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JOHN HANCOCK VARIABLE INSURANCE TRUST
2026-06-30
Active Bond Trust
Series I
JAHFX
This <span class="sec-hidden" style="-sec-ix-hidden: t_15_a58a1e7f_cdd2_dc43_4802_e44e7f378b60;">semiannual shareholder report</span> contains important information about the Active Bond Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Active Bond Trust<br/>(Series I/JAHFX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>35</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.70<span>%</span></td>
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35
0.0070
<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>559,715,250</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">1,115</td>
</tr>
<tr style="break-inside: avoid-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;">49<span>%</span></td>
</tr>
</table>
559715250
1115
0.49
<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;">41.0<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;">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;">30.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">12.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">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;">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;">5.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">1.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">0.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">0.2<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;">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;">0.2<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;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6620139.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 6-30-26 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>
0.410
0.307
0.127
0.063
0.055
0.010
0.004
0.002
0.002
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 6-30-26 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.
Active Bond Trust
Series II
JAHEX
This <span class="sec-hidden" style="-sec-ix-hidden:t_23_90d8a0db_8903_a622_86ed_5ecfe4f0cddc">semiannual shareholder report</span> contains important information about the Active Bond Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Active Bond Trust<br/>(Series II/JAHEX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>45</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;">0.90<span>%</span></td>
</tr>
</table>
45
0.0090
<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>559,715,250</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">1,115</td>
</tr>
<tr style="break-inside: avoid-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;">49<span>%</span></td>
</tr>
</table>
559715250
1115
0.49
<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;">41.0<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;">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;">30.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">12.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">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;">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;">5.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">1.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">0.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">0.2<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;">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;">0.2<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;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6620108.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 6-30-26 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>
0.410
0.307
0.127
0.063
0.055
0.010
0.004
0.002
0.002
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 6-30-26 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.
Active Bond Trust
Series NAV
JAHDX
This <span class="sec-hidden" style="-sec-ix-hidden: t_28_8cf1fa95_4fcd_2f68_1453_76cfcf87fc99;">semiannual shareholder report</span> contains important information about the Active Bond Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Active Bond Trust<br/>(Series NAV/JAHDX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>32</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;">0.65<span>%</span></td>
</tr>
</table>
32
0.0065
<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>559,715,250</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">1,115</td>
</tr>
<tr style="break-inside: avoid-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;">49<span>%</span></td>
</tr>
</table>
559715250
1115
0.49
<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;">41.0<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;">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;">30.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">12.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">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;">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;">5.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">1.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">0.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">0.2<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;">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;">0.2<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;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6620099.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 6-30-26 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>
0.410
0.307
0.127
0.063
0.055
0.010
0.004
0.002
0.002
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 6-30-26 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.
Core Bond Trust
Series I
JADKX
This <span class="sec-hidden" style="-sec-ix-hidden: t_36_1cb732e3_059b_cffc_fccc_0fb85c39120a;">semiannual shareholder report</span> contains important information about the Core Bond Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Core Bond Trust<br/>(Series I/JADKX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>33</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span></td>
</tr>
</table>
33
0.0067
<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>660,562,487</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">928</td>
</tr>
<tr style="break-inside: avoid-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;">171<span>%</span></td>
</tr>
</table>
660562487
928
1.71
<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 investments 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;">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;">28.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">27.3<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;">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;">26.8<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;">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;">7.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">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;">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;">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="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;">0.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal 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;">0.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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</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;">1.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6620046.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 6-30-26 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>
0.280
0.273
0.268
0.077
0.056
0.018
0.008
0.001
0.019
<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 6-30-26 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.
Core Bond Trust
Series II
JAAEX
This <span class="sec-hidden" style="-sec-ix-hidden: t_47_0b5b7ea9_be7a_f615_db28_c7af5f28f4c1;">semiannual shareholder report</span> contains important information about the Core Bond Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Core Bond Trust<br/>(Series II/JAAEX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43</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;">0.87<span>%</span></td>
</tr>
</table>
43
0.0087
<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>660,562,487</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">928</td>
</tr>
<tr style="break-inside: avoid-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;">171<span>%</span></td>
</tr>
</table>
660562487
928
1.71
<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 investments 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;">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;">28.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">27.3<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;">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;">26.8<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;">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;">7.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">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;">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;">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="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;">0.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal 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;">0.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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</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;">1.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6620027.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 6-30-26 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>
0.280
0.273
0.268
0.077
0.056
0.018
0.008
0.001
0.019
<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 6-30-26 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.
Core Bond Trust
Series NAV
JVCNX
This <span class="sec-hidden" style="-sec-ix-hidden: t_55_0340a886_6637_2b11_93f6_24361c4d9183;">semiannual shareholder report</span> contains important information about the Core Bond Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Core Bond Trust<br/>(Series NAV/JVCNX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span></td>
</tr>
</table>
31
0.0062
<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>660,562,487</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">928</td>
</tr>
<tr style="break-inside: avoid-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;">171<span>%</span></td>
</tr>
</table>
660562487
928
1.71
<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 investments 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;">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;">28.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">27.3<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;">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;">26.8<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;">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;">7.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">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;">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;">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="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;">0.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal 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;">0.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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</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;">1.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6620006.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 6-30-26 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>
0.280
0.273
0.268
0.077
0.056
0.018
0.008
0.001
0.019
<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 6-30-26 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.
High Yield Trust
Series I
JAELX
This <span class="sec-hidden" style="-sec-ix-hidden: t_60_4881da3e_069e_e65b_8b8f_0b9cb94aaf6c;">semiannual shareholder report</span> contains important information about the High Yield Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">High Yield Trust<br/>(Series I/JAELX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>32</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;">0.64<span>%</span></td>
</tr>
</table>
32
0.0064
<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>180,379,004</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">610</td>
</tr>
<tr style="break-inside: avoid-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;">15<span>%</span></td>
</tr>
</table>
180379004
610
0.15
<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;">94.8<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;">0.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">0.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">4.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6619965.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 6-30-26 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>
0.948
0.008
0.003
0.041
<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 6-30-26 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.
High Yield Trust
Series II
JAEOX
This <span class="sec-hidden" style="-sec-ix-hidden: t_68_b6395da2_3dc4_bda3_f48a_f91c31ac2509;">semiannual shareholder report</span> contains important information about the High Yield Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">High Yield Trust<br/>(Series II/JAEOX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</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;">0.84<span>%</span></td>
</tr>
</table>
42
0.0084
<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>180,379,004</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">610</td>
</tr>
<tr style="break-inside: avoid-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;">15<span>%</span></td>
</tr>
</table>
180379004
610
0.15
<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;">94.8<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;">0.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">0.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">4.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6619934.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 6-30-26 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>
0.948
0.008
0.003
0.041
<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 6-30-26 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.
High Yield Trust
Series NAV
JAEMX
This <span class="sec-hidden" style="-sec-ix-hidden: t_76_9772dfff_b54a_2b1a_4177_778fa41690e0;">semiannual shareholder report</span> contains important information about the High Yield Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">High Yield Trust<br/>(Series NAV/JAEMX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>30</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.59<span>%</span></td>
</tr>
</table>
30
0.0059
<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>180,379,004</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">610</td>
</tr>
<tr style="break-inside: avoid-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;">15<span>%</span></td>
</tr>
</table>
180379004
610
0.15
<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;">94.8<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;">0.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">0.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">4.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6619925.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 6-30-26 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>
0.948
0.008
0.003
0.041
<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 6-30-26 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.
Investment Quality Bond Trust
Series I
JADUX
This <span class="sec-hidden" style="-sec-ix-hidden: t_84_e49f01bb_c219_e5c0_b5dd_dde94440e97a;">semiannual shareholder report</span> contains important information about the Investment Quality Bond Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investment Quality Bond Trust<br/>(Series I/JADUX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>38</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;">0.76<span>%</span></td>
</tr>
</table>
38
0.0076
<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>210,536,558</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">841</td>
</tr>
<tr style="break-inside: avoid-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;">45<span>%</span></td>
</tr>
</table>
210536558
841
0.45
<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 investments 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;">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;">33.1<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;">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;">28.2<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;">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;">14.3<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 – 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;">11.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">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;">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;">3.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">1.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">0.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal 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;">0.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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</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;">1.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6619873.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 6-30-26 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>
0.331
0.282
0.143
0.114
0.063
0.034
0.011
0.007
0.001
0.014
<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 6-30-26 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.
Investment Quality Bond Trust
Series II
JADSX
This <span class="sec-hidden" style="-sec-ix-hidden:t_91_9ebf4344_3692_db81_a7be_9113974d7800">semiannual shareholder report </span>contains important information about the Investment Quality Bond Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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'">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top:0px;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>six months</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 (Class)</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 $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Investment Quality Bond Trust<br/> (Series II/JADSX)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>48</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;">0.96<span>%</span></td> </tr> </table>
48
0.0096
<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>210,536,558</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color: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;">841</td> </tr>
<tr style="break-inside:avoid-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;">45<span>%</span></td> </tr> </table>
210536558
841
0.45
<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 investments 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>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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">33.1<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">28.2<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">14.3<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">11.4<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">3.4<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Foreign government obligations</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">1.1<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Term loans</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Municipal bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.1<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Short-term investments</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">1.4<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></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_6619842.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 6-30-26 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>
0.331
0.282
0.143
0.114
0.063
0.034
0.011
0.007
0.001
0.014
<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 6-30-26 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.
Investment Quality Bond Trust
Series NAV
JAJNX
This <span class="sec-hidden" style="-sec-ix-hidden: t_98_dcd7d754_a79e_ccf3_7d79_70d3e2cdb03c;">semiannual shareholder report</span> contains important information about the Investment Quality Bond Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investment Quality Bond Trust<br/>(Series NAV/JAJNX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>35</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.71<span>%</span></td>
</tr>
</table>
35
0.0071
<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>210,536,558</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">841</td>
</tr>
<tr style="break-inside: avoid-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;">45<span>%</span></td>
</tr>
</table>
210536558
841
0.45
<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 investments 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;">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;">33.1<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;">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;">28.2<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;">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;">14.3<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 – 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;">11.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">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;">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;">3.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">1.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">0.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal 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;">0.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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</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;">1.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6619833.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 6-30-26 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>
0.331
0.282
0.143
0.114
0.063
0.034
0.011
0.007
0.001
0.014
<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 6-30-26 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.
Money Market Trust
Series I
JHOXX
This <span title="element: B30%, context: 0%"><span class="sec-hidden" style="-sec-ix-hidden:t_109_f716f717_d328_3786_0559_ffa0e7583a02">semiannual shareholder report</span></span> contains important information about the Money Market Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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'">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top:0px;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>six months</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 (Class)</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 $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Money Market Trust<br/> (Series I/JHOXX)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>17</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;">0.33<span>%</span></td> </tr> </table>
17
0.0033
<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;"><span style="float:none">$</span>2,074,185,352</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color: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;">108</td> </tr>
<tr style="break-inside:avoid-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;">Weighted Average Maturity</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;">51 Days</td> </tr> </table>
2074185352
108
<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 investments 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>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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">49.1<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Repurchase agreement</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">41.6<span>%</span></td> </tr>
<tr style="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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">9.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></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>Maturity 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_6619792.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;">Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.</div>
0.491
0.416
0.093
Money Market Trust
Series II
JAAXX
This <span title="element: B30%, context: 0%"><span class="sec-hidden" style="-sec-ix-hidden:t_116_c9f7e886_c37a_2b27_e999_93b8cd374b78">semiannual shareholder report</span></span> contains important information about the Money Market Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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'">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top:0px;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>six months</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 (Class)</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 $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Money Market Trust<br/> (Series II/JAAXX)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>26</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;">0.53<span>%</span></td> </tr> </table>
26
0.0053
<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;"><span style="float:none">$</span>2,074,185,352</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color: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;">108</td> </tr>
<tr style="break-inside:avoid-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;">Weighted Average Maturity</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;">51 Days</td> </tr> </table>
2074185352
108
<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 investments 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>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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">49.1<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Repurchase agreement</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">41.6<span>%</span></td> </tr>
<tr style="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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">9.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></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>Maturity 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_6619761.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;">Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.</div>
0.491
0.416
0.093
Money Market Trust
Series NAV
JABXX
This <span><span class="sec-hidden" style="-sec-ix-hidden: t_125_f714a738_8b4f_2cd1_5233_37985b56b06e;">semiannual shareholder report</span></span> contains important information about the Money Market Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Money Market Trust<br/>(Series NAV/JABXX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>14</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.28<span>%</span></td>
</tr>
</table>
14
0.0028
<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; padding: 0 10pt 3pt 10pt;"><span style="float: none;">$</span>2,074,185,352</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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; padding: 6pt 10pt 3pt 10pt;">108</td>
</tr>
<tr style="break-inside: avoid-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;">Weighted Average Maturity</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">51 Days</td>
</tr>
</table>
2074185352
108
<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 investments 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;">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;">49.1<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;">Repurchase agreement</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;">41.6<span>%</span></td>
</tr>
<tr style="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;">9.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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>Maturity 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_6619740.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;">Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.</div>
0.491
0.416
0.093
Opportunistic Fixed Income Trust
Series I
JAEJX
This <span><span class="sec-hidden" style="-sec-ix-hidden:t_135_d291c71f_0c2e_474e_eff4_508807eb079a">semiannual shareholder report</span></span> contains important information about the Opportunistic Fixed Income Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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'">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top:0px;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>six months</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 (Class)</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 $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Opportunistic Fixed Income Trust<br/> (Series I/JAEJX)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>41</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;">0.82<span>%</span></td> </tr> </table>
41
0.0082
<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>143,922,886</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color: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;">1,248</td> </tr>
<tr style="break-inside:avoid-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;">131<span>%</span></td> </tr> </table>
143922886
1248
1.31
<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 investments 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>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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Foreign government obligations</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">35.3<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">20.2<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">12.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">9.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Convertible bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">2.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Term loans</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">2.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">2.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Preferred securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Exchange-traded funds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.1<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Short-term investments</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">3.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></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>Country 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">United States</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">58.6<span>%</span></td> </tr>
<tr style="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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Brazil</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Colombia</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">South Korea</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Japan</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">2.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Czech Republic</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">2.6<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Mexico</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Indonesia</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">United Kingdom</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">New Zealand</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">1.5<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Other countries</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">13.9<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-top:6pt;padding-right:6pt;padding-left:6pt;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6619716.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 6-30-26 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>
0.353
0.202
0.123
0.093
0.077
0.028
0.028
0.027
0.020
0.018
0.001
0.030
0.586
0.066
0.040
0.040
0.028
0.026
0.025
0.020
0.015
0.015
0.139
<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 6-30-26 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.
Opportunistic Fixed Income Trust
Series II
JAEHX
This <span class="sec-hidden" style="-sec-ix-hidden:t_141_0465daa6_e5c0_da9c_6d64_884c30514e79">semiannual shareholder report</span> contains important information about the Opportunistic Fixed Income Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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'">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top:0px;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>six months</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 (Class)</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 $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Opportunistic Fixed Income Trust<br/> (Series II/JAEHX)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>51</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;">1.02<span>%</span></td> </tr> </table>
51
0.0102
<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>143,922,886</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color: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;">1,248</td> </tr>
<tr style="break-inside:avoid-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;">131<span>%</span></td> </tr> </table>
143922886
1248
1.31
<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 investments 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>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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Foreign government obligations</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">35.3<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">20.2<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">12.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">9.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Convertible bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">2.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Term loans</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">2.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">2.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Preferred securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Exchange-traded funds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.1<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Short-term investments</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">3.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></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>Country 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">United States</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">58.6<span>%</span></td> </tr>
<tr style="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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Brazil</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Colombia</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">South Korea</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Japan</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">2.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Czech Republic</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">2.6<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Mexico</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Indonesia</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">United Kingdom</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">New Zealand</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">1.5<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Other countries</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">13.9<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-top:6pt;padding-right:6pt;padding-left:6pt;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6619703.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 6-30-26 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>
0.353
0.202
0.123
0.093
0.077
0.028
0.028
0.027
0.020
0.018
0.001
0.030
0.586
0.066
0.040
0.040
0.028
0.026
0.025
0.020
0.015
0.015
0.139
<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 6-30-26 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.
Opportunistic Fixed Income Trust
Series NAV
JAEKX
This <span class="sec-hidden" style="-sec-ix-hidden:t_149_7fe18fe5_9680_8199_5378_174db590786d">semiannual shareholder report</span> contains important information about the Opportunistic Fixed Income Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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'">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top:0px;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>six months</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 (Class)</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 $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Opportunistic Fixed Income Trust<br/> (Series NAV/JAEKX)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>39</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;">0.77<span>%</span></td> </tr> </table>
39
0.0077
<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>143,922,886</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color: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;">1,248</td> </tr>
<tr style="break-inside:avoid-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;">131<span>%</span></td> </tr> </table>
143922886
1248
1.31
<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 investments 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>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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Foreign government obligations</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">35.3<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">20.2<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">12.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">9.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Convertible bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">2.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Term loans</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">2.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">2.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Preferred securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Exchange-traded funds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.1<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Short-term investments</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">3.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></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>Country 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">United States</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">58.6<span>%</span></td> </tr>
<tr style="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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Brazil</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Colombia</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">South Korea</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Japan</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">2.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Czech Republic</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">2.6<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Mexico</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Indonesia</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">United Kingdom</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">New Zealand</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">1.5<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Other countries</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">13.9<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-top:6pt;padding-right:6pt;padding-left:6pt;"> <img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_6619674.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 6-30-26 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>
0.353
0.202
0.123
0.093
0.077
0.028
0.028
0.027
0.020
0.018
0.001
0.030
0.586
0.066
0.040
0.040
0.028
0.026
0.025
0.020
0.015
0.015
0.139
<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 6-30-26 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.
Select Bond Trust
Series I
JAFZX
This <span class="sec-hidden" style="-sec-ix-hidden: t_156_480047a1_ba64_5341_eadc_8e7047a62899;">semiannual shareholder report</span> contains important information about the Select Bond Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Select Bond Trust<br/>(Series I/JAFZX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>33</td>
<td style="break-inside: avoid-page; text-align: right; 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>
33
0.0066
<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>503,715,682</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">829</td>
</tr>
<tr style="break-inside: avoid-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;">83<span>%</span></td>
</tr>
</table>
503715682
829
0.83
<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;">32.3<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;">31.8<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;">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;">14.8<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;">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;">7.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">5.8<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;">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;">0.9<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="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;">0.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal 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;">0.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">6.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6619637.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 6-30-26 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>
0.323
0.318
0.148
0.078
0.058
0.009
0.001
0.001
0.064
<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 6-30-26 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.
Select Bond Trust
Series II
JHBDX
This <span class="sec-hidden" style="-sec-ix-hidden: t_164_9bffe2c8_fdf2_641e_83d8_726f42fc2d5a;">semiannual shareholder report</span> contains important information about the Select Bond Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Select Bond Trust<br/>(Series II/JHBDX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43</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;">0.86<span>%</span></td>
</tr>
</table>
43
0.0086
<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>503,715,682</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">829</td>
</tr>
<tr style="break-inside: avoid-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;">83<span>%</span></td>
</tr>
</table>
503715682
829
0.83
<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;">32.3<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;">31.8<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;">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;">14.8<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;">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;">7.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">5.8<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;">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;">0.9<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="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;">0.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal 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;">0.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">6.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6619616.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 6-30-26 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>
0.323
0.318
0.148
0.078
0.058
0.009
0.001
0.001
0.064
<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 6-30-26 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.
Select Bond Trust
Series NAV
JAGBX
This <span class="sec-hidden" style="-sec-ix-hidden:t_173_9c202739_558d_30d5_f5d1_d9a79f27bea8">semiannual shareholder report</span> contains important information about the Select Bond Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Select Bond Trust<br/>(Series NAV/JAGBX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span></td>
</tr>
</table>
31
0.0062
<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>503,715,682</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">829</td>
</tr>
<tr style="break-inside: avoid-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;">83<span>%</span></td>
</tr>
</table>
503715682
829
0.83
<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;">32.3<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;">31.8<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;">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;">14.8<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;">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;">7.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">5.8<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;">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;">0.9<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="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;">0.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Municipal 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;">0.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">6.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6619585.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 6-30-26 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>
0.323
0.318
0.148
0.078
0.058
0.009
0.001
0.001
0.064
<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 6-30-26 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.
Short Term Government Income Trust
Series I
JAJPX
This <span class="sec-hidden" style="-sec-ix-hidden:t_181_be0a25d6_e5e1_b1df_725f_999ba2e92708">semiannual shareholder report</span> contains important information about the Short Term Government Income Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Short Term Government Income Trust<br/>(Series I/JAJPX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>34</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.69<span>%</span></td>
</tr>
</table>
34
0.0069
<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>247,741,609</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">102</td>
</tr>
<tr style="break-inside: avoid-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;">241<span>%</span></td>
</tr>
</table>
247741609
102
2.41
<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;">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;">50.9<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="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;">46.7<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;">Municipal 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;">1.2<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;">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;">0.3<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;">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;">0.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6619535.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 6-30-26 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>
0.509
0.467
0.012
0.003
0.009
<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 6-30-26 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.
Short Term Government Income Trust
Series II
JAFWX
This <span class="sec-hidden" style="-sec-ix-hidden:t_191_a02ff91b_4a1b_1545_5785_b985678bed01">semiannual shareholder report</span> contains important information about the Short Term Government Income Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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'">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top:0px;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>six months</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 (Class)</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 $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Short Term Government Income Trust<br/> (Series II/JAFWX)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>44</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;">0.89<span>%</span></td> </tr> </table>
44
0.0089
<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>247,741,609</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color: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;">102</td> </tr>
<tr style="break-inside:avoid-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;">241<span>%</span></td> </tr> </table>
247741609
102
2.41
<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>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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">50.9<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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">46.7<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Municipal bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.9<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></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_6619504.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 6-30-26 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>
0.509
0.467
0.012
0.003
0.009
<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 6-30-26 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.
Short Term Government Income Trust
Series NAV
JAFYX
This <span class="sec-hidden" style="-sec-ix-hidden:t_198_33520490_f845_ed98_5aa1_624a02f9c8d6">semiannual shareholder report</span> contains important information about the Short Term Government Income Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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'">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top:0px;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>six months</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 (Class)</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 $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Short Term Government Income Trust<br/> (Series NAV/JAFYX)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>32</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;">0.64<span>%</span></td> </tr> </table>
32
0.0064
<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>247,741,609</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color: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;">102</td> </tr>
<tr style="break-inside:avoid-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;">241<span>%</span></td> </tr> </table>
247741609
102
2.41
<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>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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">50.9<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="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">46.7<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Municipal bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.9<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></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_6619544.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 6-30-26 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>
0.509
0.467
0.012
0.003
0.009
<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 6-30-26 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.
Strategic Income Opportunities Trust
Series I
JESNX
This <span title="element: B30%, context: 0%"><span class="sec-hidden" style="-sec-ix-hidden: t_202_c8a8ae45_672e_216b_020d_ecfcc94168e9;">semiannual shareholder report</span></span> contains important information about the Strategic Income Opportunities Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Strategic Income Opportunities Trust<br/>(Series I/JESNX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>39</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;">0.78<span>%</span></td>
</tr>
</table>
39
0.0078
<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>300,355,856</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">502</td>
</tr>
<tr style="break-inside: avoid-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;">24<span>%</span></td>
</tr>
</table>
300355856
502
0.24
<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;">43.1<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;">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;">16.6<span>%</span></td>
</tr>
<tr style="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;">12.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">5.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">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="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;">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="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;">3.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">2.9<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="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;">1.7<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;">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;">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="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;">4.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6619443.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 6-30-26 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>
0.431
0.166
0.121
0.057
0.047
0.037
0.036
0.029
0.017
0.016
0.043
<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 6-30-26 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.
Strategic Income Opportunities Trust
Series II
JESPX
This <span class="sec-hidden" style="-sec-ix-hidden: t_215_74daa95d_c0a9_927a_9167_da33db01cfdb;">semiannual shareholder report</span> contains important information about the Strategic Income Opportunities Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Strategic Income Opportunities Trust<br/>(Series II/JESPX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>49</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;">0.98<span>%</span></td>
</tr>
</table>
49
0.0098
<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>300,355,856</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">502</td>
</tr>
<tr style="break-inside: avoid-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;">24<span>%</span></td>
</tr>
</table>
300355856
502
0.24
<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;">43.1<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;">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;">16.6<span>%</span></td>
</tr>
<tr style="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;">12.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">5.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">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="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;">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="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;">3.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">2.9<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="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;">1.7<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;">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;">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="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;">4.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6619412.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 6-30-26 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>
0.431
0.166
0.121
0.057
0.047
0.037
0.036
0.029
0.017
0.016
0.043
<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 6-30-26 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.
Strategic Income Opportunities Trust
Series NAV
JVRNX
This <span class="sec-hidden" style="-sec-ix-hidden: t_223_b33cf9b2_bc62_7542_7e4f_9489d03eadd2;">semiannual shareholder report</span> contains important information about the Strategic Income Opportunities Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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';">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top: 0px; 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>six months</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 $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Strategic Income Opportunities Trust<br/>(Series NAV/JVRNX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>36</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;">0.73<span>%</span></td>
</tr>
</table>
36
0.0073
<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>300,355,856</td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: 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;">502</td>
</tr>
<tr style="break-inside: avoid-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;">24<span>%</span></td>
</tr>
</table>
300355856
502
0.24
<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;">43.1<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;">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;">16.6<span>%</span></td>
</tr>
<tr style="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;">12.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">5.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">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="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;">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="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;">3.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;">
<td style="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;">2.9<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="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;">1.7<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;">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;">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="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;">4.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;">
<td style="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_6619452.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 6-30-26 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>
0.431
0.166
0.121
0.057
0.047
0.037
0.036
0.029
0.017
0.016
0.043
<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 6-30-26 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.
Total Bond Market Trust
Series I
JTBMX
This <span class="sec-hidden" style="-sec-ix-hidden:t_228_71411b61_dbe0_93c9_92cb_ec14afd2b5d5">semiannual shareholder report</span> contains important information about the Total Bond Market Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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'">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top:0px;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>six months</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 (Class)</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 $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Total Bond Market Trust<br/> (Series I/JTBMX)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>15</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;">0.30<span>%</span></td> </tr> </table>
15
0.0030
<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>1,062,180,596</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color: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;">1,131</td> </tr>
<tr style="break-inside:avoid-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;">16<span>%</span></td> </tr> </table>
1062180596
1131
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="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>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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">47.4<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">24.3<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">24.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">1.1<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Foreign government obligations</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.4<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Municipal bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">1.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></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_6619351.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 6-30-26 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>
0.474
0.243
0.240
0.011
0.007
0.004
0.003
0.018
<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 6-30-26 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.
Total Bond Market Trust
Series II
JAGVX
This <span title="element: B30%, context: 0%"><span class="sec-hidden" style="-sec-ix-hidden:t_236_33929196_db4c_8776_c0ae_1322b43b07d6">semiannual shareholder report</span></span> contains important information about the Total Bond Market Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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'">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top:0px;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>six months</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 (Class)</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 $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Total Bond Market Trust<br/> (Series II/JAGVX)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>25</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;">0.50<span>%</span></td> </tr> </table>
25
0.0050
<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>1,062,180,596</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color: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;">1,131</td> </tr>
<tr style="break-inside:avoid-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;">16<span>%</span></td> </tr> </table>
1062180596
1131
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="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>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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">47.4<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">24.3<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">24.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">1.1<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Foreign government obligations</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.4<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Municipal bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">1.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></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_6619320.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 6-30-26 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>
0.474
0.243
0.240
0.011
0.007
0.004
0.003
0.018
<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 6-30-26 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.
Total Bond Market Trust
Series NAV
JAGUX
This <span title="element: B30%, context: 0%"><span class="sec-hidden" style="-sec-ix-hidden:t_247_a8171660_2900_6794_099b_163194148693">semiannual shareholder report</span></span> contains important information about the Total Bond Market Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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'">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top:0px;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>six months</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 (Class)</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 $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Total Bond Market Trust<br/> (Series NAV/JAGUX)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>12</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;">0.25<span>%</span></td> </tr> </table>
12
0.0025
<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>1,062,180,596</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color: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;">1,131</td> </tr>
<tr style="break-inside:avoid-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;">16<span>%</span></td> </tr> </table>
1062180596
1131
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="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>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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">U.S. Government</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">47.4<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">24.3<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">24.0<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">1.1<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Foreign government obligations</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.7<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.4<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Municipal bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.3<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">1.8<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></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_6619372.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 6-30-26 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>
0.474
0.243
0.240
0.011
0.007
0.004
0.003
0.018
<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 6-30-26 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.
Ultra Short Term Bond Trust
Series I
JAGJX
This <span title="element: B30%, context: 0%"><span class="sec-hidden" style="-sec-ix-hidden:t_255_68867e72_acfa_330f_6653_9808c02e123c">semiannual shareholder report</span></span> contains important information about the Ultra Short Term Bond Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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'">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top:0px;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>six months</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 (Class)</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 $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Ultra Short Term Bond Trust<br/> (Series I/JAGJX)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>30</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;">0.61<span>%</span></td> </tr> </table>
30
0.0061
<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>205,432,435</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color: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;">211</td> </tr>
<tr style="break-inside:avoid-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;">41<span>%</span></td> </tr> </table>
205432435
211
0.41
<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>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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">55.3<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">22.7<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.4<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.2<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">21.4<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></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_6619271.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 6-30-26 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>
0.553
0.227
0.004
0.002
0.214
<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 6-30-26 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.
Ultra Short Term Bond Trust
Series II
JAGEX
This <span class="sec-hidden" style="-sec-ix-hidden:t_261_d867869b_214d_465c_0689_a95b73c6b002">semiannual shareholder report</span> contains important information about the Ultra Short Term Bond Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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'">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top:0px;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>six months</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 (Class)</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 $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Ultra Short Term Bond Trust<br/> (Series II/JAGEX)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>40</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;">0.81<span>%</span></td> </tr> </table>
40
0.0081
<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>205,432,435</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color: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;">211</td> </tr>
<tr style="break-inside:avoid-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;">41<span>%</span></td> </tr> </table>
205432435
211
0.41
<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>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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">55.3<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">22.7<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.4<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.2<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">21.4<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></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_6619280.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 6-30-26 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>
0.553
0.227
0.004
0.002
0.214
<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 6-30-26 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.
Ultra Short Term Bond Trust
Series NAV
JAGFX
This <span class="sec-hidden" style="-sec-ix-hidden:t_269_b7fad0a5_c33e_5b31_5e57_600c78940286">semiannual shareholder report</span> contains important information about the Ultra Short Term Bond Trust (the fund) for the period of January 1, 2026 to June 30, 2026.
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'">dfinview.com/johnhancock?site=funds</span>. You can also request this information by contacting us at 800-344-1029 for John Hancock Variable Annuities and 800-732-5543 for John Hancock Variable Life Insurance.
dfinview.com/johnhancock?site=funds
800-344-1029800-732-5543
<div style="margin-top:0px;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>six months</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 (Class)</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 $10,000 investment</td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Ultra Short Term Bond Trust<br/> (Series NAV/JAGFX)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>28</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;">0.56<span>%</span></td> </tr> </table>
28
0.0056
<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>205,432,435</td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color: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;">211</td> </tr>
<tr style="break-inside:avoid-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;">41<span>%</span></td> </tr> </table>
205432435
211
0.41
<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>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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Corporate bonds</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">55.3<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">Asset-backed securities</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">22.7<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.4<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:20pt">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">0.2<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">21.4<span>%</span></td> </tr>
<tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left;"><strong></strong></td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></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_6619240.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 6-30-26 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>
0.553
0.227
0.004
0.002
0.214
<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 6-30-26 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.