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N-1A
2019-07-09
2023-02-08
2019-07-09
2019-07-09
2023-12-18
N-CSR
JOHN HANCOCK STRATEGIC SERIES
2026-05-31
John Hancock Income Fund
Class A
JHFIX
This annual shareholder report contains important information about the John Hancock Income Fund (the fund) for the period of June 1, 2025 to May 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Income Fund<br/>(Class A/JHFIX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>83</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.81<span>%</span></td>
</tr>
</table>
83
0.0081
<div style="color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Income Fund (Class A/JHFIX) returned 5.53% (excluding sales charges) for the year ended May 31, 2026. The most significant factors affecting fund performance during the period included fluctuations in global bond yields, three short-term interest rate cuts by the U.S. Federal Reserve, and escalating conflict in the Middle East, which sparked concerns about higher energy prices and inflation.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Duration (interest-rate sensitivity) </b> | Declining global bond yields during portions of the period contributed to higher bond prices.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Corporate debt</b> | High-yield and investment-grade corporate bonds, which comprised more than a third of the portfolio on average, were the top performers in global bond markets during the period.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Non-U.S. bonds </b> | The fund’s holdings of bonds from outside of the U.S. contributed notably to performance, led by bonds from New Zealand, the Eurozone and Indonesia.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Foreign currency positioning </b> | Long exposures to the Japanese yen, Indian rupee, and Philippine peso alongside a short exposure to the Mexican peso detracted from performance.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Fund Performance</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if 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; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">GROWTH OF $10,000</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6559515.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Income Fund (Class A/JHFIX)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.38<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.34<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.02<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Income Fund (Class A/JHFIX)—excluding sales charge</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.53<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.16<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.44<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.17<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td>
</tr>
</table>
Income Fund (Class A/JHFIX)
0.0138
0.0034
0.0202
Income Fund (Class A/JHFIX)—excluding sales charge
0.0553
0.0116
0.0244
Bloomberg U.S. Aggregate Bond Index
0.0513
0.0017
0.0170
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,702,202,172</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">515</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,992,533</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">55<span>%</span></td>
</tr>
</table>
1702202172
515
5992533
0.55
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Portfolio Composition</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">37.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign government obligations</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Term loans</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Collateralized mortgage obligations – Commercial and residential</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government Agency</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td>
</tr>
</table>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Quality Composition</b></div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_6559518.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; 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>
0.375
0.248
0.084
0.080
0.063
0.056
0.024
0.023
0.015
0.006
0.026
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 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&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc.
John Hancock Income Fund
Class C
JSTCX
This annual shareholder report contains important information about the John Hancock Income Fund (the fund) for the period of June 1, 2025 to May 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Income Fund<br/>(Class C/JSTCX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>155</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.51<span>%</span></td>
</tr>
</table>
155
0.0151
<div style="color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Income Fund (Class C/JSTCX) returned 4.80% (excluding sales charges) for the year ended May 31, 2026. The most significant factors affecting fund performance during the period included fluctuations in global bond yields, three short-term interest rate cuts by the U.S. Federal Reserve, and escalating conflict in the Middle East, which sparked concerns about higher energy prices and inflation.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Duration (interest-rate sensitivity) </b> | Declining global bond yields during portions of the period contributed to higher bond prices.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Corporate debt</b> | High-yield and investment-grade corporate bonds, which comprised more than a third of the portfolio on average, were the top performers in global bond markets during the period.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Non-U.S. bonds </b> | The fund’s holdings of bonds from outside of the U.S. contributed notably to performance, led by bonds from New Zealand, the Eurozone and Indonesia.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Foreign currency positioning </b> | Long exposures to the Japanese yen, Indian rupee, and Philippine peso alongside a short exposure to the Mexican peso detracted from performance.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Fund Performance</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if 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; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">GROWTH OF $10,000</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6559478.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Income Fund (Class C/JSTCX)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.80<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.45<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.73<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Income Fund (Class C/JSTCX)—excluding sales charge</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.80<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.45<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.73<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.17<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td>
</tr>
</table>
Income Fund (Class C/JSTCX)
0.0380
0.0045
0.0173
Income Fund (Class C/JSTCX)—excluding sales charge
0.0480
0.0045
0.0173
Bloomberg U.S. Aggregate Bond Index
0.0513
0.0017
0.0170
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,702,202,172</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">515</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,992,533</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">55<span>%</span></td>
</tr>
</table>
1702202172
515
5992533
0.55
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Portfolio Composition</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">37.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign government obligations</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Term loans</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Collateralized mortgage obligations – Commercial and residential</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government Agency</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td>
</tr>
</table>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Quality Composition</b></div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_6559487.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; 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>
0.375
0.248
0.084
0.080
0.063
0.056
0.024
0.023
0.015
0.006
0.026
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 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&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc.
John Hancock Income Fund
Class I
JSTIX
This annual shareholder report contains important information about the John Hancock Income Fund (the fund) for the period of June 1, 2025 to May 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Income Fund<br/>(Class I/JSTIX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>52</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.51<span>%</span></td>
</tr>
</table>
52
0.0051
<div style="color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Income Fund (Class I/JSTIX) returned 5.85% for the year ended May 31, 2026. The most significant factors affecting fund performance during the period included fluctuations in global bond yields, three short-term interest rate cuts by the U.S. Federal Reserve, and escalating conflict in the Middle East, which sparked concerns about higher energy prices and inflation.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Duration (interest-rate sensitivity) </b> | Declining global bond yields during portions of the period contributed to higher bond prices.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Corporate debt</b> | High-yield and investment-grade corporate bonds, which comprised more than a third of the portfolio on average, were the top performers in global bond markets during the period.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Non-U.S. bonds </b> | The fund’s holdings of bonds from outside of the U.S. contributed notably to performance, led by bonds from New Zealand, the Eurozone and Indonesia.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Foreign currency positioning </b> | Long exposures to the Japanese yen, Indian rupee, and Philippine peso alongside a short exposure to the Mexican peso detracted from performance.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Fund Performance</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $250,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">GROWTH OF $250,000</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6559475.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Income Fund (Class I/JSTIX)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.85<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.75<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.17<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td>
</tr>
</table>
Income Fund (Class I/JSTIX)
0.0585
0.0149
0.0275
Bloomberg U.S. Aggregate Bond Index
0.0513
0.0017
0.0170
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,702,202,172</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">515</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,992,533</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">55<span>%</span></td>
</tr>
</table>
1702202172
515
5992533
0.55
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Portfolio Composition</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">37.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign government obligations</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Term loans</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Collateralized mortgage obligations – Commercial and residential</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government Agency</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td>
</tr>
</table>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Quality Composition</b></div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_6559466.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; 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>
0.375
0.248
0.084
0.080
0.063
0.056
0.024
0.023
0.015
0.006
0.026
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 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&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc.
John Hancock Income Fund
Class R2
JSNSX
This annual shareholder report contains important information about the John Hancock Income Fund (the fund) for the period of June 1, 2025 to May 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Income Fund<br/>(Class R2/JSNSX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>93</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.91<span>%</span></td>
</tr>
</table>
93
0.0091
<div style="color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Income Fund (Class R2/JSNSX) returned 5.43% for the year ended May 31, 2026. The most significant factors affecting fund performance during the period included fluctuations in global bond yields, three short-term interest rate cuts by the U.S. Federal Reserve, and escalating conflict in the Middle East, which sparked concerns about higher energy prices and inflation.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Duration (interest-rate sensitivity) </b> | Declining global bond yields during portions of the period contributed to higher bond prices.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Corporate debt</b> | High-yield and investment-grade corporate bonds, which comprised more than a third of the portfolio on average, were the top performers in global bond markets during the period.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Non-U.S. bonds </b> | The fund’s holdings of bonds from outside of the U.S. contributed notably to performance, led by bonds from New Zealand, the Eurozone and Indonesia.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Foreign currency positioning </b> | Long exposures to the Japanese yen, Indian rupee, and Philippine peso alongside a short exposure to the Mexican peso detracted from performance.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Fund Performance</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if 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; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">GROWTH OF $10,000</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6559200.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Income Fund (Class R2/JSNSX)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.43<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.35<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: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.17<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td>
</tr>
</table>
Income Fund (Class R2/JSNSX)
0.0543
0.0106
0.0235
Bloomberg U.S. Aggregate Bond Index
0.0513
0.0017
0.0170
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,702,202,172</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">515</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,992,533</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">55<span>%</span></td>
</tr>
</table>
1702202172
515
5992533
0.55
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Portfolio Composition</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">37.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign government obligations</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Term loans</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Collateralized mortgage obligations – Commercial and residential</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government Agency</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td>
</tr>
</table>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Quality Composition</b></div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_6559598.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; 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>
0.375
0.248
0.084
0.080
0.063
0.056
0.024
0.023
0.015
0.006
0.026
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 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&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc.
John Hancock Income Fund
Class R4
JSNFX
This annual shareholder report contains important information about the John Hancock Income Fund (the fund) for the period of June 1, 2025 to May 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Income Fund<br/>(Class R4/JSNFX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>68</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.66<span>%</span></td>
</tr>
</table>
68
0.0066
<div style="color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Income Fund (Class R4/JSNFX) returned 5.69% for the year ended May 31, 2026. The most significant factors affecting fund performance during the period included fluctuations in global bond yields, three short-term interest rate cuts by the U.S. Federal Reserve, and escalating conflict in the Middle East, which sparked concerns about higher energy prices and inflation.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Duration (interest-rate sensitivity) </b> | Declining global bond yields during portions of the period contributed to higher bond prices.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Corporate debt</b> | High-yield and investment-grade corporate bonds, which comprised more than a third of the portfolio on average, were the top performers in global bond markets during the period.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Non-U.S. bonds </b> | The fund’s holdings of bonds from outside of the U.S. contributed notably to performance, led by bonds from New Zealand, the Eurozone and Indonesia.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Foreign currency positioning </b> | Long exposures to the Japanese yen, Indian rupee, and Philippine peso alongside a short exposure to the Mexican peso detracted from performance.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Fund Performance</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if 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; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">GROWTH OF $10,000</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6559570.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Income Fund (Class R4/JSNFX)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.69<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.32<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.60<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: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.17<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td>
</tr>
</table>
Income Fund (Class R4/JSNFX)
0.0569
0.0132
0.0260
Bloomberg U.S. Aggregate Bond Index
0.0513
0.0017
0.0170
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,702,202,172</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">515</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,992,533</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">55<span>%</span></td>
</tr>
</table>
1702202172
515
5992533
0.55
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Portfolio Composition</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">37.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign government obligations</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Term loans</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Collateralized mortgage obligations – Commercial and residential</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government Agency</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td>
</tr>
</table>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Quality Composition</b></div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_6559567.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; 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>
0.375
0.248
0.084
0.080
0.063
0.056
0.024
0.023
0.015
0.006
0.026
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 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&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc.
John Hancock Income Fund
Class R5
JSNVX
This annual shareholder report contains important information about the John Hancock Income Fund (the fund) for the period of June 1, 2025 to May 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Income Fund<br/>(Class R5/JSNVX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>47</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.46<span>%</span></td>
</tr>
</table>
47
0.0046
<div style="color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Income Fund (Class R5/JSNVX) returned 5.91% for the year ended May 31, 2026. The most significant factors affecting fund performance during the period included fluctuations in global bond yields, three short-term interest rate cuts by the U.S. Federal Reserve, and escalating conflict in the Middle East, which sparked concerns about higher energy prices and inflation.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Duration (interest-rate sensitivity) </b> | Declining global bond yields during portions of the period contributed to higher bond prices.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Corporate debt</b> | High-yield and investment-grade corporate bonds, which comprised more than a third of the portfolio on average, were the top performers in global bond markets during the period.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Non-U.S. bonds </b> | The fund’s holdings of bonds from outside of the U.S. contributed notably to performance, led by bonds from New Zealand, the Eurozone and Indonesia.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Foreign currency positioning </b> | Long exposures to the Japanese yen, Indian rupee, and Philippine peso alongside a short exposure to the Mexican peso detracted from performance.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Fund Performance</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if 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; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">GROWTH OF $10,000</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6559555.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Income Fund (Class R5/JSNVX)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.91<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.52<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.81<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: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.17<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td>
</tr>
</table>
Income Fund (Class R5/JSNVX)
0.0591
0.0152
0.0281
Bloomberg U.S. Aggregate Bond Index
0.0513
0.0017
0.0170
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,702,202,172</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">515</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,992,533</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">55<span>%</span></td>
</tr>
</table>
1702202172
515
5992533
0.55
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Portfolio Composition</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">37.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign government obligations</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Term loans</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Collateralized mortgage obligations – Commercial and residential</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government Agency</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td>
</tr>
</table>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Quality Composition</b></div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_6559558.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; 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>
0.375
0.248
0.084
0.080
0.063
0.056
0.024
0.023
0.015
0.006
0.026
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 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&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc.
John Hancock Income Fund
Class R6
JSNWX
This annual shareholder report contains important information about the John Hancock Income Fund (the fund) for the period of June 1, 2025 to May 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/documents</span>. You can also request this information by contacting us at 800-225-5291.
jhinvestments.com/documents
800-225-5291
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Income Fund<br/>(Class R6/JSNWX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>42</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.41<span>%</span></td>
</tr>
</table>
42
0.0041
<div style="color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Income Fund (Class R6/JSNWX) returned 5.78% for the year ended May 31, 2026. The most significant factors affecting fund performance during the period included fluctuations in global bond yields, three short-term interest rate cuts by the U.S. Federal Reserve, and escalating conflict in the Middle East, which sparked concerns about higher energy prices and inflation.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Duration (interest-rate sensitivity) </b> | Declining global bond yields during portions of the period contributed to higher bond prices.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Corporate debt</b> | High-yield and investment-grade corporate bonds, which comprised more than a third of the portfolio on average, were the top performers in global bond markets during the period.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Non-U.S. bonds </b> | The fund’s holdings of bonds from outside of the U.S. contributed notably to performance, led by bonds from New Zealand, the Eurozone and Indonesia.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Foreign currency positioning </b> | Long exposures to the Japanese yen, Indian rupee, and Philippine peso alongside a short exposure to the Mexican peso detracted from performance.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Fund Performance</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">GROWTH OF $1,000,000</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6559530.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Income Fund (Class R6/JSNWX)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.78<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.57<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.86<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.17<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td>
</tr>
</table>
Income Fund (Class R6/JSNWX)
0.0578
0.0157
0.0286
Bloomberg U.S. Aggregate Bond Index
0.0513
0.0017
0.0170
Past performance does not guarantee future results.
Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown and can be found at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/investments</span> or by calling 800-225-5291.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<div style="color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,702,202,172</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">515</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,992,533</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">55<span>%</span></td>
</tr>
</table>
1702202172
515
5992533
0.55
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Portfolio Composition</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">37.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign government obligations</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Term loans</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Collateralized mortgage obligations – Commercial and residential</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government Agency</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Preferred securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Convertible bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td>
</tr>
</table>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Quality Composition</b></div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_6559527.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; 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>
0.375
0.248
0.084
0.080
0.063
0.056
0.024
0.023
0.015
0.006
0.026
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 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&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc.
John Hancock Managed Account Shares Bond Completion Portfolio
Bond Completion Portfolio
JHBMX
This annual shareholder report contains important information about the John Hancock Managed Account Shares Bond Completion Portfolio (the fund) for the period of June 1, 2025 to May 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/underlying-funds</span>. You can also request this information by contacting us at 800-247-0278.
jhinvestments.com/underlying-funds
800-247-0278
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Bond Completion Portfolio/JHBMX</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>0</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.00<span>%</span></td>
</tr>
</table>
0
0.0000
<div style="color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Managed Account Shares Bond Completion Portfolio (Bond Completion Portfolio/JHBMX) returned 5.97% for the year ended May 31, 2026. The U.S. bond market delivered positive total returns during the 12-month period. Much of the gain occurred before the start of the war in Iran in early March, reflecting confidence that moderate inflation would allow the U.S. Federal Reserve (Fed) to continue cutting interest rates. The conflict caused the market to give back some of its prior gains in the final three months of the period, however, as higher oil prices raised the prospect of reaccelerating inflation and less accommodative Fed policy. Credit-oriented market segments generally outperformed on the strength of their higher yields and investors’ hearty appetite for risk.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Agency mortgage-backed securities</b> | The fund’s allocation to this area made the largest contribution to absolute performance due to the combination of its positive total returns and a sizable portfolio weighting.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>U.S. Treasuries</b> | Positions in U.S. government bonds also contributed to absolute performance of the fund.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Investment-grade corporates</b> | This segment of the fund made a meaningful contribution, albeit less than other categories due to its smaller weighting. Amgen, Inc. and T-Mobile USA, Inc. were notable contributors at the individual security level.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Certain securities detracted</b> | Oracle Corp., whose bonds were pressured by the extent of the company’s investments in artificial intelligence, was a notable laggard. A small number of individual U.S. Treasury and Fannie Mae holdings detracted, as well.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Fund Performance</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if 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; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">GROWTH OF $10,000</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6559207.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since inception</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Managed Account Shares Bond Completion Portfolio (Bond Completion Portfolio/JHBMX)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.97<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.96<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.96<span>%</span></td>
</tr>
</table>
Managed Account Shares Bond Completion Portfolio (Bond Completion Portfolio/JHBMX)
0.0597
0.0396
Bloomberg U.S. Aggregate Bond Index
0.0513
0.0396
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="color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>1,080,440</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">25</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td>
</tr>
</table>
1080440
25
0
0.33
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Sector Composition</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government Agency</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">56.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">26.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; 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: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td>
</tr>
</table>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Quality Composition</b></div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_6559216.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; 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>
0.562
0.263
0.070
0.031
0.025
0.016
0.016
0.017
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 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&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc.
John Hancock Managed Account Shares Investment-Grade Corporate Bond Portfolio
Investment-Grade Corporate Bond Portfolio
JMABX
This annual shareholder report contains important information about the John Hancock Managed Account Shares Investment-Grade Corporate Bond Portfolio (the fund) for the period of June 1, 2025 to May 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/underlying-funds</span>. You can also request this information by contacting us at 800-247-0278.
jhinvestments.com/underlying-funds
800-247-0278
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investment-Grade Corporate Bond Portfolio/JMABX</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>0</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.00<span>%</span></td>
</tr>
</table>
0
0.0000
<div style="color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Managed Account Shares Investment-Grade Corporate Bond Portfolio (Investment-Grade Corporate Bond Portfolio/JMABX) returned 7.04% for the year ended May 31, 2026. Corporate bonds delivered strong total returns in the 12-month period that ended on May 31, 2026. The gain was driven by the combination of income, positive returns for the U.S. Treasury market, and a decline in yield spreads that was fueled by robust corporate earnings and investors’ hearty appetite for risk. The war in Iran led to heightened volatility in the final three months of the period, however, as rising oil prices raised the prospect of reaccelerating inflation and less accommodative U.S. Federal Reserve policy.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Banking</b> | Holdings in this industry group were some of the largest contributors to absolute performance, reflecting both their robust performance and large portfolio weightings. NatWest Group PLC and UBS Group AG were leading individual contributors.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Energy</b> | The industry also performed well in the annual period, particularly after the start of the war in Iran early March. Occidental Petroleum Corp. was the largest contributor.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Electric utilities</b> | Growing power demand from artificial intelligence (AI) provided a tailwind for the category, fueling gains for issuers such as Pacific Gas & Electric Company and American Electric Power Company, Inc.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>A small number of individual securities</b> | Certain holdings lost ground and had negative impacts on performance. Oracle Corp., whose bonds were pressured by the company’s investments in AI, was a notable laggard. The data center operator QTS Fayetteville and the British bank Barclays PLC were also among the individual positions that finished with losses.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Fund Performance</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if 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; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">GROWTH OF $10,000</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6559385.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since inception</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Managed Account Shares Investment-Grade Corporate Bond Portfolio (Investment-Grade Corporate Bond Portfolio/JMABX)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.04<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.11<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.09<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.17<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.21<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Corporate Bond Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.09<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.63<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.02<span>%</span></td>
</tr>
</table>
Managed Account Shares Investment-Grade Corporate Bond Portfolio (Investment-Grade Corporate Bond Portfolio/JMABX)
0.0704
0.0211
0.0309
Bloomberg U.S. Aggregate Bond Index
0.0513
0.0017
0.0121
Bloomberg U.S. Corporate Bond Index
0.0609
0.0063
0.0202
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="color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>509,493,425</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">317</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">37<span>%</span></td>
</tr>
</table>
509493425
317
0
0.37
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Sector Composition</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">34.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information technology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real estate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer staples</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer discretionary</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Materials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal bonds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; 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; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td>
</tr>
</table>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Quality Composition</b></div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_6559376.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; 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>
0.346
0.130
0.103
0.100
0.083
0.066
0.053
0.053
0.020
0.018
0.012
0.001
0.015
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 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&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc.
John Hancock Managed Account Shares Non-Investment-Grade Corporate Bond Portfolio
Non-Investment-Grade Corporate Bond Portfolio
JMADX
This annual shareholder report contains important information about the John Hancock Managed Account Shares Non-Investment-Grade Corporate Bond Portfolio (the fund) for the period of June 1, 2025 to May 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:normal;font-size:9pt;font-family:'arial'">jhinvestments.com/underlying-funds</span>. You can also request this information by contacting us at 800-247-0278.
jhinvestments.com/underlying-funds
800-247-0278
<div style="margin-top:0px;color:rgb(0, 0, 0);margin-bottom:6pt;font-weight:normal;font-size:9pt;font-family:'arial';"> <b>What were the fund costs during the last </b> <b>year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;color:rgb(0, 0, 0);font-weight:normal;font-size:9pt;font-family:'arial';"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-after:avoid;break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left;">Fund</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Non-Investment-Grade Corporate Bond Portfolio/JMADX</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>0</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">0.00<span>%</span></td> </tr> </table>
0
0.0000
<div style="color:rgb(0, 0, 0);margin-bottom:6pt;font-weight:normal;font-size:9pt;font-family:'arial';margin-top:14pt;">Management’s Discussion of Fund Performance<br/> <br/> </div><div style="margin-top:0px;font-family:'arial narrow';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:10pt;margin-bottom:6.5pt;font-weight:bold;">SUMMARY OF RESULTS</div><div style="margin-top:0px;color:rgb(0, 0, 0);margin-bottom:7pt;font-weight:normal;font-size:9pt;font-family:'arial';">Managed Account Shares Non-Investment-Grade Corporate Bond Portfolio (Non-Investment-Grade Corporate Bond Portfolio/JMADX) returned 7.52% for the year ended May 31, 2026. High-yield bonds delivered strong total returns in the 12-month period that ended on May 31, 2026. The gain was driven by the combination of income, positive returns for the U.S. Treasury market, and a decline in yield spreads that was fueled by robust corporate earnings and investors’ hearty appetite for risk. The war in Iran led to heightened volatility in the final three months of the period, however, as rising oil prices raised the prospect of reaccelerating inflation and less accommodative U.S. Federal Reserve policy.</div><div style="margin-top:0px;font-family:'arial narrow';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:10pt;margin-bottom:6.5pt;font-weight:bold;">TOP PERFORMANCE CONTRIBUTORS</div><div style="margin-top:0px;color:rgb(0, 0, 0);margin-bottom:7pt;font-weight:normal;font-size:9pt;font-family:'arial';"> <b>Consumer cyclicals</b> | Holdings in this industry group made the largest contribution to absolute performance, primarily as a result of the strong showing for The Michaels Companies, Inc. The Canadian auto retailer Global Auto Holdings, Ltd. was a top contributor, as well.</div><div style="margin-top:0px;color:rgb(0, 0, 0);margin-bottom:7pt;font-weight:normal;font-size:9pt;font-family:'arial';"> <b>Energy</b> | The industry performed well in the annual period, as the surge in oil prices that accompanied the war in Iran helped boost the earnings prospects for energy companies. </div><div style="margin-top:0px;color:rgb(0, 0, 0);margin-bottom:7pt;font-weight:normal;font-size:9pt;font-family:'arial';"> <b>Other sectors</b> | Positions in the communications, electric utilities, and banking sectors further contributed to the fund’s absolute performance.</div><div style="margin-top:0px;font-family:'arial narrow';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:10pt;margin-bottom:6.5pt;font-weight:bold;">TOP PERFORMANCE DETRACTORS</div><div style="margin-top:0px;color:rgb(0, 0, 0);margin-bottom:7pt;font-weight:normal;font-size:9pt;font-family:'arial';"> <b>A small number of individual securities</b> | Certain holdings finished with losses and had negative impacts on performance. Ambipar Lux Sarl, Saks Global Enterprises LLC, and CSN Resources SA were among the individual positions that finished with losses.</div><div style="margin-top:0px;color:rgb(0, 0, 0);margin-bottom:7pt;font-weight:normal;font-size:9pt;font-family:'arial';">The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice. </div>
<div style="margin-top:0px;color:rgb(0, 0, 0);margin-bottom:6pt;font-weight:normal;font-size:9pt;font-family:'arial';">Fund Performance</div><div style="margin-top:0px;color:rgb(0, 0, 0);margin-bottom:7pt;font-weight:normal;font-size:9pt;font-family:'arial';">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if 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;color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;margin-bottom:3pt;font-weight:normal;font-size:9pt;font-family:'arial';">GROWTH OF $10,000</div><div style="font-size:9pt;color:rgb(0, 0, 0);margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_6559344.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-after:avoid;break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">Since inception</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal;">Managed Account Shares Non-Investment-Grade Corporate Bond Portfolio (Non-Investment-Grade Corporate Bond Portfolio/JMADX)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.52<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.71<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.18<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal;">Bloomberg U.S. Aggregate Bond Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.17<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.21<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal;">ICE BofA U.S. High Yield Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.44<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.36<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.94<span>%</span></td> </tr> </table>
Managed Account Shares Non-Investment-Grade Corporate Bond Portfolio (Non-Investment-Grade Corporate Bond Portfolio/JMADX)
0.0752
0.0371
0.0418
Bloomberg U.S. Aggregate Bond Index
0.0513
0.0017
0.0121
ICE BofA U.S. High Yield Index
0.0744
0.0436
0.0494
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="color:rgb(0, 0, 0);font-weight:normal;font-size:9pt;font-family:'arial';margin-top:0px;margin-bottom:0px;">Fund Statistics</div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 0; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold;">Fund net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 0; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>188,719,463</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">201</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold;">Total advisory fees paid (net)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>0</td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">61<span>%</span></td> </tr> </table>
188719463
201
0
0.61
<div style="margin-top:0px;color:rgb(0, 0, 0);margin-bottom:6pt;font-weight:normal;font-size:9pt;font-family:'arial';">Graphical Representation of Holdings</div><div style="margin-top:0px;color:rgb(0, 0, 0);margin-bottom:7pt;font-weight:normal;font-size:9pt;font-family:'arial';">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div><div style="margin-top:5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-family:'arial narrow';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:10pt;text-align:center;padding-bottom:0px;font-weight:bold;"> <b>Sector Composition</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer discretionary</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">17.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">16.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Communication services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">11.6<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Utilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.9<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Health care</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.1<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer staples</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.2<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Materials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Information technology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Real estate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Short-term investments and other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.0<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-family:'arial narrow';color:rgb(0, 0, 0);letter-spacing:1.25px;text-transform:uppercase;font-size:10pt;text-align:center;padding-bottom:0px;font-weight:bold;"> <b>Quality Composition</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);padding-right:6pt;padding-left:6pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_6559335.jpg" style="width: 172.8pt;"/> </div><div style="margin-top:0px;color:rgb(0, 0, 0);font-weight:normal;font-size:9pt;font-family:'arial';margin-bottom:7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 and do not reflect subsequent downgrades or upgrades, if any.</div><div style="margin-top:0px;color:rgb(0, 0, 0);font-weight:normal;font-size:9pt;font-family:'arial';margin-bottom:7.5pt;">Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.</div>
0.173
0.168
0.147
0.116
0.079
0.073
0.061
0.052
0.047
0.037
0.027
0.020
<div style="margin-top:0px;color:rgb(0, 0, 0);font-weight:normal;font-size:9pt;font-family:'arial';margin-bottom:7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 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&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc.
John Hancock Managed Account Shares Non-Investment-Grade Municipal Bond Portfolio
Non-Investment-Grade Municipal Bond Portfolio
JHFMX
This annual shareholder report contains important information about the John Hancock Managed Account Shares Non-Investment-Grade Municipal Bond Portfolio (the fund) for the period of June 1, 2025 to May 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/underlying-funds</span>. You can also request this information by contacting us at 800-247-0278.
jhinvestments.com/underlying-funds
800-247-0278
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Non-Investment-Grade Municipal Bond Portfolio/JHFMX</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>0</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.00<span>%</span></td>
</tr>
</table>
0
0.0000
<div style="color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Managed Account Shares Non-Investment-Grade Municipal Bond Portfolio (Non-Investment-Grade Municipal Bond Portfolio/JHFMX) returned 7.29% for the year ended May 31, 2026. The broader U.S. bond market delivered positive total returns in the annual period. Much of the gain occurred before the start of the war in Iran in early March, reflecting confidence that moderate inflation would allow the U.S. Federal Reserve (Fed) to continue cutting interest rates. The conflict caused the market to give back some of its prior gains in the final three months of the period, however, as higher oil prices raised the prospect of reaccelerating inflation and less accommodative Fed policy. Municipal bonds outperformed the taxable investment-grade market, reflecting positive supply-and-demand conditions, attractive yields relative to U.S. Treasuries, and stable credit trends. High-yield municipal issues slightly underperformed the broader tax-exempt category.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Continuing care retirement and charter schools</b> | The fund’s holdings in these areas made the largest contribution to absolute performance due to the combination of positive total returns and their sizable portfolio weightings.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Other notable sectors</b> | Positions in the tax increment/financing, toll roads/bridges/tunnels, and hospitals sectors also helped results.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Strong performing individual securities</b> | Beaver County Industrial Development Authority was a top contributor, as were bonds issued by the City of Henderson, Kentucky.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Economic and industrial revenue bonds</b> | Although a number of individual issues performed well, the fund’s holdings in this category posted losses in the aggregate. Bonds issued by Polk County, Florida and Brazoria County, Texas detracted from results, as did the Nevada Department of Business & Industry.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Fund Performance</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if 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; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">GROWTH OF $10,000</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6559258.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since inception</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Managed Account Shares Non-Investment-Grade Municipal Bond Portfolio (Non-Investment-Grade Municipal Bond Portfolio/JHFMX)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.29<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.98<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.67<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.10<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: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg High Yield Municipal Bond Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.21<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.84<span>%</span></td>
</tr>
</table>
Managed Account Shares Non-Investment-Grade Municipal Bond Portfolio (Non-Investment-Grade Municipal Bond Portfolio/JHFMX)
0.0729
0.0498
Bloomberg Municipal Bond Index
0.0667
0.0310
Bloomberg High Yield Municipal Bond Index
0.0621
0.0484
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="color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>20,057,257</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">106</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">16<span>%</span></td>
</tr>
</table>
20057257
106
0
0.16
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Portfolio Composition</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>General obligation bonds</strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>6.4</strong><strong>%</strong></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Revenue bonds</strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>89.4</strong><strong>%</strong></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Education</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">19.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Development</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">19.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other revenue</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health care</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Transportation</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Airport</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Tobacco</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Housing</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Water and sewer</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pollution</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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="font-size: 9pt; color: rgb(0, 0, 0); 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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;"><strong>4.2<span>%</span></strong></td>
</tr>
</table>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Quality Composition</b></div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_6559255.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; 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>
0.064
0.894
0.194
0.192
0.177
0.161
0.046
0.041
0.040
0.030
0.012
0.001
0.042
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 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&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc.
John Hancock Managed Account Shares Securitized Debt Portfolio
Securitized Debt Portfolio
JMAEX
This annual shareholder report contains important information about the John Hancock Managed Account Shares Securitized Debt Portfolio (the fund) for the period of June 1, 2025 to May 31, 2026.
annual shareholder report
You can find additional information about the fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';">jhinvestments.com/underlying-funds</span>. You can also request this information by contacting us at 800-247-0278.
jhinvestments.com/underlying-funds
800-247-0278
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>What were the fund costs during the last </b> <b>year</b> <b>?</b></div>
<div style="margin-top: 0px; margin-bottom: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial';"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Fund</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Securitized Debt Portfolio/JMAEX</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>0</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.00<span>%</span></td>
</tr>
</table>
0
0.0000
<div style="color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 14pt;">Management’s Discussion of Fund Performance<br/><br/></div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">SUMMARY OF RESULTS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Managed Account Shares Securitized Debt Portfolio (Securitized Debt Portfolio/JMAEX) returned 4.67% for the year ended May 31, 2026. Securitized assets produced strong total returns and outpaced the broader investment-grade market in the annual period. The category was helped by periods of declining U.S. Treasury yields, as well as demand for higher-yielding assets that was fueled by investors’ generally hearty appetite for risk.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Asset-backed securities (ABS)</b> | The fund’s allocation to this area made the largest contribution to absolute performance due to the combination of its positive total returns and sizable portfolio weighting.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>Commercial mortgage-backed securities and non-agency mortgage-backed securities</b> | These categories also helped results. While both outpaced ABS, they made less of a contribution to the fund’s return due to their smaller allocations.</div>
<div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 6.5pt; font-weight: bold;">TOP PERFORMANCE DETRACTORS</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';"><b>A small number of individual securities</b> | Certain holdings—including the asset-backed securities of CF Hippolyta Issuer LLC and New Economy Assets - Phase 1 Sponsor LLC—finished with losses and had negative impacts on performance.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Fund Performance</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if 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; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">GROWTH OF $10,000</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_6559424.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since inception</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Managed Account Shares Securitized Debt Portfolio (Securitized Debt Portfolio/JMAEX)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.67<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.61<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.96<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.17<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.21<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial Narrow'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Securitized MBS ABS CMBS Index</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.71<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.52<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.15<span>%</span></td>
</tr>
</table>
Managed Account Shares Securitized Debt Portfolio (Securitized Debt Portfolio/JMAEX)
0.0467
0.0261
0.0296
Bloomberg U.S. Aggregate Bond Index
0.0513
0.0017
0.0121
Bloomberg U.S. Securitized MBS ABS CMBS Index
0.0671
0.0052
0.0115
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="color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-top: 0px; margin-bottom: 0px;">Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 0 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>319,314,556</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">321</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 90%; text-align: left; font-family: 'Arial Narrow'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">28<span>%</span></td>
</tr>
</table>
319314556
321
0
0.28
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 6pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">Graphical Representation of Holdings</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); margin-bottom: 7pt; font-weight: normal; font-size: 9pt; font-family: 'arial';">The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.</div>
<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Portfolio Composition</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">51.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Collateralized mortgage obligations – Commercial and residential</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">42.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); 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="font-size: 9pt; color: rgb(0, 0, 0); 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: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-term investments and other</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td>
</tr>
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<div style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; font-family: 'arial narrow'; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; text-align: center; padding-bottom: 0px; font-weight: bold; margin: 5pt 0px 0px 0px;"><b>Quality Composition</b></div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); padding-right: 6pt; padding-left: 6pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_6559427.jpg" style="width: 172.8pt;"/> </div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 and do not reflect subsequent downgrades or upgrades, if any.</div>
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; 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>
0.510
0.423
0.052
0.015
<div style="margin-top: 0px; color: rgb(0, 0, 0); font-weight: normal; font-size: 9pt; font-family: 'arial'; margin-bottom: 7.5pt;">Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&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 5-31-26 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&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc.