table> 113 0.0108 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Small Cap Opportunities Trust (Series II/JADPX) returned 8.37% for the year ended December 31, 2024. The U.S. market had positive performance for the one-year period, outperforming both developed foreign and emerging markets. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector was the strongest performing sector. The portfolio's greater emphasis in this sector led to it aiding the fund's absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Heath care</b> | The health care sector helped the portfolio's performance driven by Insmed Incorporated.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information Technology</b> | Information Technology sector helped performance. Specific holdings such as CyberArk Software Ltd. and Intapp, Inc. were notable contributors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | At the sector level, materials was the weakest performing sector and detracted from performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | While the industrials sector contributed overall, specific holdings such as Atkore Inc. and Paycor HCM, Inc. within the industrials sector hurt performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Dimensional Fund Advisors LP<span style="white-space: nowrap;"> </span>and<span style="white-space: nowrap;"> </span>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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658829.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.46<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.82<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.14<span>%</span></td> </tr> </table> Small Cap Opportunities Trust (Series II/JADPX) 0.0837 0.1046 0.0828 Russell 3000 Index 0.2381 0.1386 0.1255 Russell 2000 Index 0.1154 0.0740 0.0782 Russell 2000 Value Index 0.0805 0.0729 0.0714 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>169,874,759</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,171</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,231,995</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">24<span>%</span></td> </tr> </table> 169874759 1171 1231995 0.24 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CyberArk Software, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Intapp, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Permian Resources Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lithia Motors, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Grand Canyon Education, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Gates Industrial Corp. PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MACOM Technology Solutions Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PJT Partners, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Matador Resources Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CyberArk Software, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Intapp, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Permian Resources Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lithia Motors, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Grand Canyon Education, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Gates Industrial Corp. PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MACOM Technology Solutions Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PJT Partners, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Matador Resources Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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 0.010 0.008 0.008 0.008 0.007 0.007 0.007 0.007 0.006 0.233 0.174 0.136 0.126 0.109 0.078 0.055 0.041 0.025 0.016 0.002 0.005 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Opportunities Trust<br/>(Series NAV/JADMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>87</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.83<span>%</span></td> </tr> </table> 87 0.0083 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Small Cap Opportunities Trust (Series NAV/JADMX) returned 8.64% for the year ended December 31, 2024. The U.S. market had positive performance for the one-year period, outperforming both developed foreign and emerging markets. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector was the strongest performing sector. The portfolio's greater emphasis in this sector led to it aiding the fund's absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Heath care</b> | The health care sector helped the portfolio's performance driven by Insmed Incorporated.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information Technology</b> | Information Technology sector helped performance. Specific holdings such as CyberArk Software Ltd. and Intapp, Inc. were notable contributors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | At the sector level, materials was the weakest performing sector and detracted from performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | While the industrials sector contributed overall, specific holdings such as Atkore Inc. and Paycor HCM, Inc. within the industrials sector hurt performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Dimensional Fund Advisors LP<span style="white-space: nowrap;"> </span>and<span style="white-space: nowrap;"> </span>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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658109.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.82<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.14<span>%</span></td> </tr> </table> Small Cap Opportunities Trust (Series NAV/JADMX) 0.0864 0.1073 0.0855 Russell 3000 Index 0.2381 0.1386 0.1255 Russell 2000 Index 0.1154 0.0740 0.0782 Russell 2000 Value Index 0.0805 0.0729 0.0714 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>169,874,759</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,171</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,231,995</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">24<span>%</span></td> </tr> </table> 169874759 1171 1231995 0.24 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CyberArk Software, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Intapp, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Permian Resources Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lithia Motors, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Grand Canyon Education, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Gates Industrial Corp. PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MACOM Technology Solutions Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PJT Partners, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Matador Resources Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CyberArk Software, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Intapp, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Permian Resources Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Lithia Motors, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Grand Canyon Education, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Gates Industrial Corp. PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">MACOM Technology Solutions Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PJT Partners, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Matador Resources Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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 0.010 0.008 0.008 0.008 0.007 0.007 0.007 0.007 0.006 0.233 0.174 0.136 0.126 0.109 0.078 0.055 0.041 0.025 0.016 0.002 0.005 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Stock Trust<br/>(Series I/JESGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>119</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.12<span>%</span></td> </tr> </table> 119 0.0112 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Small Cap Stock Trust (Series I/JESGX) returned 11.64% for the year ended December 31, 2024. U.S. equities rose over the twelve-month period, with the S&amp;P 500 reaching new highs, driven by the performance of a select group of AI-related, mega-cap technology companies. Moderating inflationary pressures and a cooling labor market led the U.S. Federal Reserve (Fed) to begin easing monetary policy in September, delivering its first rate cut in four years. Subsequently, in the fourth quarter, the Fed cut interest rates twice. In November, Donald Trump won the presidential election, paving the way for major policy initiatives, including a protectionist trade agenda.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials and Health care</b> | The industrials and health care sectors contributed most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>PROCEPT BioRobotics Corp. and Comfort Systems USA, Inc.</b> | Positions in PROCEPT BioRobotics Corp. and Comfort Systems USA, Inc. were top contributors at the security level.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | The materials sector detracted from the fund's absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Five9, Inc. and DoubleVerify Holdings, Inc.</b> | Positions in Five9, Inc. and DoubleVerify Holdings, Inc. were the top detractors from the fund’s performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661891.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.77<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.09<span>%</span></td> </tr> </table> Small Cap Stock Trust (Series I/JESGX) 0.1164 0.0649 0.0777 Russell 3000 Index 0.2381 0.1386 0.1255 Russell 2000 Growth Index 0.1515 0.0686 0.0809 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>291,314,963</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">112</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,882,771</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">47<span>%</span></td> </tr> </table> 291314963 112 2882771 0.47 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.</div> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Applied Industrial Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fluor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PROCEPT BioRobotics Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ExlService Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The AZEK Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cabot Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CyberArk Software, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Viper Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AvePoint, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">27.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">24.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">17.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">9.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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</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; height: 20pt; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Applied Industrial Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fluor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PROCEPT BioRobotics Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ExlService Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The AZEK Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cabot Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CyberArk Software, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Viper Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AvePoint, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.031 0.025 0.023 0.023 0.023 0.023 0.022 0.019 0.019 0.018 0.273 0.245 0.173 0.091 0.074 0.031 0.031 0.030 0.022 0.012 0.018 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Stock Trust<br/>(Series II/JAGQX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>139</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.32<span>%</span></td> </tr> </table> 139 0.0132 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Small Cap Stock Trust (Series II/JAGQX) returned 11.29% for the year ended December 31, 2024. U.S. equities rose over the twelve-month period, with the S&amp;P 500 reaching new highs, driven by the performance of a select group of AI-related, mega-cap technology companies. Moderating inflationary pressures and a cooling labor market led the U.S. Federal Reserve (Fed) to begin easing monetary policy in September, delivering its first rate cut in four years. Subsequently, in the fourth quarter, the Fed cut interest rates twice. In November, Donald Trump won the presidential election, paving the way for major policy initiatives, including a protectionist trade agenda.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials and Health care</b> | The industrials and health care sectors contributed most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>PROCEPT BioRobotics Corp. and Comfort Systems USA, Inc.</b> | Positions in PROCEPT BioRobotics Corp. and Comfort Systems USA, Inc. were top contributors at the security level.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | The materials sector detracted from the fund's absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Five9, Inc. and DoubleVerify Holdings, Inc.</b> | Positions in Five9, Inc. and DoubleVerify Holdings, Inc. were the top detractors from the fund’s performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658126.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.09<span>%</span></td> </tr> </table> Small Cap Stock Trust (Series II/JAGQX) 0.1129 0.0626 0.0755 Russell 3000 Index 0.2381 0.1386 0.1255 Russell 2000 Growth Index 0.1515 0.0686 0.0809 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>291,314,963</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">112</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,882,771</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">47<span>%</span></td> </tr> </table> 291314963 112 2882771 0.47 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.</div> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Applied Industrial Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fluor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PROCEPT BioRobotics Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ExlService Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The AZEK Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cabot Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CyberArk Software, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Viper Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AvePoint, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">27.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">24.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">17.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">9.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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</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; height: 20pt; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Applied Industrial Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fluor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PROCEPT BioRobotics Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ExlService Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The AZEK Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cabot Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CyberArk Software, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Viper Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AvePoint, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.031 0.025 0.023 0.023 0.023 0.023 0.022 0.019 0.019 0.018 0.273 0.245 0.173 0.091 0.074 0.031 0.031 0.030 0.022 0.012 0.018 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Stock Trust<br/>(Series NAV/JAGPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>113</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.07<span>%</span></td> </tr> </table> 113 0.0107 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Small Cap Stock Trust (Series NAV/JAGPX) returned 11.55% for the year ended December 31, 2024. U.S. equities rose over the twelve-month period, with the S&amp;P 500 reaching new highs, driven by the performance of a select group of AI-related, mega-cap technology companies. Moderating inflationary pressures and a cooling labor market led the U.S. Federal Reserve (Fed) to begin easing monetary policy in September, delivering its first rate cut in four years. Subsequently, in the fourth quarter, the Fed cut interest rates twice. In November, Donald Trump won the presidential election, paving the way for major policy initiatives, including a protectionist trade agenda.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials and Health care</b> | The industrials and health care sectors contributed most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>PROCEPT BioRobotics Corp. and Comfort Systems USA, Inc.</b> | Positions in PROCEPT BioRobotics Corp. and Comfort Systems USA, Inc. were top contributors at the security level.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | The materials sector detracted from the fund's absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Five9, Inc. and DoubleVerify Holdings, Inc.</b> | Positions in Five9, Inc. and DoubleVerify Holdings, Inc. were the top detractors from the fund’s performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658122.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.09<span>%</span></td> </tr> </table> Small Cap Stock Trust (Series NAV/JAGPX) 0.1155 0.0653 0.0782 Russell 3000 Index 0.2381 0.1386 0.1255 Russell 2000 Growth Index 0.1515 0.0686 0.0809 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>291,314,963</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">112</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,882,771</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">47<span>%</span></td> </tr> </table> 291314963 112 2882771 0.47 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.</div> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Applied Industrial Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fluor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PROCEPT BioRobotics Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ExlService Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The AZEK Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cabot Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CyberArk Software, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Viper Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AvePoint, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">27.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">24.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">17.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">9.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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: #000000; border-bottom-style: solid; 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;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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</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; height: 20pt; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Applied Industrial Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fluor Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PROCEPT BioRobotics Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">ExlService Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">The AZEK Company, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Cabot Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CyberArk Software, Ltd.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Viper Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">AvePoint, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.031 0.025 0.023 0.023 0.023 0.023 0.022 0.019 0.019 0.018 0.273 0.245 0.173 0.091 0.074 0.031 0.031 0.030 0.022 0.012 0.018 Small Cap Value Trust Series I JESVX This annual shareholder report contains important information about the Small Cap Value Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Value Trust<br/>(Series I/JESVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>107</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.04<span>%</span></td> </tr> </table> 107 0.0104 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Small Cap Value Trust (Series I/JESVX) returned 5.93% for the year ended December 31, 2024. U.S. equities rose over the twelve-month period, with the S&amp;P 500 reaching new highs, driven by the performance of a select group of AI-related, mega-cap technology companies. Moderating inflationary pressures and a cooling labor market led the U.S. Federal Reserve (Fed) to begin easing monetary policy in September, delivering its first rate cut in four years. Subsequently, in the fourth quarter, the Fed cut interest rates twice. In November, Donald Trump won the presidential election, paving the way for major policy initiatives, including a protectionist trade agenda.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials and Information technology</b> | The financials and information technology sectors contributed most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Bread Financial Holdings, Inc. and ACI Worldwide, Inc.</b> | Positions in Bread Financial Holdings, Inc. and ACI Worldwide, Inc. were top contributors to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care and Consumer discretionary</b> | The health care and consumer discretionary sectors detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b> Integra LifeSciences Holdings Corp. and AMN Healthcare Services, Inc. </b> | Positions in Integra LifeSciences Holdings Corp. and AMN Healthcare Services, Inc. were the top detractors from performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661672.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Cap Value 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.93<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.90<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.14<span>%</span></td> </tr> </table> Small Cap Value Trust (Series I/JESVX) 0.0593 0.0500 0.0590 Russell 3000 Index 0.2381 0.1386 0.1255 Russell 2000 Value Index 0.0805 0.0729 0.0714 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>441,674,509</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">81</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,236,125</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">53<span>%</span></td> </tr> </table> 441674509 81 4236125 0.53 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TriMas Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank OZK</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Huron Consulting Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Gulfport Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Air Lease Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Seacoast Banking Corp. of Florida</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Small-Cap ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enterprise Financial Services Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Synovus Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TriMas Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank OZK</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Huron Consulting Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Gulfport Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Air Lease Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Seacoast Banking Corp. of Florida</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Small-Cap ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enterprise Financial Services Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Synovus Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.022 0.021 0.019 0.019 0.019 0.019 0.018 0.017 0.017 0.017 0.261 0.207 0.112 0.103 0.076 0.069 0.056 0.041 0.036 0.017 0.015 0.007 Small Cap Value Trust Series II JAGZX This annual shareholder report contains important information about the Small Cap Value Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Value Trust<br/>(Series II/JAGZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>128</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.24<span>%</span></td> </tr> </table> 128 0.0124 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Small Cap Value Trust (Series II/JAGZX) returned 5.74% for the year ended December 31, 2024. U.S. equities rose over the twelve-month period, with the S&amp;P 500 reaching new highs, driven by the performance of a select group of AI-related, mega-cap technology companies. Moderating inflationary pressures and a cooling labor market led the U.S. Federal Reserve (Fed) to begin easing monetary policy in September, delivering its first rate cut in four years. Subsequently, in the fourth quarter, the Fed cut interest rates twice. In November, Donald Trump won the presidential election, paving the way for major policy initiatives, including a protectionist trade agenda.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials and Information technology</b> | The financials and information technology sectors contributed most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Bread Financial Holdings, Inc. and ACI Worldwide, Inc.</b> | Positions in Bread Financial Holdings, Inc. and ACI Worldwide, Inc. were top contributors to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care and Consumer discretionary</b> | The health care and consumer discretionary sectors detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b> Integra LifeSciences Holdings Corp. and AMN Healthcare Services, Inc. </b> | Positions in Integra LifeSciences Holdings Corp. and AMN Healthcare Services, Inc. were the top detractors from performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658346.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Cap Value 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.14<span>%</span></td> </tr> </table> Small Cap Value Trust (Series II/JAGZX) 0.0574 0.0478 0.0569 Russell 3000 Index 0.2381 0.1386 0.1255 Russell 2000 Value Index 0.0805 0.0729 0.0714 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>441,674,509</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">81</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,236,125</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">53<span>%</span></td> </tr> </table> 441674509 81 4236125 0.53 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TriMas Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank OZK</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Huron Consulting Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Gulfport Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Air Lease Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Seacoast Banking Corp. of Florida</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Small-Cap ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enterprise Financial Services Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Synovus Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TriMas Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank OZK</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Huron Consulting Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Gulfport Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Air Lease Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Seacoast Banking Corp. of Florida</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Small-Cap ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enterprise Financial Services Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Synovus Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.022 0.021 0.019 0.019 0.019 0.019 0.018 0.017 0.017 0.017 0.261 0.207 0.112 0.103 0.076 0.069 0.056 0.041 0.036 0.017 0.015 0.007 Small Cap Value Trust Series NAV JAHBX This annual shareholder report contains important information about the Small Cap Value Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Cap Value Trust<br/>(Series NAV/JAHBX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>102</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span></td> </tr> </table> 102 0.0099 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Small Cap Value Trust (Series NAV/JAHBX) returned 6.01% for the year ended December 31, 2024. U.S. equities rose over the twelve-month period, with the S&amp;P 500 reaching new highs, driven by the performance of a select group of AI-related, mega-cap technology companies. Moderating inflationary pressures and a cooling labor market led the U.S. Federal Reserve (Fed) to begin easing monetary policy in September, delivering its first rate cut in four years. Subsequently, in the fourth quarter, the Fed cut interest rates twice. In November, Donald Trump won the presidential election, paving the way for major policy initiatives, including a protectionist trade agenda.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials and Information technology</b> | The financials and information technology sectors contributed most to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Bread Financial Holdings, Inc. and ACI Worldwide, Inc.</b> | Positions in Bread Financial Holdings, Inc. and ACI Worldwide, Inc. were top contributors to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care and Consumer discretionary</b> | The health care and consumer discretionary sectors detracted the most from the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b> Integra LifeSciences Holdings Corp. and AMN Healthcare Services, Inc. </b> | Positions in Integra LifeSciences Holdings Corp. and AMN Healthcare Services, Inc. were the top detractors from performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658311.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Small Cap Value 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.14<span>%</span></td> </tr> </table> Small Cap Value Trust (Series NAV/JAHBX) 0.0601 0.0505 0.0595 Russell 3000 Index 0.2381 0.1386 0.1255 Russell 2000 Value Index 0.0805 0.0729 0.0714 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>441,674,509</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">81</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,236,125</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">53<span>%</span></td> </tr> </table> 441674509 81 4236125 0.53 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TriMas Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank OZK</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Huron Consulting Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Gulfport Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Air Lease Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Seacoast Banking Corp. of Florida</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Small-Cap ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enterprise Financial Services Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Synovus Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TriMas Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Bank OZK</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Huron Consulting Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Gulfport Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Air Lease Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Seacoast Banking Corp. of Florida</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Small-Cap ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enterprise Financial Services Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Synovus Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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> 0.022 0.021 0.019 0.019 0.019 0.019 0.018 0.017 0.017 0.017 0.261 0.207 0.112 0.103 0.076 0.069 0.056 0.041 0.036 0.017 0.015 0.007 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Company Value Trust<br/>(Series I/JAEPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>118</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.12<span>%</span></td> </tr> </table> 118 0.0112 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Small Company Value Trust (Series I/JAEPX) returned 10.20% for the year ended December 31, 2024. U.S. stocks advanced in 2024, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from AI developments. Although inflation remained above the U.S. Federal Reserve’s long-term target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors generally welcomed looser monetary policy and U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector contributed to the fund's absolute performance led by Pinnacle Financial Partners, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary </b> | Consumer discretionary also contributed to absolute performance driven by Carvana Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials </b> | The industrials sector aided absolute fund performance driven by Parsons Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care </b> | The health care sector detracted from absolute performance with Cytokinetics, Inc. being among the bottom positions.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | This sector detracted by posting negative absolute returns for the period driven by Constellium SE.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5661200.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.14<span>%</span></td> </tr> </table> Small Company Value Trust (Series I/JAEPX) 0.1020 0.0638 0.0756 Russell 3000 Index 0.2381 0.1386 0.1255 Russell 2000 Value Index 0.0805 0.0729 0.0714 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>127,797,233</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">198</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,253,901</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">32<span>%</span></td> </tr> </table> 127797233 198 1253901 0.32 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Houlihan Lokey, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Matador Resources Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SouthState Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TechnipFMC PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple Hospitality REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Houlihan Lokey, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Matador Resources Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SouthState Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TechnipFMC PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple Hospitality REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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> 0.020 0.016 0.014 0.013 0.012 0.011 0.011 0.011 0.010 0.010 0.280 0.139 0.105 0.096 0.078 0.076 0.061 0.052 0.042 0.021 0.018 0.032 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Company Value Trust<br/>(Series II/JAERX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>139</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.32<span>%</span></td> </tr> </table> 139 0.0132 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Small Company Value Trust (Series II/JAERX) returned 9.88% for the year ended December 31, 2024. U.S. stocks advanced in 2024, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from AI developments. Although inflation remained above the U.S. Federal Reserve’s long-term target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors generally welcomed looser monetary policy and U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector contributed to the fund's absolute performance led by Pinnacle Financial Partners, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary </b> | Consumer discretionary also contributed to absolute performance driven by Carvana Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials </b> | The industrials sector aided absolute fund performance driven by Parsons Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care </b> | The health care sector detracted from absolute performance with Cytokinetics, Inc. being among the bottom positions.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | This sector detracted by posting negative absolute returns for the period driven by Constellium SE.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658057.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.14<span>%</span></td> </tr> </table> Small Company Value Trust (Series II/JAERX) 0.0988 0.0617 0.0735 Russell 3000 Index 0.2381 0.1386 0.1255 Russell 2000 Value Index 0.0805 0.0729 0.0714 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>127,797,233</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">198</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,253,901</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">32<span>%</span></td> </tr> </table> 127797233 198 1253901 0.32 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Houlihan Lokey, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Matador Resources Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SouthState Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TechnipFMC PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple Hospitality REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Houlihan Lokey, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Matador Resources Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SouthState Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TechnipFMC PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple Hospitality REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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> 0.020 0.016 0.014 0.013 0.012 0.011 0.011 0.011 0.010 0.010 0.280 0.139 0.105 0.096 0.078 0.076 0.061 0.052 0.042 0.021 0.018 0.032 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Small Company Value Trust<br/>(Series NAV/JAEQX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>113</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.07<span>%</span></td> </tr> </table> 113 0.0107 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Small Company Value Trust (Series NAV/JAEQX) returned 10.32% for the year ended December 31, 2024. U.S. stocks advanced in 2024, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from AI developments. Although inflation remained above the U.S. Federal Reserve’s long-term target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors generally welcomed looser monetary policy and U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | The financials sector contributed to the fund's absolute performance led by Pinnacle Financial Partners, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Consumer discretionary </b> | Consumer discretionary also contributed to absolute performance driven by Carvana Company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials </b> | The industrials sector aided absolute fund performance driven by Parsons Corp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Health care </b> | The health care sector detracted from absolute performance with Cytokinetics, Inc. being among the bottom positions.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | This sector detracted by posting negative absolute returns for the period driven by Constellium SE.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at T. Rowe Price Associates, Inc., and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662642.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.14<span>%</span></td> </tr> </table> Small Company Value Trust (Series NAV/JAEQX) 0.1032 0.0644 0.0763 Russell 3000 Index 0.2381 0.1386 0.1255 Russell 2000 Value Index 0.0805 0.0729 0.0714 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>127,797,233</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">198</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,253,901</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">32<span>%</span></td> </tr> </table> 127797233 198 1253901 0.32 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Houlihan Lokey, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Matador Resources Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SouthState Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TechnipFMC PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple Hospitality REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Houlihan Lokey, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Matador Resources Company</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SouthState Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">TechnipFMC PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Apple Hospitality REIT, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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> 0.020 0.016 0.014 0.013 0.012 0.011 0.011 0.011 0.010 0.010 0.280 0.139 0.105 0.096 0.078 0.076 0.061 0.052 0.042 0.021 0.018 0.032 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Strategic Equity Allocation Trust<br/>(Series NAV/JAFVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>57</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.53<span>%</span></td> </tr> </table> 57 0.0053 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Strategic Equity Allocation Trust (Series NAV/JAFVX) returned 15.65% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology</b> | The fund benefited from several strong performers in the sector. NVIDIA Corp. performed well in this sector.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials</b> | Favorable performance in the sector was attributable to JPMorgan Chase &amp; Co. and Berkshire Hathaway, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Materials</b> | This sector was the largest detractor in the portfolio on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other detractors</b> | Energy and real estate sectors also generated negative returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5660250.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.37<span>%</span></td> </tr> </table> Strategic Equity Allocation Trust (Series NAV/JAFVX) 0.1565 0.1014 0.0955 S&P 500 Index 0.2502 0.1453 0.1310 30% MSCI EAFE Index/ 70% Russell 3000 Index 0.1758 0.1113 0.1037 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>6,982,587,192</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3,367</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>35,498,772</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">4<span>%</span></td> </tr> </table> 6982587192 3367 35498772 0.04 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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; 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 0.036 0.034 0.022 0.014 0.012 0.012 0.012 0.010 0.009 0.216 0.162 0.122 0.110 0.107 0.068 0.059 0.035 0.034 0.026 0.025 0.036 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Total Stock Market Index Trust<br/>(Series I/JETSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>55</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.49<span>%</span></td> </tr> </table> 55 0.0049 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Total Stock Market Index Trust (Series I/JETSX) returned 23.48% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | The fund benefited from several strong performers in the sector. Notable individual contributors included NVIDIA Corp., Apple, Inc. and Broadcom, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials, communication services and consumer discretionary </b> | Favorable performance in these sectors was led by JPMorgan Chase &amp; Co., Meta Platforms, Inc. and Amazon.com, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Intel Corp.</b> | The single largest absolute detractor was Intel Corp., a semiconductor company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Real estate and materials</b> | These two sectors posted the smallest contributions to fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (North America) Limited, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662441.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.35<span>%</span></td> </tr> </table> Total Stock Market Index Trust (Series I/JETSX) 0.2348 0.1327 0.1187 Wilshire 5000 Total Market Full Cap Index 0.2418 0.1375 0.1235 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,028,304,695</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3,098</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,735,244</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3<span>%</span></td> </tr> </table> 1028304695 3098 3735244 0.03 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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; 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> 0.062 0.054 0.051 0.037 0.021 0.021 0.018 0.018 0.018 0.012 0.289 0.139 0.115 0.101 0.090 0.087 0.056 0.032 0.024 0.023 0.021 0.023 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Total Stock Market Index Trust<br/>(Series II/JAFFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.69<span>%</span></td> </tr> </table> 77 0.0069 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Total Stock Market Index Trust (Series II/JAFFX) returned 23.23% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | The fund benefited from several strong performers in the sector. Notable individual contributors included NVIDIA Corp., Apple, Inc. and Broadcom, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials, communication services and consumer discretionary </b> | Favorable performance in these sectors was led by JPMorgan Chase &amp; Co., Meta Platforms, Inc. and Amazon.com, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Intel Corp.</b> | The single largest absolute detractor was Intel Corp., a semiconductor company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Real estate and materials</b> | These two sectors posted the smallest contributions to fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (North America) Limited, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5662426.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.64<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.35<span>%</span></td> </tr> </table> Total Stock Market Index Trust (Series II/JAFFX) 0.2323 0.1304 0.1164 Wilshire 5000 Total Market Full Cap Index 0.2418 0.1375 0.1235 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,028,304,695</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3,098</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,735,244</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3<span>%</span></td> </tr> </table> 1028304695 3098 3735244 0.03 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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; 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> 0.062 0.054 0.051 0.037 0.021 0.021 0.018 0.018 0.018 0.012 0.289 0.139 0.115 0.101 0.090 0.087 0.056 0.032 0.024 0.023 0.021 0.023 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, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Total Stock Market Index Trust<br/>(Series NAV/JAFEX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>49</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.44<span>%</span></td> </tr> </table> 49 0.0044 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Total Stock Market Index Trust (Series NAV/JAFEX) returned 23.53% for the year ended December 31, 2024. U.S. stocks advanced during the period, buoyed by generally favorable corporate earnings and continuing interest in companies expected to benefit from artificial intelligence developments. Although inflation remained above the U.S. Federal Reserve’s long-term 2% target, the central bank shifted its focus toward the moderating labor market in the second half of the year and began reducing interest rates in mid-September. In the final months of the year, equity investors welcomed looser monetary policy and the U.S. election results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Information technology </b> | The fund benefited from several strong performers in the sector. Notable individual contributors included NVIDIA Corp., Apple, Inc. and Broadcom, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Financials, communication services and consumer discretionary </b> | Favorable performance in these sectors was led by JPMorgan Chase &amp; Co., Meta Platforms, Inc. and Amazon.com, Inc.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Intel Corp.</b> | The single largest absolute detractor was Intel Corp., a semiconductor company.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Real estate and materials</b> | These two sectors posted the smallest contributions to fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (North America) Limited, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5658359.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.93<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.35<span>%</span></td> </tr> </table> Total Stock Market Index Trust (Series NAV/JAFEX) 0.2353 0.1333 0.1193 Wilshire 5000 Total Market Full Cap Index 0.2418 0.1375 0.1235 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,028,304,695</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3,098</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,735,244</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3<span>%</span></td> </tr> </table> 1028304695 3098 3735244 0.03 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; 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; 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> 0.062 0.054 0.051 0.037 0.021 0.021 0.018 0.018 0.018 0.012 0.289 0.139 0.115 0.101 0.090 0.087 0.056 0.032 0.024 0.023 0.021 0.023 Active Bond Trust Series I JAHFX This annual shareholder report contains important information about the Active Bond Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Active Bond Trust<br/>(Series I/JAHFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>71</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.70<span>%</span></td> </tr> </table> 71 0.0070 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Active Bond Trust (Series I/JAHFX) returned 2.25% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Corporate bonds </b> | Corporate bonds made the largest contribution to absolute performance with investment grade and high yield corporate bonds as leading contributors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed income allocations </b> | Agency mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities also contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>U.S. Treasuries</b> | Although the fund received interest income from U.S. Treasuries, the mark to market value of U.S. Treasuries detracted, leading to a negative return from a total return perspective.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5663324.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Active Bond Trust (Series I/JAHFX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.90<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Active Bond Trust (Series I/JAHFX) 0.0225 0.0028 0.0190 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>550,277,109</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">994</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,262,372</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">111<span>%</span></td> </tr> </table> 550277109 994 3262372 1.11 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">36.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">34.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">18.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</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; border-bottom-color: #000000; border-bottom-style: solid; 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;">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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5663329.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.368 0.346 0.187 0.048 0.026 0.010 0.015 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Active Bond Trust Series II JAHEX This annual shareholder report contains important information about the Active Bond Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Active Bond Trust<br/>(Series II/JAHEX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>91</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span></td> </tr> </table> 91 0.0090 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Active Bond Trust (Series II/JAHEX) returned 2.06% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Corporate bonds </b> | Corporate bonds made the largest contribution to absolute performance with investment grade and high yield corporate bonds as leading contributors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed income allocations </b> | Agency mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities also contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>U.S. Treasuries</b> | Although the fund received interest income from U.S. Treasuries, the mark to market value of U.S. Treasuries detracted, leading to a negative return from a total return perspective.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5663363.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Active Bond Trust (Series II/JAHEX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.69<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Active Bond Trust (Series II/JAHEX) 0.0206 0.0008 0.0169 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>550,277,109</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">994</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,262,372</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">111<span>%</span></td> </tr> </table> 550277109 994 3262372 1.11 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">36.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">34.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">18.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</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; border-bottom-color: #000000; border-bottom-style: solid; 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;">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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5663368.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.368 0.346 0.187 0.048 0.026 0.010 0.015 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Active Bond Trust Series NAV JAHDX This annual shareholder report contains important information about the Active Bond Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Active Bond Trust<br/>(Series NAV/JAHDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>66</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.65<span>%</span></td> </tr> </table> 66 0.0065 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Active Bond Trust (Series NAV/JAHDX) returned 2.16% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Corporate bonds </b> | Corporate bonds made the largest contribution to absolute performance with investment grade and high yield corporate bonds as leading contributors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed income allocations </b> | Agency mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities also contributed to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>U.S. Treasuries</b> | Although the fund received interest income from U.S. Treasuries, the mark to market value of U.S. Treasuries detracted, leading to a negative return from a total return perspective.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5663402.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Active Bond Trust (Series NAV/JAHDX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.16<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.93<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Active Bond Trust (Series NAV/JAHDX) 0.0216 0.0031 0.0193 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>550,277,109</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">994</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,262,372</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">111<span>%</span></td> </tr> </table> 550277109 994 3262372 1.11 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">36.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">34.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">18.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</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; border-bottom-color: #000000; border-bottom-style: solid; 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;">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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5663407.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.368 0.346 0.187 0.048 0.026 0.010 0.015 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Core Bond Trust Series I JADKX This annual shareholder report contains important information about the Core Bond Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Core Bond Trust<br/>(Series I/JADKX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>67</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span></td> </tr> </table> 67 0.0067 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Core Bond Trust (Series I/JADKX) returned 1.48% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Collateralized Mortgage Obligations (CMOs)</b> | The largest contributor to performance was the portfolio's position in CMOs, which benefited from a recovery in demand after underperforming in 2023.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Banking sector</b> | Holdings in this sector also contributed to total returns, benefiting from the overall outperformance of corporate bonds, as well as ongoing spread compression relative to other subsectors within the credit market.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Treasuries</b> | Holdings in U.S. Treasuries, particularly in longer maturities, detracted from performance as longer-term interest rates rose during 2024.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Longer term corporate bonds</b> | Longer duration corporate bonds also detracted as the impact of spread tightening and overall yields were not able to offset the increase in long-term interest rates.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Allspring Global Investments, LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5663480.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Core Bond Trust (Series I/JADKX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.26<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Core Bond Trust (Series I/JADKX) 0.0148 -0.0026 0.0126 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>795,921,719</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">993</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,514,404</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">233<span>%</span></td> </tr> </table> 795921719 993 4514404 2.33 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.</div> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">27.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">23.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">21.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">7.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; 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;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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</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="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5663485.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.274 0.236 0.213 0.150 0.077 0.012 0.010 0.003 0.025 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Core Bond Trust Series II JAAEX This annual shareholder report contains important information about the Core Bond Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Core Bond Trust<br/>(Series II/JAAEX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>88</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.87<span>%</span></td> </tr> </table> 88 0.0087 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Core Bond Trust (Series II/JAAEX) returned 1.22% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Collateralized Mortgage Obligations (CMOs)</b> | The largest contributor to performance was the portfolio's position in CMOs, which benefited from a recovery in demand after underperforming in 2023.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Banking sector</b> | Holdings in this sector also contributed to total returns, benefiting from the overall outperformance of corporate bonds, as well as ongoing spread compression relative to other subsectors within the credit market.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Treasuries</b> | Holdings in U.S. Treasuries, particularly in longer maturities, detracted from performance as longer-term interest rates rose during 2024.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Longer term corporate bonds</b> | Longer duration corporate bonds also detracted as the impact of spread tightening and overall yields were not able to offset the increase in long-term interest rates.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Allspring Global Investments, LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5663519.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Core Bond Trust (Series II/JAAEX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.22<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.46<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.05<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Core Bond Trust (Series II/JAAEX) 0.0122 -0.0046 0.0105 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>795,921,719</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">993</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,514,404</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">233<span>%</span></td> </tr> </table> 795921719 993 4514404 2.33 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.</div> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">27.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">23.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">21.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">7.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; 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;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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</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="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5663524.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.274 0.236 0.213 0.150 0.077 0.012 0.010 0.003 0.025 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Core Bond Trust Series NAV JVCNX This annual shareholder report contains important information about the Core Bond Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Core Bond Trust<br/>(Series NAV/JVCNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>62</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span></td> </tr> </table> 62 0.0062 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Core Bond Trust (Series NAV/JVCNX) returned 1.54% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Collateralized Mortgage Obligations (CMOs)</b> | The largest contributor to performance was the portfolio's position in CMOs, which benefited from a recovery in demand after underperforming in 2023.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Banking sector</b> | Holdings in this sector also contributed to total returns, benefiting from the overall outperformance of corporate bonds, as well as ongoing spread compression relative to other subsectors within the credit market.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Treasuries</b> | Holdings in U.S. Treasuries, particularly in longer maturities, detracted from performance as longer-term interest rates rose during 2024.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Longer term corporate bonds</b> | Longer duration corporate bonds also detracted as the impact of spread tightening and overall yields were not able to offset the increase in long-term interest rates.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Allspring Global Investments, LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5663558.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Core Bond Trust (Series NAV/JVCNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.19<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Core Bond Trust (Series NAV/JVCNX) 0.0154 -0.0019 0.0130 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>795,921,719</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">993</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,514,404</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">233<span>%</span></td> </tr> </table> 795921719 993 4514404 2.33 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.</div> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">27.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">23.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">21.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">7.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; 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;">1.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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</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="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5663563.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.274 0.236 0.213 0.150 0.077 0.012 0.010 0.003 0.025 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. High Yield Trust Series I JAELX This annual shareholder report contains important information about the High Yield Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">High Yield Trust<br/>(Series I/JAELX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>91</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.87<span>%</span></td> </tr> </table> 91 0.0087 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">High Yield Trust (Series I/JAELX) returned 8.95% for the year ended December 31, 2024. U.S. high-yield bonds posted strong total returns over the reporting period, driven by elevated all-in yields and narrowing credit spreads, amid resilient economic growth and stable corporate earnings. Lower-quality bonds outperformed, with CCC-rated bonds outperforming both BB-rated and B-rated bonds during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | Exposure to high-yield industrials, in particular sectors like airlines and cruise lines, was the primary contributor to performance. American Airlines, Inc. and Norwegian Cruise Line Holdings were top contributors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Collateralized Loan Obligations (CLOs)</b> | An opportunistic allocation to CLOs enhanced the Fund’s performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Derivatives</b> | In aggregate, derivative positions, including futures, credit default swaps, and foreign forward currency contracts, contributed to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Individual positions</b> | Positions within the consumer cyclical (WW International, Inc.), capital goods (ARD Finance SA) and communications (Gray Television, Inc.) sectors were the largest detractors from performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sub-sectors</b> | On a sub-sector basis, exposures to packaging (within capital goods) and wireless (within communications) were also detractors during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Western Asset Management Company, LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5663165.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">High Yield Trust (Series I/JAELX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. High Yield 2% Issuer Capped Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.16<span>%</span></td> </tr> </table> High Yield Trust (Series I/JAELX) 0.0895 0.0365 0.0440 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Bloomberg U.S. High Yield 2% Issuer Capped Index 0.0819 0.0420 0.0516 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>178,976,346</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">394</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,261,921</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">38<span>%</span></td> </tr> </table> 178976346 394 1261921 0.38 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">85.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.9<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5663170.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.859 0.055 0.045 0.005 0.005 0.002 0.029 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. High Yield Trust Series II JAEOX This annual shareholder report contains important information about the High Yield Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">High Yield Trust<br/>(Series II/JAEOX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>112</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.07<span>%</span></td> </tr> </table> 112 0.0107 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">High Yield Trust (Series II/JAEOX) returned 8.72% for the year ended December 31, 2024. U.S. high-yield bonds posted strong total returns over the reporting period, driven by elevated all-in yields and narrowing credit spreads, amid resilient economic growth and stable corporate earnings. Lower-quality bonds outperformed, with CCC-rated bonds outperforming both BB-rated and B-rated bonds during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | Exposure to high-yield industrials, in particular sectors like airlines and cruise lines, was the primary contributor to performance. American Airlines, Inc. and Norwegian Cruise Line Holdings were top contributors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Collateralized Loan Obligations (CLOs)</b> | An opportunistic allocation to CLOs enhanced the Fund’s performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Derivatives</b> | In aggregate, derivative positions, including futures, credit default swaps, and foreign forward currency contracts, contributed to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Individual positions</b> | Positions within the consumer cyclical (WW International, Inc.), capital goods (ARD Finance SA) and communications (Gray Television, Inc.) sectors were the largest detractors from performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sub-sectors</b> | On a sub-sector basis, exposures to packaging (within capital goods) and wireless (within communications) were also detractors during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Western Asset Management Company, LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5663204.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">High Yield Trust (Series II/JAEOX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.19<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. High Yield 2% Issuer Capped Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.16<span>%</span></td> </tr> </table> High Yield Trust (Series II/JAEOX) 0.0872 0.0344 0.0419 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Bloomberg U.S. High Yield 2% Issuer Capped Index 0.0819 0.0420 0.0516 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>178,976,346</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">394</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,261,921</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">38<span>%</span></td> </tr> </table> 178976346 394 1261921 0.38 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">85.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.9<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5663209.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.859 0.055 0.045 0.005 0.005 0.002 0.029 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. High Yield Trust Series NAV JAEMX This annual shareholder report contains important information about the High Yield Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">High Yield Trust<br/>(Series NAV/JAEMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>86</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.82<span>%</span></td> </tr> </table> 86 0.0082 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">High Yield Trust (Series NAV/JAEMX) returned 9.19% for the year ended December 31, 2024. U.S. high-yield bonds posted strong total returns over the reporting period, driven by elevated all-in yields and narrowing credit spreads, amid resilient economic growth and stable corporate earnings. Lower-quality bonds outperformed, with CCC-rated bonds outperforming both BB-rated and B-rated bonds during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Industrials</b> | Exposure to high-yield industrials, in particular sectors like airlines and cruise lines, was the primary contributor to performance. American Airlines, Inc. and Norwegian Cruise Line Holdings were top contributors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Collateralized Loan Obligations (CLOs)</b> | An opportunistic allocation to CLOs enhanced the Fund’s performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Derivatives</b> | In aggregate, derivative positions, including futures, credit default swaps, and foreign forward currency contracts, contributed to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Individual positions</b> | Positions within the consumer cyclical (WW International, Inc.), capital goods (ARD Finance SA) and communications (Gray Television, Inc.) sectors were the largest detractors from performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Sub-sectors</b> | On a sub-sector basis, exposures to packaging (within capital goods) and wireless (within communications) were also detractors during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Western Asset Management Company, LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5663243.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">High Yield Trust (Series NAV/JAEMX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.46<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. High Yield 2% Issuer Capped Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.16<span>%</span></td> </tr> </table> High Yield Trust (Series NAV/JAEMX) 0.0919 0.0369 0.0446 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Bloomberg U.S. High Yield 2% Issuer Capped Index 0.0819 0.0420 0.0516 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>178,976,346</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">394</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,261,921</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">38<span>%</span></td> </tr> </table> 178976346 394 1261921 0.38 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">85.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.9<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5663248.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.859 0.055 0.045 0.005 0.005 0.002 0.029 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Investment Quality Bond Trust Series I JADUX This annual shareholder report contains important information about the Investment Quality Bond Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investment Quality Bond Trust<br/>(Series I/JADUX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>76</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.75<span>%</span></td> </tr> </table> 76 0.0075 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Investment Quality Bond Trust (Series I/JADUX) returned 2.00% for the year ended December 31, 2024. Most spread sectors produced positive excess returns over duration-equivalent government bonds as spreads narrowed, supported by more accommodative central bank policies, with higher-yielding and emerging market sectors leading the outperformance. Global sovereign yields rose, and yield curves steepened across most regions outside of Asia by the end of the period. Geopolitical tensions rose in Europe and the Middle East, amplified further by uncertainty following the Republican sweep in the US elections and President-elect Donald Trump’s economic plans.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Structured Finance Sectors </b> | Allocations to non-agency residential mortgage-backed securities (RMBS), collateralized loan obligations (CLOs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) helped results as spreads tightened.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Investment grade bonds</b> | Investment grade credit contributed to fund performance. Holdings in high yield bonds also contributed but to a lesser extent.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Agency mortgage-backed securities (MBS)</b> | Holdings in agency MBS detracted from the fund's performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>U.S. Government</b> | Holdings in U.S. Government securities hurt fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5663636.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Investment Quality Bond Trust (Series I/JADUX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.03<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.60<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Investment Quality Bond Trust (Series I/JADUX) 0.0200 -0.0003 0.0160 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>217,069,716</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">849</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,280,266</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">44<span>%</span></td> </tr> </table> 217069716 849 1280266 0.44 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.</div> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">28.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">25.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">20.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</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: #000000; border-bottom-style: solid; 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</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; height: 20pt; 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="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5663641.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.288 0.259 0.205 0.078 0.077 0.030 0.028 0.012 0.023 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Investment Quality Bond Trust Series II JADSX This annual shareholder report contains important information about the Investment Quality Bond Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investment Quality Bond Trust<br/>(Series II/JADSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>96</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.95<span>%</span></td> </tr> </table> 96 0.0095 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Investment Quality Bond Trust (Series II/JADSX) returned 1.82% for the year ended December 31, 2024. Most spread sectors produced positive excess returns over duration-equivalent government bonds as spreads narrowed, supported by more accommodative central bank policies, with higher-yielding and emerging market sectors leading the outperformance. Global sovereign yields rose, and yield curves steepened across most regions outside of Asia by the end of the period. Geopolitical tensions rose in Europe and the Middle East, amplified further by uncertainty following the Republican sweep in the US elections and President-elect Donald Trump’s economic plans.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Structured Finance Sectors </b> | Allocations to non-agency residential mortgage-backed securities (RMBS), collateralized loan obligations (CLOs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) helped results as spreads tightened.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Investment grade bonds</b> | Investment grade credit contributed to fund performance. Holdings in high yield bonds also contributed but to a lesser extent.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Agency mortgage-backed securities (MBS)</b> | Holdings in agency MBS detracted from the fund's performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>U.S. Government</b> | Holdings in U.S. Government securities hurt fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5663675.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Investment Quality Bond Trust (Series II/JADSX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.23<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Investment Quality Bond Trust (Series II/JADSX) 0.0182 -0.0023 0.0140 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>217,069,716</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">849</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,280,266</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">44<span>%</span></td> </tr> </table> 217069716 849 1280266 0.44 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.</div> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">28.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">25.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">20.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</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: #000000; border-bottom-style: solid; 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</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; height: 20pt; 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="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5663680.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.288 0.259 0.205 0.078 0.077 0.030 0.028 0.012 0.023 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Investment Quality Bond Trust Series NAV JAJNX This annual shareholder report contains important information about the Investment Quality Bond Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investment Quality Bond Trust<br/>(Series NAV/JAJNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>71</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.70<span>%</span></td> </tr> </table> 71 0.0070 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Investment Quality Bond Trust (Series NAV/JAJNX) returned 2.05% for the year ended December 31, 2024. Most spread sectors produced positive excess returns over duration-equivalent government bonds as spreads narrowed, supported by more accommodative central bank policies, with higher-yielding and emerging market sectors leading the outperformance. Global sovereign yields rose, and yield curves steepened across most regions outside of Asia by the end of the period. Geopolitical tensions rose in Europe and the Middle East, amplified further by uncertainty following the Republican sweep in the US elections and President-elect Donald Trump’s economic plans.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Structured Finance Sectors </b> | Allocations to non-agency residential mortgage-backed securities (RMBS), collateralized loan obligations (CLOs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) helped results as spreads tightened.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Investment grade bonds</b> | Investment grade credit contributed to fund performance. Holdings in high yield bonds also contributed but to a lesser extent.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Agency mortgage-backed securities (MBS)</b> | Holdings in agency MBS detracted from the fund's performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>U.S. Government</b> | Holdings in U.S. Government securities hurt fund performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5663714.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Investment Quality Bond Trust (Series NAV/JAJNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.66<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Investment Quality Bond Trust (Series NAV/JAJNX) 0.0205 0.0002 0.0166 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>217,069,716</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">849</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,280,266</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">44<span>%</span></td> </tr> </table> 217069716 849 1280266 0.44 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.</div> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">28.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">25.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">20.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">7.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</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: #000000; border-bottom-style: solid; 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</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; height: 20pt; 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="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5663719.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.288 0.259 0.205 0.078 0.077 0.030 0.028 0.012 0.023 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Money Market Trust Series I JHOXX This annual shareholder report contains important information about the Money Market Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Money Market Trust<br/>(Series I/JHOXX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>34</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td> </tr> </table> 34 0.0033 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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; white-space: nowrap; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>2,246,487,581</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">99</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,363,671</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Weighted Average Maturity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27 Days</td> </tr> </table> 2246487581 99 5363671 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.</div> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">46.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">36.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Repurchase agreement</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.8<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Maturity Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5663797.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.462 0.360 0.178 Money Market Trust Series II JAAXX This annual shareholder report contains important information about the Money Market Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Money Market Trust<br/>(Series II/JAAXX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>54</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.53<span>%</span></td> </tr> </table> 54 0.0053 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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; white-space: nowrap; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>2,246,487,581</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">99</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,363,671</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Weighted Average Maturity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27 Days</td> </tr> </table> 2246487581 99 5363671 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.</div> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">46.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">36.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Repurchase agreement</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.8<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Maturity Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5663836.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.462 0.360 0.178 Money Market Trust Series NAV JABXX This annual shareholder report contains important information about the Money Market Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Money Market Trust<br/>(Series NAV/JABXX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>29</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.28<span>%</span></td> </tr> </table> 29 0.0028 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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; white-space: nowrap; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>2,246,487,581</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">99</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,363,671</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Weighted Average Maturity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27 Days</td> </tr> </table> 2246487581 99 5363671 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.</div> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">46.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">36.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Repurchase agreement</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.8<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Maturity Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5663875.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.462 0.360 0.178 Opportunistic Fixed Income Trust Series I JAEJX This annual shareholder report contains important information about the Opportunistic Fixed Income Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Opportunistic Fixed Income Trust<br/>(Series I/JAEJX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>82</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.82<span>%</span></td> </tr> </table> 82 0.0082 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Opportunistic Fixed Income Trust (Series I/JAEJX) declined 0.32% for the year ended December 31, 2024. Most spread sectors produced positive excess returns over duration-equivalent government bonds as spreads narrowed, supported by more accommodative central bank policies, with higher-yielding and emerging market sectors leading the outperformance. Global sovereign yields rose, and yield curves steepened across most regions outside of Asia by the end of the period. Geopolitical tensions rose in Europe and the Middle East, amplified further by uncertainty following the Republican sweep in the US elections and President-elect Donald Trump’s economic plans.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strategic sector positions</b> | Within this strategy, the security-selection focused credit themes of Short Cycle Credit added to performance. Stranded Credit was the second largest contributor as the convertible positions benefitted from a strong equity market.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Relative value</b> | The fund's Global Credit Absolute Return theme aided performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Activist Government</b> | Our Activist Government theme had a positive impact on performance despite nominal rates moving higher across most developed market countries.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Tactical Strategies </b> | This strategy was the largest detractor over the period, driven primarily from credit and FX hedging.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Emerging Markets (EM)</b> | EM exposures and our long position in U.S. rates were headwinds to performance over the annual period. Exposure to EM local debt detracted from performance, driven by the U.S. dollar’s resilience.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5663909.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Opportunistic Fixed Income Trust (Series I/JAEJX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.32<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.90<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Global Aggregate Bond (USD Hedged) Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.01<span>%</span></td> </tr> </table> Opportunistic Fixed Income Trust (Series I/JAEJX) -0.0032 0.0135 0.0190 Bloomberg Global Aggregate Bond (USD Hedged) Index 0.0340 0.0048 0.0201 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>138,524,511</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,014</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>812,842</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">101<span>%</span></td> </tr> </table> 138524511 1014 812842 1.01 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.</div> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">33.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</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: #000000; border-bottom-style: solid; 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;">11.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible bonds</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: #000000; border-bottom-style: solid; 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;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred securities</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</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: #000000; border-bottom-style: solid; 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</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.2<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">59.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Brazil</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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Zealand</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colombia</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mexico</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Norway</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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Australia</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cayman Islands</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; height: 20pt; 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;">Other countries</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> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_5663919.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.334 0.248 0.113 0.100 0.042 0.026 0.017 0.016 0.012 0.009 0.001 0.082 0.595 0.044 0.039 0.034 0.034 0.033 0.024 0.019 0.017 0.015 0.146 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Opportunistic Fixed Income Trust Series II JAEHX This annual shareholder report contains important information about the Opportunistic Fixed Income Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Opportunistic Fixed Income Trust<br/>(Series II/JAEHX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>102</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.02<span>%</span></td> </tr> </table> 102 0.0102 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Opportunistic Fixed Income Trust (Series II/JAEHX) declined 0.41% for the year ended December 31, 2024. Most spread sectors produced positive excess returns over duration-equivalent government bonds as spreads narrowed, supported by more accommodative central bank policies, with higher-yielding and emerging market sectors leading the outperformance. Global sovereign yields rose, and yield curves steepened across most regions outside of Asia by the end of the period. Geopolitical tensions rose in Europe and the Middle East, amplified further by uncertainty following the Republican sweep in the US elections and President-elect Donald Trump’s economic plans.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strategic sector positions</b> | Within this strategy, the security-selection focused credit themes of Short Cycle Credit added to performance. Stranded Credit was the second largest contributor as the convertible positions benefitted from a strong equity market.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Relative value</b> | The fund's Global Credit Absolute Return theme aided performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Activist Government</b> | Our Activist Government theme had a positive impact on performance despite nominal rates moving higher across most developed market countries.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Tactical Strategies </b> | This strategy was the largest detractor over the period, driven primarily from credit and FX hedging.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Emerging Markets (EM)</b> | EM exposures and our long position in U.S. rates were headwinds to performance over the annual period. Exposure to EM local debt detracted from performance, driven by the U.S. dollar’s resilience.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5663948.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Opportunistic Fixed Income Trust (Series II/JAEHX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.41<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Global Aggregate Bond (USD Hedged) Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.01<span>%</span></td> </tr> </table> Opportunistic Fixed Income Trust (Series II/JAEHX) -0.0041 0.0117 0.0170 Bloomberg Global Aggregate Bond (USD Hedged) Index 0.0340 0.0048 0.0201 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>138,524,511</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,014</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>812,842</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">101<span>%</span></td> </tr> </table> 138524511 1014 812842 1.01 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.</div> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">33.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</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: #000000; border-bottom-style: solid; 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;">11.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible bonds</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: #000000; border-bottom-style: solid; 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;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred securities</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</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: #000000; border-bottom-style: solid; 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</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.2<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">59.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Brazil</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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Zealand</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colombia</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mexico</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Norway</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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Australia</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cayman Islands</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; height: 20pt; 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;">Other countries</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> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_5663958.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.334 0.248 0.113 0.100 0.042 0.026 0.017 0.016 0.012 0.009 0.001 0.082 0.595 0.044 0.039 0.034 0.034 0.033 0.024 0.019 0.017 0.015 0.146 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Opportunistic Fixed Income Trust Series NAV JAEKX This annual shareholder report contains important information about the Opportunistic Fixed Income Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Opportunistic Fixed Income Trust<br/>(Series NAV/JAEKX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.77<span>%</span></td> </tr> </table> 77 0.0077 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Opportunistic Fixed Income Trust (Series NAV/JAEKX) declined 0.27% for the year ended December 31, 2024. Most spread sectors produced positive excess returns over duration-equivalent government bonds as spreads narrowed, supported by more accommodative central bank policies, with higher-yielding and emerging market sectors leading the outperformance. Global sovereign yields rose, and yield curves steepened across most regions outside of Asia by the end of the period. Geopolitical tensions rose in Europe and the Middle East, amplified further by uncertainty following the Republican sweep in the US elections and President-elect Donald Trump’s economic plans.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Strategic sector positions</b> | Within this strategy, the security-selection focused credit themes of Short Cycle Credit added to performance. Stranded Credit was the second largest contributor as the convertible positions benefitted from a strong equity market.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Relative value</b> | The fund's Global Credit Absolute Return theme aided performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Activist Government</b> | Our Activist Government theme had a positive impact on performance despite nominal rates moving higher across most developed market countries.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Tactical Strategies </b> | This strategy was the largest detractor over the period, driven primarily from credit and FX hedging.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Emerging Markets (EM)</b> | EM exposures and our long position in U.S. rates were headwinds to performance over the annual period. Exposure to EM local debt detracted from performance, driven by the U.S. dollar’s resilience.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Wellington Management Company LLP, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5663987.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Opportunistic Fixed Income Trust (Series NAV/JAEKX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.27<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.94<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: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Global Aggregate Bond (USD Hedged) Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.01<span>%</span></td> </tr> </table> Opportunistic Fixed Income Trust (Series NAV/JAEKX) -0.0027 0.0140 0.0194 Bloomberg Global Aggregate Bond (USD Hedged) Index 0.0340 0.0048 0.0201 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>138,524,511</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,014</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>812,842</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">101<span>%</span></td> </tr> </table> 138524511 1014 812842 1.01 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the fund, representing a percentage of the total investments of the fund.</div> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">33.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</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: #000000; border-bottom-style: solid; 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;">11.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible bonds</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: #000000; border-bottom-style: solid; 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;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred securities</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</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: #000000; border-bottom-style: solid; 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</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.2<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">59.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Brazil</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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Zealand</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colombia</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mexico</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Norway</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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Australia</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cayman Islands</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; height: 20pt; 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;">Other countries</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> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-top: 6pt; padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_5663997.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.334 0.248 0.113 0.100 0.042 0.026 0.017 0.016 0.012 0.009 0.001 0.082 0.595 0.044 0.039 0.034 0.034 0.033 0.024 0.019 0.017 0.015 0.146 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Select Bond Trust Series I JAFZX This annual shareholder report contains important information about the Select Bond Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Select Bond Trust<br/>(Series I/JAFZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>63</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span></td> </tr> </table> 63 0.0062 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Select Bond Trust (Series I/JAFZX) returned 1.83% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Investment grade corporate bonds </b> | Holdings in investment grade corporate bonds contributed the most to absolute performance with positions in Enbridge, Inc. and The PNC Financial Services Group, Inc. being top contributors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed-income allocations</b> | Asset-backed securities, agency mortgage-backed securities, and commercial mortgage-backed securities also contributed to overall absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, no asset categories meaningfully detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Minimal contributors</b> | Although high yield corporate and foreign government and agency holdings generated positive returns, these asset categories contributed the least to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664065.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Select Bond Trust (Series I/JAFZX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.83<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.02<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.50<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Select Bond Trust (Series I/JAFZX) 0.0183 -0.0002 0.0150 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>5,868,167,518</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">769</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32,315,647</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">114<span>%</span></td> </tr> </table> 5868167518 769 32315647 1.14 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">37.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">31.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">17.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</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; border-bottom-color: #000000; border-bottom-style: solid; 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;">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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5664070.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.378 0.312 0.174 0.075 0.037 0.010 0.004 0.010 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Select Bond Trust Series II JHBDX This annual shareholder report contains important information about the Select Bond Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Select Bond Trust<br/>(Series II/JHBDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>83</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.82<span>%</span></td> </tr> </table> 83 0.0082 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Select Bond Trust (Series II/JHBDX) returned 1.56% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Investment grade corporate bonds </b> | Holdings in investment grade corporate bonds contributed the most to absolute performance with positions in Enbridge, Inc. and The PNC Financial Services Group, Inc. being top contributors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed-income allocations</b> | Asset-backed securities, agency mortgage-backed securities, and commercial mortgage-backed securities also contributed to overall absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, no asset categories meaningfully detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Minimal contributors</b> | Although high yield corporate and foreign government and agency holdings generated positive returns, these asset categories contributed the least to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664104.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Select Bond Trust (Series II/JHBDX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.23<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.29<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Select Bond Trust (Series II/JHBDX) 0.0156 -0.0023 0.0129 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>5,868,167,518</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">769</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32,315,647</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">114<span>%</span></td> </tr> </table> 5868167518 769 32315647 1.14 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">37.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">31.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">17.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</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; border-bottom-color: #000000; border-bottom-style: solid; 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;">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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5664109.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.378 0.312 0.174 0.075 0.037 0.010 0.004 0.010 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Select Bond Trust Series NAV JAGBX This annual shareholder report contains important information about the Select Bond Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Select Bond Trust<br/>(Series NAV/JAGBX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>59</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.58<span>%</span></td> </tr> </table> 59 0.0058 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Select Bond Trust (Series NAV/JAGBX) returned 1.88% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Investment grade corporate bonds </b> | Holdings in investment grade corporate bonds contributed the most to absolute performance with positions in Enbridge, Inc. and The PNC Financial Services Group, Inc. being top contributors.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed-income allocations</b> | Asset-backed securities, agency mortgage-backed securities, and commercial mortgage-backed securities also contributed to overall absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, no asset categories meaningfully detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Minimal contributors</b> | Although high yield corporate and foreign government and agency holdings generated positive returns, these asset categories contributed the least to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664143.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Select Bond Trust (Series NAV/JAGBX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.03<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.55<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Select Bond Trust (Series NAV/JAGBX) 0.0188 0.0003 0.0155 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>5,868,167,518</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">769</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32,315,647</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">114<span>%</span></td> </tr> </table> 5868167518 769 32315647 1.14 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">37.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">31.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">17.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</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; border-bottom-color: #000000; border-bottom-style: solid; 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;">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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5664148.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.378 0.312 0.174 0.075 0.037 0.010 0.004 0.010 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Short Term Government Income Trust Series I JAJPX This annual shareholder report contains important information about the Short Term Government Income Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Short Term Government Income Trust<br/>(Series I/JAJPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>73</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.72<span>%</span></td> </tr> </table> 73 0.0072 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Short Term Government Income Trust (Series I/JAJPX) returned 2.66% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Yield curve positioning</b> | U.S. agencies were strong contributors and added the most to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed-income allocations</b> | Commercial mortgage-backed securities and agency mortgage-backed securities also contributed to overall performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>U.S. Treasuries </b> | The fund’s portfolio allocation in U.S. Treasury securities detracted from performance on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Minimal contributor </b> | Although it generated a positive return, the fund’s small allocation to municipal bonds was the smallest positive contributor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664260.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Short Term Government Income Trust (Series I/JAJPX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.77<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Government 1-5 Year Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.34<span>%</span></td> </tr> </table> Short Term Government Income Trust (Series I/JAJPX) 0.0266 0.0034 0.0077 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Bloomberg U.S. Government 1-5 Year Index 0.0332 0.0101 0.0134 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>159,908,833</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">97</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>896,008</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">185<span>%</span></td> </tr> </table> 159908833 97 896008 1.85 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">52.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">42.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</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: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.2<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5664265.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.522 0.420 0.031 0.005 0.022 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Short Term Government Income Trust Series II JAFWX This annual shareholder report contains important information about the Short Term Government Income Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Short Term Government Income Trust<br/>(Series II/JAFWX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>93</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.92<span>%</span></td> </tr> </table> 93 0.0092 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Short Term Government Income Trust (Series II/JAFWX) returned 2.48% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Yield curve positioning</b> | U.S. agencies were strong contributors and added the most to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed-income allocations</b> | Commercial mortgage-backed securities and agency mortgage-backed securities also contributed to overall performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>U.S. Treasuries </b> | The fund’s portfolio allocation in U.S. Treasury securities detracted from performance on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Minimal contributor </b> | Although it generated a positive return, the fund’s small allocation to municipal bonds was the smallest positive contributor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664299.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Short Term Government Income Trust (Series II/JAFWX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Government 1-5 Year Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.34<span>%</span></td> </tr> </table> Short Term Government Income Trust (Series II/JAFWX) 0.0248 0.0013 0.0056 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Bloomberg U.S. Government 1-5 Year Index 0.0332 0.0101 0.0134 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>159,908,833</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">97</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>896,008</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">185<span>%</span></td> </tr> </table> 159908833 97 896008 1.85 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">52.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">42.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</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: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.2<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5664304.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.522 0.420 0.031 0.005 0.022 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Short Term Government Income Trust Series NAV JAFYX This annual shareholder report contains important information about the Short Term Government Income Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Short Term Government Income Trust<br/>(Series NAV/JAFYX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>68</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span></td> </tr> </table> 68 0.0067 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Short Term Government Income Trust (Series NAV/JAFYX) returned 2.80% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Yield curve positioning</b> | U.S. agencies were strong contributors and added the most to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed-income allocations</b> | Commercial mortgage-backed securities and agency mortgage-backed securities also contributed to overall performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>U.S. Treasuries </b> | The fund’s portfolio allocation in U.S. Treasury securities detracted from performance on an absolute basis.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Minimal contributor </b> | Although it generated a positive return, the fund’s small allocation to municipal bonds was the smallest positive contributor.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664221.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Short Term Government Income Trust (Series NAV/JAFYX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Government 1-5 Year Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.34<span>%</span></td> </tr> </table> Short Term Government Income Trust (Series NAV/JAFYX) 0.0280 0.0039 0.0082 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Bloomberg U.S. Government 1-5 Year Index 0.0332 0.0101 0.0134 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>159,908,833</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">97</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>896,008</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">185<span>%</span></td> </tr> </table> 159908833 97 896008 1.85 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">52.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">42.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</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: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.2<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5664226.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.522 0.420 0.031 0.005 0.022 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Strategic Income Opportunities Trust Series I JESNX This annual shareholder report contains important information about the Strategic Income Opportunities Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Strategic Income Opportunities Trust<br/>(Series I/JESNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>79</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.78<span>%</span></td> </tr> </table> 79 0.0078 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Strategic Income Opportunities Trust (Series I/JESNX) returned 3.10% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Investment grade corporate bonds </b> | Holdings in investment grade corporate bonds contributed the most to performance with positions in American International Group, Inc., Enbridge, Inc., and U.S. Bancorp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed-income allocations</b> | Convertible securities and high yield corporate bonds were also notable contributors to absolute performance. Positions that did well in convertible securities included NextEra Energy, Inc., The Boeing Company and Burlington Stores, Inc. Currency forwards were used primarily to hedge the currency risk in foreign denominated bonds and lessened the impact of losses on foreign bonds.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, no asset categories meaningfully detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Minimal contributors</b> | Although foreign government and agency positions generated positive returns, these asset categories contributed the least to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664416.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Strategic Income Opportunities Trust (Series I/JESNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.59<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Strategic Income Opportunities Trust (Series I/JESNX) 0.0310 0.0176 0.0259 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>427,947,241</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">559</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,626,697</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">46<span>%</span></td> </tr> </table> 427947241 559 2626697 0.46 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">42.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">22.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</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: #000000; border-bottom-style: solid; 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;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred securities</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: #000000; border-bottom-style: solid; 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;">4.1<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5664421.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.421 0.224 0.068 0.055 0.046 0.030 0.029 0.028 0.027 0.016 0.015 0.041 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Strategic Income Opportunities Trust Series II JESPX This annual shareholder report contains important information about the Strategic Income Opportunities Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Strategic Income Opportunities Trust<br/>(Series II/JESPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>99</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.98<span>%</span></td> </tr> </table> 99 0.0098 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Strategic Income Opportunities Trust (Series II/JESPX) returned 2.91% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Investment grade corporate bonds </b> | Holdings in investment grade corporate bonds contributed the most to performance with positions in American International Group, Inc., Enbridge, Inc., and U.S. Bancorp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed-income allocations</b> | Convertible securities and high yield corporate bonds were also notable contributors to absolute performance. Positions that did well in convertible securities included NextEra Energy, Inc., The Boeing Company and Burlington Stores, Inc. Currency forwards were used primarily to hedge the currency risk in foreign denominated bonds and lessened the impact of losses on foreign bonds.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, no asset categories meaningfully detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Minimal contributors</b> | Although foreign government and agency positions generated positive returns, these asset categories contributed the least to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664455.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Strategic Income Opportunities Trust (Series II/JESPX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.39<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Strategic Income Opportunities Trust (Series II/JESPX) 0.0291 0.0155 0.0239 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>427,947,241</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">559</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,626,697</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">46<span>%</span></td> </tr> </table> 427947241 559 2626697 0.46 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">42.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">22.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</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: #000000; border-bottom-style: solid; 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;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred securities</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: #000000; border-bottom-style: solid; 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;">4.1<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5664460.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.421 0.224 0.068 0.055 0.046 0.030 0.029 0.028 0.027 0.016 0.015 0.041 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Strategic Income Opportunities Trust Series NAV JVRNX This annual shareholder report contains important information about the Strategic Income Opportunities Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Strategic Income Opportunities Trust<br/>(Series NAV/JVRNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>74</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.73<span>%</span></td> </tr> </table> 74 0.0073 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Strategic Income Opportunities Trust (Series NAV/JVRNX) returned 3.16% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Investment grade corporate bonds </b> | Holdings in investment grade corporate bonds contributed the most to performance with positions in American International Group, Inc., Enbridge, Inc., and U.S. Bancorp.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed-income allocations</b> | Convertible securities and high yield corporate bonds were also notable contributors to absolute performance. Positions that did well in convertible securities included NextEra Energy, Inc., The Boeing Company and Burlington Stores, Inc. Currency forwards were used primarily to hedge the currency risk in foreign denominated bonds and lessened the impact of losses on foreign bonds.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, no asset categories meaningfully detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Minimal contributors</b> | Although foreign government and agency positions generated positive returns, these asset categories contributed the least to the fund’s absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664377.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Strategic Income Opportunities Trust (Series NAV/JVRNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.16<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.65<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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Strategic Income Opportunities Trust (Series NAV/JVRNX) 0.0316 0.0181 0.0265 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>427,947,241</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">559</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,626,697</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">46<span>%</span></td> </tr> </table> 427947241 559 2626697 0.46 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">42.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">22.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</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: #000000; border-bottom-style: solid; 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;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred securities</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: #000000; border-bottom-style: solid; 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;">4.1<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5664382.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.421 0.224 0.068 0.055 0.046 0.030 0.029 0.028 0.027 0.016 0.015 0.041 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Total Bond Market Trust Series I JTBMX This annual shareholder report contains important information about the Total Bond Market Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Total Bond Market Trust<br/>(Series I/JTBMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>30</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.30<span>%</span></td> </tr> </table> 30 0.0030 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Total Bond Market Trust (Series I/JTBMX) returned 0.99% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Investment grade corporate bonds</b> | Holdings in investment grade corporate bonds contributed the most to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed-income allocations</b> | Agency mortgage-backed securities and U.S. Treasuries contributed to performance, as interest income more than offset the lower mark to market value of the U.S. Treasury exposure.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No detractors</b> | At a time of broadly positive performance for the world financial markets, no asset categories detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5665352.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total Bond Market Trust (Series I/JTBMX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.63<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.04<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Total Bond Market Trust (Series I/JTBMX) 0.0099 -0.0063 0.0104 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>999,850,678</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,003</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,959,477</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">29<span>%</span></td> </tr> </table> 999850678 1003 1959477 0.29 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">45.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">25.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">24.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; 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;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</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: #000000; border-bottom-style: solid; 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;">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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5665357.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.451 0.259 0.248 0.015 0.008 0.005 0.003 0.001 0.010 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Total Bond Market Trust Series II JAGVX This annual shareholder report contains important information about the Total Bond Market Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Total Bond Market Trust<br/>(Series II/JAGVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>50</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.50<span>%</span></td> </tr> </table> 50 0.0050 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Total Bond Market Trust (Series II/JAGVX) returned 0.80% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Investment grade corporate bonds</b> | Holdings in investment grade corporate bonds contributed the most to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed-income allocations</b> | Agency mortgage-backed securities and U.S. Treasuries contributed to performance, as interest income more than offset the lower mark to market value of the U.S. Treasury exposure.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No detractors</b> | At a time of broadly positive performance for the world financial markets, no asset categories detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5665391.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total Bond Market Trust (Series II/JAGVX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.82<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Total Bond Market Trust (Series II/JAGVX) 0.0080 -0.0082 0.0084 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>999,850,678</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,003</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,959,477</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">29<span>%</span></td> </tr> </table> 999850678 1003 1959477 0.29 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">45.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">25.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">24.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; 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;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</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: #000000; border-bottom-style: solid; 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;">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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5665396.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.451 0.259 0.248 0.015 0.008 0.005 0.003 0.001 0.010 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Total Bond Market Trust Series NAV JAGUX This annual shareholder report contains important information about the Total Bond Market Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Total Bond Market Trust<br/>(Series NAV/JAGUX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>25</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.25<span>%</span></td> </tr> </table> 25 0.0025 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Total Bond Market Trust (Series NAV/JAGUX) returned 1.14% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Investment grade corporate bonds</b> | Holdings in investment grade corporate bonds contributed the most to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed-income allocations</b> | Agency mortgage-backed securities and U.S. Treasuries contributed to performance, as interest income more than offset the lower mark to market value of the U.S. Treasury exposure.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No detractors</b> | At a time of broadly positive performance for the world financial markets, no asset categories detracted from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5665313.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total Bond Market Trust (Series NAV/JAGUX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.56<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> Total Bond Market Trust (Series NAV/JAGUX) 0.0114 -0.0056 0.0110 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>999,850,678</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">1,003</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,959,477</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">29<span>%</span></td> </tr> </table> 999850678 1003 1959477 0.29 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">45.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">25.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">24.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – Commercial and residential</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: #000000; border-bottom-style: solid; 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;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</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: #000000; border-bottom-style: solid; 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;">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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5665318.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.451 0.259 0.248 0.015 0.008 0.005 0.003 0.001 0.010 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Ultra Short Term Bond Trust Series I JAGJX This annual shareholder report contains important information about the Ultra Short Term Bond Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Ultra Short Term Bond Trust<br/>(Series I/JAGJX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>63</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.61<span>%</span></td> </tr> </table> 63 0.0061 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Ultra Short Term Bond Trust (Series I/JAGJX) returned 4.97% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Investment grade corporate bonds</b> | Holdings in investment grade corporate bonds contributed the most to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed-income allocations</b> | U.S. Treasuries and asset-backed securities also contributed to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No detractors</b> | At a time of broadly positive performance for the world financial markets, there were no asset categories detracting from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664572.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Ultra Short Term Bond Trust (Series I/JAGJX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">ICE BofA 6 Month U.S. Treasury Bill Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.91<span>%</span></td> </tr> </table> Ultra Short Term Bond Trust (Series I/JAGJX) 0.0497 0.0192 0.0152 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 ICE BofA 6 Month U.S. Treasury Bill Index 0.0535 0.0257 0.0191 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>224,551,452</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">148</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,145,128</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">69<span>%</span></td> </tr> </table> 224551452 148 1145128 0.69 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">52.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">20.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</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; border-bottom-color: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">27.2<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5664577.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.521 0.201 0.004 0.002 0.272 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Ultra Short Term Bond Trust Series II JAGEX This annual shareholder report contains important information about the Ultra Short Term Bond Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Ultra Short Term Bond Trust<br/>(Series II/JAGEX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>83</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.81<span>%</span></td> </tr> </table> 83 0.0081 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Ultra Short Term Bond Trust (Series II/JAGEX) returned 4.78% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Investment grade corporate bonds</b> | Holdings in investment grade corporate bonds contributed the most to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed-income allocations</b> | U.S. Treasuries and asset-backed securities also contributed to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No detractors</b> | At a time of broadly positive performance for the world financial markets, there were no asset categories detracting from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664533.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Ultra Short Term Bond Trust (Series II/JAGEX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.33<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">ICE BofA 6 Month U.S. Treasury Bill Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.91<span>%</span></td> </tr> </table> Ultra Short Term Bond Trust (Series II/JAGEX) 0.0478 0.0172 0.0133 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 ICE BofA 6 Month U.S. Treasury Bill Index 0.0535 0.0257 0.0191 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>224,551,452</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">148</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,145,128</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">69<span>%</span></td> </tr> </table> 224551452 148 1145128 0.69 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">52.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">20.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</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; border-bottom-color: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">27.2<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5664538.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.521 0.201 0.004 0.002 0.272 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Ultra Short Term Bond Trust Series NAV JAGFX This annual shareholder report contains important information about the Ultra Short Term Bond Trust (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Ultra Short Term Bond Trust<br/>(Series NAV/JAGFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>57</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.56<span>%</span></td> </tr> </table> 57 0.0056 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Ultra Short Term Bond Trust (Series NAV/JAGFX) returned 5.01% for the year ended December 31, 2024. In mid-September 2024, the U.S. Federal Reserve began the process of normalizing interest rates, delivering its initial cuts to the federal funds target range. Despite these cuts, inflation remained relatively unchanged while economic data outpaced expectations, leaving long-term interest rates higher on the year, especially in the long-dated segments of the bond market. However, spread tightening in corporate and securitized markets as well as overall yields were enough to offset the negative impact of higher long-term rates, resulting in modest positive total returns.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Investment grade corporate bonds</b> | Holdings in investment grade corporate bonds contributed the most to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other fixed-income allocations</b> | U.S. Treasuries and asset-backed securities also contributed to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No detractors</b> | At a time of broadly positive performance for the world financial markets, there were no asset categories detracting from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664611.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Ultra Short Term Bond Trust (Series NAV/JAGFX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">ICE BofA 6 Month U.S. Treasury Bill Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.91<span>%</span></td> </tr> </table> Ultra Short Term Bond Trust (Series NAV/JAGFX) 0.0501 0.0198 0.0158 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 ICE BofA 6 Month U.S. Treasury Bill Index 0.0535 0.0257 0.0191 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>224,551,452</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">148</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,145,128</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">69<span>%</span></td> </tr> </table> 224551452 148 1145128 0.69 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">52.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">20.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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 Agency</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; border-bottom-color: #000000; border-bottom-style: solid; 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 – U.S. Government Agency</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">27.2<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;"></td> </tr> </table> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; margin-bottom: 0px; margin-top: 5pt; font-weight: bold;"><b>Quality Composition</b></div> <div style="padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_5664616.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.521 0.201 0.004 0.002 0.272 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 12-31-24 and do not reflect subsequent downgrades or upgrades, if any.</div> Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&amp;P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. Managed Volatility Balanced Portfolio Series I JELBX This annual shareholder report contains important information about the Managed Volatility Balanced Portfolio (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Balanced Portfolio<br/>(Series I/JELBX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>18</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.17<span>%</span></td> </tr> </table> 18 0.0017 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Managed Volatility Balanced Portfolio (Series I/JELBX) returned 9.36% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks, developed-market international equities, and emerging markets equities all recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results. Longer-term securities and other rate-sensitive market segments lagged.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-cap stocks were the leading contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation </b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Futures contracts</b> | The fund's use of futures contacts to manage the volatility of returns and limit the magnitude of losses for the portfolio was a contributor to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No detractors</b> | At a time of broadly positive performance for the world financial markets, there were no detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Select holdings in the international large-cap portfolio</b> | Although the international large-cap allocation contributed positively to absolute performance, it contributed the least.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664689.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Balanced Portfolio (Series I/JELBX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.30<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.03<span>%</span></td> </tr> </table> Managed Volatility Balanced Portfolio (Series I/JELBX) 0.0936 0.0305 0.0430 S&P 500 Index 0.2502 0.1453 0.1310 Morningstar U.S. Moderate Target Allocation Index 0.1296 0.0747 0.0745 50% Bloomberg U.S. Aggregate Bond Index/ 15% MSCI EAFE Index/ 35% Russell 3000 Index 0.0920 0.0557 0.0603 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>4,075,768,478</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">28</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,853,807</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 4075768478 28 3853807 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>96.9<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Equity</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>47.4<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large blend</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">21.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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. large cap</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Emerging-market equity</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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. mid cap</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: #000000; border-bottom-style: solid; 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. small cap</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">International equity</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: #000000; border-bottom-style: solid; 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>Fixed income</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>49.5<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermediate bond</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">49.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Unaffiliated 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>2.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Short-term investments and other</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>1.1<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.969 0.474 0.219 0.129 0.039 0.038 0.028 0.021 0.495 0.495 0.020 0.020 0.011 Managed Volatility Balanced Portfolio Series II JAJRX This annual shareholder report contains important information about the Managed Volatility Balanced Portfolio (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Balanced Portfolio<br/>(Series II/JAJRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>39</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.37<span>%</span></td> </tr> </table> 39 0.0037 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Managed Volatility Balanced Portfolio (Series II/JAJRX) returned 9.13% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks, developed-market international equities, and emerging markets equities all recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results. Longer-term securities and other rate-sensitive market segments lagged.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-cap stocks were the leading contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation </b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Futures contracts</b> | The fund's use of futures contacts to manage the volatility of returns and limit the magnitude of losses for the portfolio was a contributor to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No detractors</b> | At a time of broadly positive performance for the world financial markets, there were no detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Select holdings in the international large-cap portfolio</b> | Although the international large-cap allocation contributed positively to absolute performance, it contributed the least.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664728.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Balanced Portfolio (Series II/JAJRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.03<span>%</span></td> </tr> </table> Managed Volatility Balanced Portfolio (Series II/JAJRX) 0.0913 0.0285 0.0410 S&P 500 Index 0.2502 0.1453 0.1310 Morningstar U.S. Moderate Target Allocation Index 0.1296 0.0747 0.0745 50% Bloomberg U.S. Aggregate Bond Index/ 15% MSCI EAFE Index/ 35% Russell 3000 Index 0.0920 0.0557 0.0603 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>4,075,768,478</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">28</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,853,807</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 4075768478 28 3853807 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>96.9<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Equity</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>47.4<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large blend</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">21.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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. large cap</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Emerging-market equity</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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. mid cap</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: #000000; border-bottom-style: solid; 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. small cap</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">International equity</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: #000000; border-bottom-style: solid; 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>Fixed income</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>49.5<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermediate bond</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">49.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Unaffiliated 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>2.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Short-term investments and other</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>1.1<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.969 0.474 0.219 0.129 0.039 0.038 0.028 0.021 0.495 0.495 0.020 0.020 0.011 Managed Volatility Balanced Portfolio Series NAV JAIYX This annual shareholder report contains important information about the Managed Volatility Balanced Portfolio (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Balanced Portfolio<br/>(Series NAV/JAIYX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>13</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Managed Volatility Balanced Portfolio (Series NAV/JAIYX) returned 9.37% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks, developed-market international equities, and emerging markets equities all recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results. Longer-term securities and other rate-sensitive market segments lagged.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-cap stocks were the leading contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation </b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Futures contracts</b> | The fund's use of futures contacts to manage the volatility of returns and limit the magnitude of losses for the portfolio was a contributor to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No detractors</b> | At a time of broadly positive performance for the world financial markets, there were no detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Select holdings in the international large-cap portfolio</b> | Although the international large-cap allocation contributed positively to absolute performance, it contributed the least.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664767.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Balanced Portfolio (Series NAV/JAIYX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.36<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.45<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.03<span>%</span></td> </tr> </table> Managed Volatility Balanced Portfolio (Series NAV/JAIYX) 0.0937 0.0309 0.0436 S&P 500 Index 0.2502 0.1453 0.1310 Morningstar U.S. Moderate Target Allocation Index 0.1296 0.0747 0.0745 50% Bloomberg U.S. Aggregate Bond Index/ 15% MSCI EAFE Index/ 35% Russell 3000 Index 0.0920 0.0557 0.0603 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>4,075,768,478</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">28</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,853,807</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 4075768478 28 3853807 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>96.9<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Equity</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>47.4<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large blend</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">21.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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. large cap</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Emerging-market equity</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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. mid cap</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: #000000; border-bottom-style: solid; 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. small cap</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">International equity</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: #000000; border-bottom-style: solid; 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>Fixed income</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>49.5<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermediate bond</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">49.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Unaffiliated 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>2.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Short-term investments and other</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>1.1<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.969 0.474 0.219 0.129 0.039 0.038 0.028 0.021 0.495 0.495 0.020 0.020 0.011 Managed Volatility Conservative Portfolio Series I JELCX This annual shareholder report contains important information about the Managed Volatility Conservative Portfolio (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Conservative Portfolio<br/>(Series I/JELCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>19</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.19<span>%</span></td> </tr> </table> 19 0.0019 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Managed Volatility Conservative Portfolio (Series I/JELCX) returned 3.60% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks, developed-market international equities, and emerging markets equities all recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results. Longer-term securities and other rate-sensitive market segments lagged.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-cap stocks were the leading contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other holdings in equities</b> | Mid- and small-cap equities along with emerging market equities also contributed.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fixed-income allocation</b> | Positions in intermediate-term bonds also helped results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Emerging market holding</b> | Although emerging markets equities overall posted a gain, an emerging market position contributed the least to the absolute performance of the fund.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Futures contracts</b> | The fund's use of futures contacts to manage the volatility of returns and limit the magnitude of losses for the portfolio was a detractor to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664845.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Conservative Portfolio (Series I/JELCX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.08<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.23<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.26<span>%</span></td> </tr> </table> Managed Volatility Conservative Portfolio (Series I/JELCX) 0.0360 -0.0008 0.0223 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Morningstar U.S. Conservative Target Allocation Index 0.0655 0.0292 0.0378 80% Bloomberg U.S. Aggregate Bond Index/ 6% MSCI EAFE Index/ 14% Russell 3000 Index 0.0438 0.0206 0.0326 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>510,044,854</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">23</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>504,091</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 510044854 23 504091 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>98.4<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Equity</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>18.9<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large blend</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: #000000; border-bottom-style: solid; 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. large cap</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: #000000; border-bottom-style: solid; 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. mid cap</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Emerging-market equity</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: #000000; border-bottom-style: solid; 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. small cap</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Fixed income</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>79.5<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermediate bond</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">79.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Unaffiliated 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>0.8<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Short-term investments and other</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>0.8<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.984 0.189 0.090 0.061 0.014 0.013 0.011 0.795 0.795 0.008 0.008 0.008 Managed Volatility Conservative Portfolio Series II JAISX This annual shareholder report contains important information about the Managed Volatility Conservative Portfolio (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Conservative Portfolio<br/>(Series II/JAISX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>40</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.39<span>%</span></td> </tr> </table> 40 0.0039 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Managed Volatility Conservative Portfolio (Series II/JAISX) returned 3.43% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks, developed-market international equities, and emerging markets equities all recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results. Longer-term securities and other rate-sensitive market segments lagged.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-cap stocks were the leading contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other holdings in equities</b> | Mid- and small-cap equities along with emerging market equities also contributed.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fixed-income allocation</b> | Positions in intermediate-term bonds also helped results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Emerging market holding</b> | Although emerging markets equities overall posted a gain, an emerging market position contributed the least to the absolute performance of the fund.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Futures contracts</b> | The fund's use of futures contacts to manage the volatility of returns and limit the magnitude of losses for the portfolio was a detractor to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664884.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Conservative Portfolio (Series II/JAISX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.28<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.02<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.26<span>%</span></td> </tr> </table> Managed Volatility Conservative Portfolio (Series II/JAISX) 0.0343 -0.0028 0.0202 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Morningstar U.S. Conservative Target Allocation Index 0.0655 0.0292 0.0378 80% Bloomberg U.S. Aggregate Bond Index/ 6% MSCI EAFE Index/ 14% Russell 3000 Index 0.0438 0.0206 0.0326 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>510,044,854</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">23</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>504,091</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 510044854 23 504091 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>98.4<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Equity</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>18.9<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large blend</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: #000000; border-bottom-style: solid; 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. large cap</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: #000000; border-bottom-style: solid; 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. mid cap</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Emerging-market equity</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: #000000; border-bottom-style: solid; 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. small cap</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Fixed income</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>79.5<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermediate bond</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">79.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Unaffiliated 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>0.8<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Short-term investments and other</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>0.8<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.984 0.189 0.090 0.061 0.014 0.013 0.011 0.795 0.795 0.008 0.008 0.008 Managed Volatility Conservative Portfolio Series NAV JAIUX This annual shareholder report contains important information about the Managed Volatility Conservative Portfolio (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Conservative Portfolio<br/>(Series NAV/JAIUX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>14</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.14<span>%</span></td> </tr> </table> 14 0.0014 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Managed Volatility Conservative Portfolio (Series NAV/JAIUX) returned 3.64% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks, developed-market international equities, and emerging markets equities all recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results. Longer-term securities and other rate-sensitive market segments lagged.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-cap stocks were the leading contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other holdings in equities</b> | Mid- and small-cap equities along with emerging market equities also contributed.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fixed-income allocation</b> | Positions in intermediate-term bonds also helped results.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Emerging market holding</b> | Although emerging markets equities overall posted a gain, an emerging market position contributed the least to the absolute performance of the fund.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Futures contracts</b> | The fund's use of futures contacts to manage the volatility of returns and limit the magnitude of losses for the portfolio was a detractor to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5664923.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Conservative Portfolio (Series NAV/JAIUX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.03<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.26<span>%</span></td> </tr> </table> Managed Volatility Conservative Portfolio (Series NAV/JAIUX) 0.0364 -0.0003 0.0228 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Morningstar U.S. Conservative Target Allocation Index 0.0655 0.0292 0.0378 80% Bloomberg U.S. Aggregate Bond Index/ 6% MSCI EAFE Index/ 14% Russell 3000 Index 0.0438 0.0206 0.0326 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>510,044,854</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">23</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>504,091</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 510044854 23 504091 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>98.4<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Equity</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>18.9<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large blend</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: #000000; border-bottom-style: solid; 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. large cap</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: #000000; border-bottom-style: solid; 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. mid cap</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; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Emerging-market equity</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: #000000; border-bottom-style: solid; 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. small cap</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Fixed income</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>79.5<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermediate bond</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">79.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Unaffiliated 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>0.8<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Short-term investments and other</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>0.8<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.984 0.189 0.090 0.061 0.014 0.013 0.011 0.795 0.795 0.008 0.008 0.008 Managed Volatility Growth Portfolio Series I JELGX This annual shareholder report contains important information about the Managed Volatility Growth Portfolio (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Growth Portfolio<br/>(Series I/JELGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>18</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.17<span>%</span></td> </tr> </table> 18 0.0017 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Managed Volatility Growth Portfolio (Series I/JELGX) returned 11.95% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks, developed-market international equities, and emerging markets equities all recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results. Longer-term securities and other rate-sensitive market segments lagged.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-cap stocks were the leading contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other holdings in equities</b> | Mid- and small-cap equities along with emerging market equities also contributed.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Futures contracts</b> | The fund's use of futures contacts to manage the volatility of returns and limit the magnitude of losses for the portfolio was a contributor to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Select holdings in the international large-cap portfolio</b> | A holding in the international large-cap allocation contributed the least to absolute performance although overall international allocation was positive.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5665001.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Growth Portfolio (Series I/JELGX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.95<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.65<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.72<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.81<span>%</span></td> </tr> </table> Managed Volatility Growth Portfolio (Series I/JELGX) 0.1195 0.0380 0.0465 S&P 500 Index 0.2502 0.1453 0.1310 Morningstar U.S. Moderately Aggressive Target Allocation Index 0.1515 0.0904 0.0872 30% Bloomberg U.S. Aggregate Bond Index/ 21% MSCI EAFE Index/ 49% Russell 3000 Index 0.1250 0.0784 0.0781 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>5,437,448,173</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">29</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,315,990</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td> </tr> </table> 5437448173 29 5315990 0.07 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>96.3<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Equity</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>67.4<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large blend</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">31.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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. large cap</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Emerging-market equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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. mid cap</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: #000000; border-bottom-style: solid; 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. small cap</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">International equity</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: #000000; border-bottom-style: solid; 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>Fixed income</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>28.9<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermediate bond</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">28.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Unaffiliated 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>2.5<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Short-term investments and other</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>1.2<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.963 0.674 0.311 0.164 0.062 0.059 0.041 0.037 0.289 0.289 0.025 0.025 0.012 Managed Volatility Growth Portfolio Series II JAJAX This annual shareholder report contains important information about the Managed Volatility Growth Portfolio (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Growth Portfolio<br/>(Series II/JAJAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>39</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.37<span>%</span></td> </tr> </table> 39 0.0037 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Managed Volatility Growth Portfolio (Series II/JAJAX) returned 11.69% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks, developed-market international equities, and emerging markets equities all recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results. Longer-term securities and other rate-sensitive market segments lagged.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-cap stocks were the leading contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other holdings in equities</b> | Mid- and small-cap equities along with emerging market equities also contributed.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Futures contracts</b> | The fund's use of futures contacts to manage the volatility of returns and limit the magnitude of losses for the portfolio was a contributor to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Select holdings in the international large-cap portfolio</b> | A holding in the international large-cap allocation contributed the least to absolute performance although overall international allocation was positive.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5665040.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Growth Portfolio (Series II/JAJAX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.44<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.72<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.81<span>%</span></td> </tr> </table> Managed Volatility Growth Portfolio (Series II/JAJAX) 0.1169 0.0360 0.0444 S&P 500 Index 0.2502 0.1453 0.1310 Morningstar U.S. Moderately Aggressive Target Allocation Index 0.1515 0.0904 0.0872 30% Bloomberg U.S. Aggregate Bond Index/ 21% MSCI EAFE Index/ 49% Russell 3000 Index 0.1250 0.0784 0.0781 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>5,437,448,173</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">29</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,315,990</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td> </tr> </table> 5437448173 29 5315990 0.07 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>96.3<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Equity</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>67.4<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large blend</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">31.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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. large cap</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Emerging-market equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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. mid cap</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: #000000; border-bottom-style: solid; 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. small cap</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">International equity</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: #000000; border-bottom-style: solid; 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>Fixed income</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>28.9<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermediate bond</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">28.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Unaffiliated 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>2.5<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Short-term investments and other</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>1.2<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.963 0.674 0.311 0.164 0.062 0.059 0.041 0.037 0.289 0.289 0.025 0.025 0.012 Managed Volatility Growth Portfolio Series NAV JAIZX This annual shareholder report contains important information about the Managed Volatility Growth Portfolio (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Growth Portfolio<br/>(Series NAV/JAIZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>13</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Managed Volatility Growth Portfolio (Series NAV/JAIZX) returned 11.97% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks, developed-market international equities, and emerging markets equities all recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results. Longer-term securities and other rate-sensitive market segments lagged.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-cap stocks were the leading contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Other holdings in equities</b> | Mid- and small-cap equities along with emerging market equities also contributed.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Futures contracts</b> | The fund's use of futures contacts to manage the volatility of returns and limit the magnitude of losses for the portfolio was a contributor to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Select holdings in the international large-cap portfolio</b> | A holding in the international large-cap allocation contributed the least to absolute performance although overall international allocation was positive.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5665079.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Growth Portfolio (Series NAV/JAIZX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.72<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.81<span>%</span></td> </tr> </table> Managed Volatility Growth Portfolio (Series NAV/JAIZX) 0.1197 0.0386 0.0470 S&P 500 Index 0.2502 0.1453 0.1310 Morningstar U.S. Moderately Aggressive Target Allocation Index 0.1515 0.0904 0.0872 30% Bloomberg U.S. Aggregate Bond Index/ 21% MSCI EAFE Index/ 49% Russell 3000 Index 0.1250 0.0784 0.0781 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>5,437,448,173</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">29</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,315,990</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td> </tr> </table> 5437448173 29 5315990 0.07 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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="width: 33%; padding-left: 0px; border-right-color: initial; border-right-style: none; border-right-width: initial; flex-grow: 1px; flex-shrink: 1px; flex-basis: auto; float: none; display: table-cell;"> <div style="padding-right: 6pt; padding-left: 6pt;"> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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> </div> <div style="padding-right: 6pt; padding-left: 6pt;"> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>96.3<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Equity</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>67.4<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large blend</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">31.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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. large cap</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Emerging-market equity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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. mid cap</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: #000000; border-bottom-style: solid; 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. small cap</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">International equity</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: #000000; border-bottom-style: solid; 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>Fixed income</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>28.9<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermediate bond</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">28.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Unaffiliated 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>2.5<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Short-term investments and other</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>1.2<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> </div> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.963 0.674 0.311 0.164 0.062 0.059 0.041 0.037 0.289 0.289 0.025 0.025 0.012 Managed Volatility Moderate Portfolio Series I JELMX This annual shareholder report contains important information about the Managed Volatility Moderate Portfolio (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Moderate Portfolio<br/>(Series I/JELMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>18</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.17<span>%</span></td> </tr> </table> 18 0.0017 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Managed Volatility Moderate Portfolio (Series I/JELMX) returned 8.16% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks, developed-market international equities, and emerging markets equities all recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results. Longer-term securities and other rate-sensitive market segments lagged.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-cap stocks were the leading contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation</b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Futures contracts</b> | The fund's use of futures contacts to manage the volatility of returns and limit the magnitude of losses for the portfolio was a contributor to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Select holdings in the international large-cap portfolio</b> | Although international large-cap allocation contributed positively to absolute performance, it contributed the least.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5665157.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Moderate Portfolio (Series I/JELMX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.16<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.04<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.34<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.12<span>%</span></td> </tr> </table> Managed Volatility Moderate Portfolio (Series I/JELMX) 0.0816 0.0258 0.0404 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Morningstar U.S. Moderately Conservative Target Allocation Index 0.0911 0.0485 0.0534 60% Bloomberg U.S. Aggregate Bond Index/ 12% MSCI EAFE Index/ 28% Russell 3000 Index 0.0757 0.0441 0.0512 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,056,346,479</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">28</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>974,588</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 1056346479 28 974588 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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="width: 33%; padding-left: 0px; border-right-color: initial; border-right-style: none; border-right-width: initial; flex-grow: 1px; flex-shrink: 1px; flex-basis: auto; float: none; display: table-cell;"> <div style="padding-right: 6pt; padding-left: 6pt;"> <div style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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> </div> <div style="padding-right: 6pt; padding-left: 6pt;"> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>97.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Equity</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>37.4<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large blend</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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. large cap</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Emerging-market equity</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; border-bottom-color: #000000; border-bottom-style: solid; 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. mid cap</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; border-bottom-color: #000000; border-bottom-style: solid; 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. small cap</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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">International equity</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Fixed income</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>59.6<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermediate bond</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">59.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Unaffiliated 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>1.9<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Short-term investments and other</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>1.1<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> </div> </div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.970 0.374 0.179 0.112 0.028 0.028 0.018 0.009 0.596 0.596 0.019 0.019 0.011 Managed Volatility Moderate Portfolio Series II JAIWX This annual shareholder report contains important information about the Managed Volatility Moderate Portfolio (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Moderate Portfolio<br/>(Series II/JAIWX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>38</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.37<span>%</span></td> </tr> </table> 38 0.0037 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Managed Volatility Moderate Portfolio (Series II/JAIWX) returned 7.82% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks, developed-market international equities, and emerging markets equities all recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results. Longer-term securities and other rate-sensitive market segments lagged.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-cap stocks were the leading contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation</b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Futures contracts</b> | The fund's use of futures contacts to manage the volatility of returns and limit the magnitude of losses for the portfolio was a contributor to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Select holdings in the international large-cap portfolio</b> | Although international large-cap allocation contributed positively to absolute performance, it contributed the least.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5665196.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Moderate Portfolio (Series II/JAIWX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.34<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.12<span>%</span></td> </tr> </table> Managed Volatility Moderate Portfolio (Series II/JAIWX) 0.0782 0.0236 0.0383 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Morningstar U.S. Moderately Conservative Target Allocation Index 0.0911 0.0485 0.0534 60% Bloomberg U.S. Aggregate Bond Index/ 12% MSCI EAFE Index/ 28% Russell 3000 Index 0.0757 0.0441 0.0512 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,056,346,479</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">28</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>974,588</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 1056346479 28 974588 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>97.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Equity</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>37.4<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large blend</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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. large cap</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Emerging-market equity</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; border-bottom-color: #000000; border-bottom-style: solid; 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. mid cap</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; border-bottom-color: #000000; border-bottom-style: solid; 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. small cap</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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">International equity</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Fixed income</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>59.6<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermediate bond</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">59.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Unaffiliated 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>1.9<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Short-term investments and other</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>1.1<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.970 0.374 0.179 0.112 0.028 0.028 0.018 0.009 0.596 0.596 0.019 0.019 0.011 Managed Volatility Moderate Portfolio Series NAV JAIVX This annual shareholder report contains important information about the Managed Volatility Moderate Portfolio (the fund) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the fund at <span style="text-decoration-line: underline; color: #000000; 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: #000000; 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: #000000; 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Moderate Portfolio<br/>(Series NAV/JAIVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>12</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.12<span>%</span></td> </tr> </table> 12 0.0012 <div style="font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt; margin-top: 14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance<br/><br/></div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;">Managed Volatility Moderate Portfolio (Series NAV/JAIVX) returned 8.09% for the year ended December 31, 2024. Global equities performed well in 2024, but much of the gain came from a narrow group of mega-cap, technology-related stocks that drove sizable outperformance for the U.S. growth style. While value stocks, developed-market international equities, and emerging markets equities all recorded positive returns, they didn’t keep up with the headline global indexes. Bonds also produced gains, with credit-oriented categories and shorter-dated debt producing the best results. Longer-term securities and other rate-sensitive market segments lagged.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>The fund’s equity allocation made the largest contribution</b> | U.S. large-cap stocks were the leading contributors to absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Fixed income allocation</b> | The fund's fixed income allocation to intermediate term bonds contributed to absolute return.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Futures contracts</b> | The fund's use of futures contacts to manage the volatility of returns and limit the magnitude of losses for the portfolio was a contributor to performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>No meaningful detractors</b> | At a time of broadly positive performance for the world financial markets, there were no detractors from absolute performance.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;"><b>Select holdings in the international large-cap portfolio</b> | Although international large-cap allocation contributed positively to absolute performance, it contributed the least.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 9pt; margin-bottom: 7pt;">The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice.</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; 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_5665235.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: #000000; 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: #000000; 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: #000000; 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: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Managed Volatility Moderate Portfolio (Series NAV/JAIVX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.08<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(0.33<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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.34<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; 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: #000000; 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: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.12<span>%</span></td> </tr> </table> Managed Volatility Moderate Portfolio (Series NAV/JAIVX) 0.0809 0.0260 0.0408 Bloomberg U.S. Aggregate Bond Index 0.0125 -0.0033 0.0135 Morningstar U.S. Moderately Conservative Target Allocation Index 0.0911 0.0485 0.0534 60% Bloomberg U.S. Aggregate Bond Index/ 12% MSCI EAFE Index/ 28% Russell 3000 Index 0.0757 0.0441 0.0512 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: #000000; font-size: 10pt; font-weight: bold; margin-top: 0px; margin-bottom: 0px;" title="oef:AddlFundStatisticsTextBlock">Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,056,346,479</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">28</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>974,588</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; 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: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td> </tr> </table> 1056346479 28 974588 0.06 <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; font-size: 10pt; font-weight: bold; margin-bottom: 6pt;" title="oef:HoldingsTableTextBlock">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: #000000; letter-spacing: 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-page;"> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>97.0<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Equity</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>37.4<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Large blend</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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. large cap</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Emerging-market equity</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; border-bottom-color: #000000; border-bottom-style: solid; 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. mid cap</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; border-bottom-color: #000000; border-bottom-style: solid; 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. small cap</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: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">International equity</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> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Fixed income</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>59.6<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Intermediate bond</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">59.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Unaffiliated 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>1.9<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: #000000; border-bottom-style: solid; 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>Short-term investments and other</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>1.1<span>%</span></strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> <div style="margin-top: 0px; font-family: 'arial narrow'; color: #000000; 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> 0.970 0.374 0.179 0.112 0.028 0.028 0.018 0.009 0.596 0.596 0.019 0.019 0.011