UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21779
JOHN HANCOCK FUNDS II
---------------------------------------------------------
(Exact name of registrant as specified in charter)
200 BERKELEY STREET, BOSTON, MA 02116
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(Address of principal executive offices) (Zip code)
SALVATORE SCHIAVONE, 200 BERKELEY STREET, BOSTON, MA 02116
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(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 663-4497
Date of fiscal year end: | December 31 |
Date of reporting period: | June 30, 2021 |
ITEM 1. REPORTS TO STOCKHOLDERS.
The Registrant prepared two annual reports to shareholders for the period ended June 30, 2021. The first report applies to John Hancock Retirement Income 2040 Fund and the second report applies to five John Hancock Multimanager Lifestyle Portfolios.
Semiannual report
John Hancock
Retirement Income 2040 Fund
Asset allocation
June 30, 2021
A message to shareholders
Dear shareholder,
Equities delivered strong gains during the first half of 2021, but bond market performance was mixed. Stocks set new records as improved economic growth and healthy corporate earnings propelled gains. The passage of a substantial fiscal stimulus package, together with hopes for further stimulus later in the year, was an additional tailwind. Stocks benefited from these favorable conditions, with most major indexes finishing the period near all-time highs. However, market volatility increased as the period wore on, due to concerns over a new COVID-19 variant, rising inflation, and the pace of economic growth.
On the other hand, the interest-rate-sensitive segments of the bond market—particularly longer-term U.S. Treasuries—came under pressure from rising inflation and concerns that the U.S. Federal Reserve could begin to raise interest rates sooner than expected. Credit-oriented fixed-income investments, primarily high-yield bonds, posted stronger results thanks to improving corporate balance sheets and investors’ heightened demand for yield.
In these uncertain times, your financial professional can assist with positioning your portfolio so that it’s sufficiently diversified to help meet your long-term objectives and to withstand the inevitable bouts of market volatility along the way.
On behalf of everyone at John Hancock Investment Management, I’d like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you’ve placed in us.
Sincerely,
Andrew G. Arnott
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe
This commentary reflects the CEO’s views as of this report’s period end and are subject to change at any time. Diversification does not guarantee investment returns and does not eliminate risk of loss. All investments entail risks, including the possible loss of principal. For more up-to-date information, you can visit our website at jhinvestments.com.
John Hancock
Retirement Income 2040 Fund
| | SEMIANNUAL REPORT | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | 1 |
INVESTMENT OBJECTIVE
The fund seeks to maintain and maximize regular cash distributions through December 2040 and to grow such distributions over time.
AVERAGE ANNUAL TOTAL RETURNS AS OF 6/30/2021 (%)
The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of US dollar-denominated and non-convertible investment-grade debt issues.
It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
The fund’s Morningstar category average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on their historical portfolio holdings. Figures from Morningstar, Inc. include reinvested distributions and do not take into account sales charges. Actual load-adjusted performance is lower. Since inception returns for the Morningstar fund category average are not available.
The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions, and does not guarantee future results. Performance of the other share classes will vary based on the difference in the fees and expenses of those classes. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current month-end performance may be lower or higher than the performance cited, and can be found at jhinvestments.com or by calling 800-225-5291. For further information on the fund’s objectives, risks, and strategy, see the fund’s prospectus.
| 2 | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | SEMIANNUAL REPORT | |
PORTFOLIO COMPOSITION AS OF 6/30/2021 (% of net assets)
QUALITY COMPOSITION AS OF 6/30/2021 (% of net assets)
Ratings are from Moody’s Investors Service, Inc. If not available, we have used Standard & Poor’s Ratings Services. 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 6-30-21 and do not reflect subsequent downgrades or upgrades, if any.
Notes about risk
The fund is subject to various risks as described in the fund’s prospectus. The novel COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance. For more information, please refer to the “Principal risks” section of the prospectus.
| | SEMIANNUAL REPORT | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | 3 |
TOTAL RETURNS FOR THE PERIOD ENDED JUNE 30, 2021
| Average annual total returns (%) | Cumulative total returns (%) |
| | 1-year | Since
inception
(7-6-17) | 6-month | Since
inception
(7-6-17) |
| Class R61 | 1.62 | 5.90 | -1.46 | 25.69 |
| Index† | -0.33 | 3.92 | -1.60 | 16.57 |
Performance figures assume all distributions have been reinvested. Sales charges are not applicable to Class R6 shares.
The expense ratios of the fund, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual fee waivers and expense limitations in effect until April 30, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The expense ratios are as follows:
| | Class R6 |
| Gross (%) | 1.04 |
| Net (%) | 0.49 |
Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for the fund.
The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the fund’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 800–225–5291 or visit the fund’s website at jhinvestments.com.
The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The fund’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.
† Index is the Bloomberg Barclays U.S. Aggregate Bond Index.
See the following page for footnotes.
| 4 | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | SEMIANNUAL REPORT | |
This chart shows what happened to a hypothetical $10,000 investment in John Hancock Retirement Income 2040 Fund for the periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in the Bloomberg Barclays U.S. Aggregate Bond Index.
The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of US dollar-denominated and non-convertible investment-grade debt issues.
It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
Footnotes related to performance pages
| 1 | For certain types of investors, as described in the fund’s prospectus. |
| | SEMIANNUAL REPORT | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | 5 |
These examples are intended to help you understand your ongoing operating expenses of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds.
Understanding fund expenses
As a shareholder of the fund, you incur two types of costs:
■Transaction costs, which include sales charges (loads) on purchases or redemptions (if applicable), minimum account fee charge, etc.
■Ongoing operating expenses, including management fees, distribution and service fees (if applicable), and other fund expenses.
We are presenting only your ongoing operating expenses here.
Actual expenses/actual returns
The first line of each share class in the table on the following page is intended to provide information about the fund’s actual ongoing operating expenses, and is based on the fund’s actual return. It assumes an account value of $1,000.00 on January 1, 2021, with the same investment held until June 30, 2021.
Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at June 30, 2021, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:
Hypothetical example for comparison purposes
The second line of each share class in the table on the following page allows you to compare the fund’s ongoing operating expenses with those of any other fund. It provides an example of the fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the class’s actual return). It assumes an account value of $1,000.00 on January 1, 2021, with the same investment held until June 30, 2021. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
| 6 | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | SEMIANNUAL REPORT | |
Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectuses for details regarding transaction costs.
SHAREHOLDER EXPENSE EXAMPLE CHART
| | | Account
value on
1-1-2021 | Ending
value on
6-30-2021 | Expenses
paid during
period ended
6-30-20211 | Annualized
expense
ratio |
| Class R6 | Actual expenses/actual returns | $1,000.00 | $985.40 | $1.92 | 0.39% |
| | Hypothetical example | 1,000.00 | 1,022.90 | 1.96 | 0.39% |
| 1 | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | SEMIANNUAL REPORT | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | 7 |
AS OF 6-30-21 (unaudited)
| | Rate (%) | Maturity date | | Par value^ | Value |
| U.S. Government and Agency obligations 51.5% | | | | $13,270,291 |
| (Cost $12,896,096) | | | | | |
| U.S. Government 51.5% | | | | 13,270,291 |
| U.S. Treasury | | | | | |
| Bond | 1.375 | 11-15-40 | | 45,000 | 40,423 |
| Bond | 3.500 | 02-15-39 | | 494,000 | 617,944 |
| Bond | 3.875 | 08-15-40 | | 225,000 | 295,813 |
| Bond | 4.250 | 05-15-39 | | 280,000 | 383,173 |
| Bond | 4.250 | 11-15-40 | | 265,000 | 365,555 |
| Bond | 4.375 | 02-15-38 | | 336,000 | 462,512 |
| Bond | 4.375 | 11-15-39 | | 555,000 | 772,079 |
| Bond | 4.500 | 02-15-36 | | 1,060,000 | 1,455,181 |
| Bond | 4.500 | 05-15-38 | | 790,000 | 1,103,408 |
| Bond | 4.625 | 02-15-40 | | 340,000 | 488,059 |
| Bond | 4.750 | 02-15-37 | | 545,000 | 773,645 |
| Bond | 5.000 | 05-15-37 | | 530,000 | 772,434 |
| Bond | 5.250 | 02-15-29 | | 70,000 | 90,273 |
| Bond | 5.375 | 02-15-31 | | 555,000 | 754,713 |
| Bond | 5.500 | 08-15-28 | | 275,000 | 355,728 |
| Bond | 6.125 | 08-15-29 | | 25,000 | 34,363 |
| Bond | 6.250 | 05-15-30 | | 6,000 | 8,467 |
| Bond | 6.500 | 11-15-26 | | 70,000 | 90,431 |
| Bond | 6.625 | 02-15-27 | | 260,000 | 340,570 |
| Bond | 8.125 | 08-15-21 | | 141,000 | 142,416 |
| Note | 0.125 | 12-31-22 | | 115,000 | 114,901 |
| Note | 0.125 | 07-15-23 | | 16,000 | 15,958 |
| Note | 0.500 | 03-31-25 | | 70,000 | 69,653 |
| Note | 0.625 | 12-31-27 | | 115,000 | 111,177 |
| Note | 0.625 | 08-15-30 | | 175,000 | 163,037 |
| Note | 0.750 | 01-31-28 | | 130,000 | 126,562 |
| Note | 1.125 | 02-15-31 | | 145,000 | 140,763 |
| Note | 1.500 | 01-15-23 | | 50,000 | 51,014 |
| Note | 1.500 | 11-30-24 | | 155,000 | 159,935 |
| Note | 1.625 | 12-31-21 | | 200,000 | 201,555 |
| Note | 1.625 | 08-15-29 | | 145,000 | 148,302 |
| Note | 1.750 | 12-31-26 | | 65,000 | 67,747 |
| Note | 1.750 | 11-15-29 | | 120,000 | 123,863 |
| Note | 1.875 | 06-30-26 | | 185,000 | 193,983 |
| Note | 2.000 | 10-31-22 | | 70,000 | 71,725 |
| Note | 2.000 | 02-15-25 | | 320,000 | 336,000 |
| Note | 2.250 | 12-31-23 | | 450,000 | 471,217 |
| Note | 2.250 | 03-31-26 | | 45,000 | 47,960 |
| Note | 2.250 | 11-15-27 | | 135,000 | 144,408 |
| 8 | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| | Rate (%) | Maturity date | | Par value^ | Value |
| U.S. Government (continued) | | | | |
| Note | 2.375 | 01-31-23 | | 70,000 | $72,420 |
| Note | 2.500 | 02-15-22 | | 225,000 | 228,428 |
| Note | 2.625 | 02-15-29 | | 180,000 | 197,381 |
| Note | 2.750 | 08-15-21 | | 50,000 | 50,168 |
| Note | 2.750 | 02-15-24 | | 330,000 | 350,457 |
| Note | 2.750 | 02-15-28 | | 125,000 | 137,729 |
| Note | 2.875 | 11-30-25 | | 50,000 | 54,555 |
|
| Note | 2.875 | 05-15-28 | | 65,000 | 72,206 |
| Corporate bonds 35.8% | | | $9,245,835 |
| (Cost $8,088,110) | | | | | |
| Communication services 5.9% | | | 1,527,644 |
| Diversified telecommunication services 2.6% | | | |
| AT&T, Inc. (A) | 2.550 | 12-01-33 | | 97,000 | 96,092 |
| AT&T, Inc. | 4.500 | 05-15-35 | | 90,000 | 105,644 |
| AT&T, Inc. | 5.350 | 09-01-40 | | 50,000 | 64,497 |
| Deutsche Telekom International Finance BV | 9.250 | 06-01-32 | | 50,000 | 81,085 |
| Verizon Communications, Inc. | 4.400 | 11-01-34 | | 80,000 | 95,297 |
| Verizon Communications, Inc. | 4.500 | 08-10-33 | | 115,000 | 137,421 |
| Verizon Communications, Inc. | 5.250 | 03-16-37 | | 75,000 | 98,383 |
| Entertainment 0.3% | | | |
| Activision Blizzard, Inc. | 1.350 | 09-15-30 | | 90,000 | 84,153 |
| Media 2.6% | | | |
| Charter Communications Operating LLC | 5.375 | 04-01-38 | | 75,000 | 92,158 |
| Charter Communications Operating LLC | 6.384 | 10-23-35 | | 80,000 | 106,933 |
| Comcast Corp. | 4.250 | 01-15-33 | | 130,000 | 154,928 |
| Comcast Corp. | 6.500 | 11-15-35 | | 55,000 | 79,997 |
| Comcast Corp. | 7.050 | 03-15-33 | | 75,000 | 108,913 |
| ViacomCBS, Inc. | 5.500 | 05-15-33 | | 105,000 | 133,253 |
| Wireless telecommunication services 0.4% | | | |
| T-Mobile USA, Inc. | 3.000 | 02-15-41 | | 90,000 | 88,890 |
| Consumer discretionary 2.0% | | | 528,407 |
| Auto components 0.3% | | | |
| Magna International, Inc. | 2.450 | 06-15-30 | | 65,000 | 66,421 |
| Automobiles 0.3% | | | |
| General Motors Company | 6.600 | 04-01-36 | | 55,000 | 75,490 |
| Hotels, restaurants and leisure 0.6% | | | |
| Expedia Group, Inc. | 3.250 | 02-15-30 | | 80,000 | 83,564 |
| McDonald’s Corp. | 6.300 | 03-01-38 | | 60,000 | 85,955 |
| Internet and direct marketing retail 0.5% | | | |
| Amazon.com, Inc. | 4.800 | 12-05-34 | | 50,000 | 64,488 |
| eBay, Inc. | 3.450 | 08-01-24 | | 70,000 | 75,216 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | 9 |
| | Rate (%) | Maturity date | | Par value^ | Value |
| Consumer discretionary (continued) | | | |
| Specialty retail 0.3% | | | |
| Lowe’s Companies, Inc. | 5.000 | 04-15-40 | | 60,000 | $77,273 |
| Consumer staples 2.1% | | | 529,733 |
| Beverages 1.4% | | | |
| Anheuser-Busch Companies LLC | 4.700 | 02-01-36 | | 85,000 | 104,324 |
| Anheuser-Busch InBev Worldwide, Inc. | 8.200 | 01-15-39 | | 35,000 | 58,200 |
| Diageo Capital PLC | 2.000 | 04-29-30 | | 100,000 | 100,070 |
| PepsiCo, Inc. | 1.625 | 05-01-30 | | 100,000 | 98,302 |
| Food and staples retailing 0.4% | | | |
| Costco Wholesale Corp. | 1.750 | 04-20-32 | | 100,000 | 98,481 |
| Household products 0.3% | | | |
| The Procter & Gamble Company | 3.550 | 03-25-40 | | 60,000 | 70,356 |
| Energy 4.0% | | | 1,043,591 |
| Oil, gas and consumable fuels 4.0% | | | |
| Canadian Natural Resources, Ltd. | 6.250 | 03-15-38 | | 45,000 | 60,154 |
| Canadian Natural Resources, Ltd. | 6.450 | 06-30-33 | | 55,000 | 72,100 |
| ConocoPhillips | 5.900 | 10-15-32 | | 80,000 | 106,919 |
| Energy Transfer LP | 3.900 | 07-15-26 | | 60,000 | 65,514 |
| Energy Transfer LP | 6.050 | 06-01-41 | | 50,000 | 63,402 |
| Energy Transfer LP | 7.500 | 07-01-38 | | 45,000 | 63,371 |
| EOG Resources, Inc. | 3.900 | 04-01-35 | | 85,000 | 98,130 |
| Exxon Mobil Corp. | 3.043 | 03-01-26 | | 55,000 | 59,712 |
| Kinder Morgan Energy Partners LP | 5.800 | 03-15-35 | | 75,000 | 96,338 |
| Kinder Morgan Energy Partners LP | 6.500 | 09-01-39 | | 45,000 | 62,733 |
| Shell International Finance BV | 4.125 | 05-11-35 | | 55,000 | 65,415 |
| Suncor Energy, Inc. | 5.950 | 05-15-35 | | 50,000 | 65,778 |
| TransCanada PipeLines, Ltd. | 4.625 | 03-01-34 | | 85,000 | 100,825 |
| Valero Energy Corp. | 7.500 | 04-15-32 | | 45,000 | 63,200 |
| Financials 5.5% | | | 1,410,592 |
| Banks 2.8% | | | |
| Bank of Montreal (3.803% to 12-15-27, then 5 Year U.S. Swap Rate + 1.432%) | 3.803 | 12-15-32 | | 110,000 | 121,274 |
| Citigroup, Inc. | 6.000 | 10-31-33 | | 85,000 | 112,903 |
| Citigroup, Inc. | 6.625 | 06-15-32 | | 80,000 | 108,943 |
| HSBC Holdings PLC | 7.625 | 05-17-32 | | 75,000 | 105,176 |
| JPMorgan Chase & Co. | 5.500 | 10-15-40 | | 80,000 | 109,642 |
| JPMorgan Chase & Co. | 6.400 | 05-15-38 | | 60,000 | 88,003 |
| U.S. Bancorp | 2.950 | 07-15-22 | | 70,000 | 71,818 |
| Capital markets 1.2% | | | |
| Morgan Stanley | 3.125 | 07-27-26 | | 100,000 | 108,348 |
| Morgan Stanley | 7.250 | 04-01-32 | | 70,000 | 101,765 |
| 10 | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| | Rate (%) | Maturity date | | Par value^ | Value |
| Financials (continued) | | | |
| Capital markets (continued) | | | |
| S&P Global, Inc. | 1.250 | 08-15-30 | | 90,000 | $85,186 |
| Insurance 1.5% | | | |
| American International Group, Inc. | 3.875 | 01-15-35 | | 95,000 | 107,436 |
| Lincoln National Corp. | 3.800 | 03-01-28 | | 50,000 | 55,890 |
| MetLife, Inc. | 6.500 | 12-15-32 | | 50,000 | 71,010 |
| Prudential Financial, Inc. | 3.905 | 12-07-47 | | 63,000 | 73,173 |
| The Travelers Companies, Inc. | 6.750 | 06-20-36 | | 60,000 | 90,025 |
| Health care 3.6% | | | 936,483 |
| Biotechnology 1.3% | | | |
| AbbVie, Inc. | 4.500 | 05-14-35 | | 60,000 | 72,270 |
| AbbVie, Inc. | 4.550 | 03-15-35 | | 90,000 | 109,234 |
| Biogen, Inc. | 2.250 | 05-01-30 | | 100,000 | 100,272 |
| GlaxoSmithKline Capital, Inc. | 5.375 | 04-15-34 | | 45,000 | 60,621 |
| Health care providers and services 1.1% | | | |
| CVS Health Corp. | 4.780 | 03-25-38 | | 100,000 | 123,025 |
| CVS Health Corp. | 4.875 | 07-20-35 | | 65,000 | 79,160 |
| UnitedHealth Group, Inc. | 4.625 | 07-15-35 | | 60,000 | 75,790 |
| Pharmaceuticals 1.2% | | | |
| Johnson & Johnson | 4.375 | 12-05-33 | | 85,000 | 106,356 |
| Merck & Company, Inc. | 3.900 | 03-07-39 | | 60,000 | 71,214 |
| Pfizer, Inc. | 3.400 | 05-15-24 | | 55,000 | 59,555 |
| Wyeth LLC | 5.950 | 04-01-37 | | 55,000 | 78,986 |
| Industrials 3.4% | | | 871,846 |
| Aerospace and defense 1.5% | | | |
| Lockheed Martin Corp. | 4.500 | 05-15-36 | | 60,000 | 75,065 |
| Raytheon Technologies Corp. | 4.450 | 11-16-38 | | 50,000 | 60,501 |
| Raytheon Technologies Corp. | 5.700 | 04-15-40 | | 65,000 | 90,608 |
| The Boeing Company | 2.950 | 02-01-30 | | 60,000 | 61,434 |
| The Boeing Company | 3.600 | 05-01-34 | | 80,000 | 84,295 |
| Air freight and logistics 0.2% | | | |
| FedEx Corp. | 4.900 | 01-15-34 | | 50,000 | 62,399 |
| Industrial conglomerates 0.4% | | | |
| General Electric Company | 6.750 | 03-15-32 | | 70,000 | 97,030 |
| General Electric Company | 6.875 | 01-10-39 | | 7,000 | 10,472 |
| Road and rail 0.6% | | | |
| Canadian Pacific Railway Company | 2.050 | 03-05-30 | | 95,000 | 94,552 |
| CSX Corp. | 6.000 | 10-01-36 | | 45,000 | 61,925 |
| Trading companies and distributors 0.7% | | | |
| GATX Corp. | 4.000 | 06-30-30 | | 80,000 | 90,160 |
| International Lease Finance Corp. | 8.625 | 01-15-22 | | 80,000 | 83,405 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | 11 |
| | Rate (%) | Maturity date | | Par value^ | Value |
| Information technology 2.7% | | | $702,908 |
| IT services 0.3% | | | |
| Fidelity National Information Services, Inc. | 2.250 | 03-01-31 | | 70,000 | 69,875 |
| Semiconductors and semiconductor equipment 0.9% | | | |
| Broadcom, Inc. | 4.300 | 11-15-32 | | 80,000 | 91,098 |
| Micron Technology, Inc. | 4.663 | 02-15-30 | | 65,000 | 75,553 |
| NVIDIA Corp. | 2.850 | 04-01-30 | | 65,000 | 70,361 |
| Software 1.1% | | | |
| Microsoft Corp. | 2.525 | 06-01-50 | | 22,000 | 21,615 |
| Microsoft Corp. | 3.500 | 02-12-35 | | 65,000 | 75,427 |
| Microsoft Corp. | 4.100 | 02-06-37 | | 38,000 | 46,798 |
| Microsoft Corp. | 4.200 | 11-03-35 | | 55,000 | 67,765 |
| ServiceNow, Inc. | 1.400 | 09-01-30 | | 75,000 | 70,366 |
| Technology hardware, storage and peripherals 0.4% | | | |
| Dell International LLC | 6.020 | 06-15-26 | | 95,000 | 114,050 |
| Materials 1.8% | | | 467,985 |
| Chemicals 0.5% | | | |
| Linde, Inc. | 3.200 | 01-30-26 | | 45,000 | 49,253 |
| The Dow Chemical Company | 2.100 | 11-15-30 | | 75,000 | 74,066 |
| Containers and packaging 0.3% | | | |
| International Paper Company | 7.300 | 11-15-39 | | 50,000 | 77,341 |
| Metals and mining 0.7% | | | |
| Newmont Corp. | 2.250 | 10-01-30 | | 70,000 | 69,809 |
| Rio Tinto Alcan, Inc. | 5.750 | 06-01-35 | | 50,000 | 68,701 |
| Rio Tinto Finance USA, Ltd. | 3.750 | 06-15-25 | | 45,000 | 49,899 |
| Paper and forest products 0.3% | | | |
| Georgia-Pacific LLC | 8.875 | 05-15-31 | | 50,000 | 78,916 |
| Real estate 1.4% | | | 361,495 |
| Equity real estate investment trusts 1.4% | | | |
| Crown Castle International Corp. | 4.300 | 02-15-29 | | 120,000 | 138,011 |
| Duke Realty LP | 1.750 | 07-01-30 | | 70,000 | 67,124 |
| Equinix, Inc. | 2.150 | 07-15-30 | | 85,000 | 84,457 |
| Regency Centers LP | 3.700 | 06-15-30 | | 65,000 | 71,903 |
| Utilities 3.4% | | | 865,151 |
| Electric utilities 2.4% | | | |
| Duke Energy Carolinas LLC | 6.450 | 10-15-32 | | 75,000 | 102,838 |
| Florida Power & Light Company | 5.950 | 02-01-38 | | 60,000 | 86,867 |
| MidAmerican Energy Company | 5.750 | 11-01-35 | | 70,000 | 96,327 |
| Oncor Electric Delivery Company LLC | 5.250 | 09-30-40 | | 45,000 | 61,078 |
| PacifiCorp | 5.250 | 06-15-35 | | 55,000 | 71,974 |
| Virginia Electric & Power Company | 6.350 | 11-30-37 | | 85,000 | 123,524 |
| Xcel Energy, Inc. | 6.500 | 07-01-36 | | 45,000 | 65,078 |
| 12 | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| | Rate (%) | Maturity date | | Par value^ | Value |
| Utilities (continued) | | | |
| Multi-utilities 1.0% | | | |
| CenterPoint Energy, Inc. | 4.250 | 11-01-28 | | 50,000 | $57,482 |
| Dominion Energy, Inc. | 6.300 | 03-15-33 | | 60,000 | 80,279 |
| DTE Energy Company | 6.375 | 04-15-33 | | 80,000 | 119,704 |
|
| | | | | Shares | Value |
| Affiliated investment companies (B) 11.9% | | | $3,068,679 |
| (Cost $2,221,243) | | | | | |
| Equity 11.9% | | | 3,068,679 |
| Strategic Equity Allocation, Class NAV, JHF II (MIM US) (C) | | | | 210,328 | 3,068,679 |
|
| | | Yield (%) | | Shares | Value |
| Short-term investments 0.3% | | | | | $74,451 |
| (Cost $74,451) | | | | | |
| Short-term funds 0.3% | | | | | 74,451 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 0.0250(D) | | 74,451 | 74,451 |
|
| Total investments (Cost $23,279,900) 99.5% | | | $25,659,256 |
| Other assets and liabilities, net 0.5% | | | | 130,421 |
| Total net assets 100.0% | | | | | $25,789,677 |
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. |
| ^All par values are denominated in U.S. dollars unless otherwise indicated. |
| Security Abbreviations and Legend |
| JHF II | John Hancock Funds II |
| MIM US | Manulife Investment Management (US) LLC |
| (A) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. |
| (B) | The underlying funds’ subadvisor is shown parenthetically. |
| (C) | The subadvisor is an affiliate of the advisor. |
| (D) | The rate shown is the annualized seven-day yield as of 6-30-21. |
At 6-30-21, the aggregate cost of investments for federal income tax purposes was $24,064,451. Net unrealized appreciation aggregated to $1,594,805, of which $1,758,796 related to gross unrealized appreciation and $163,991 related to gross unrealized depreciation.
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | 13 |
STATEMENT OF ASSETS AND LIABILITIES 6-30-21 (unaudited)
| Assets | |
| Unaffiliated investments, at value (Cost $21,058,657) | $22,590,577 |
| Affiliated investments, at value (Cost $2,221,243) | 3,068,679 |
| Total investments, at value (Cost $23,279,900) | 25,659,256 |
| Interest receivable | 192,609 |
| Receivable for investments sold | 234,880 |
| Receivable from affiliates | 1,058 |
| Other assets | 15,300 |
| Total assets | 26,103,103 |
| Liabilities | |
| Distributions payable | 259,877 |
| Payable to affiliates | |
| Accounting and legal services fees | 1,029 |
| Transfer agent fees | 200 |
| Other liabilities and accrued expenses | 52,320 |
| Total liabilities | 313,426 |
| Net assets | $25,789,677 |
| Net assets consist of | |
| Paid-in capital | $24,467,264 |
| Total distributable earnings (loss) | 1,322,413 |
| Net assets | $25,789,677 |
| |
| Net asset value per share | |
| Based on net asset value and shares outstanding - the fund has an unlimited number of shares authorized with no par value | |
| Class R6 ($25,789,677 ÷ 501,407 shares) | $51.43 |
| 14 | JOHN HANCOCK Retirement Income 2040 Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
STATEMENT OF OPERATIONS For the six months ended 6-30-21 (unaudited)
| Investment income | |
| Interest | $282,601 |
| Expenses | |
| Investment management fees | 50,909 |
| Accounting and legal services fees | 1,617 |
| Transfer agent fees | 1,268 |
| Trustees’ fees | 370 |
| Custodian fees | 17,874 |
| State registration fees | 13,470 |
| Printing and postage | 6,716 |
| Professional fees | 26,861 |
| Other | 6,015 |
| Total expenses | 125,100 |
| Less expense reductions | (75,032) |
| Net expenses | 50,068 |
| Net investment income | 232,533 |
| Realized and unrealized gain (loss) | |
| Net realized gain (loss) on | |
| Unaffiliated investments | 181,219 |
| Affiliated investments | 13,307 |
| | 194,526 |
| Change in net unrealized appreciation (depreciation) of | |
| Unaffiliated investments | (1,175,861) |
| Affiliated investments | 349,703 |
| | (826,158) |
| Net realized and unrealized loss | (631,632) |
| Decrease in net assets from operations | $(399,099) |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK Retirement Income 2040 Fund | 15 |
STATEMENTS OF CHANGES IN NET ASSETS
| | Six months ended
6-30-21
(unaudited) | Year ended
12-31-20 |
| Increase (decrease) in net assets | | |
| From operations | | |
| Net investment income | $232,533 | $548,237 |
| Net realized gain | 194,526 | 177,938 |
| Change in net unrealized appreciation (depreciation) | (826,158) | 1,860,484 |
| Increase (decrease) in net assets resulting from operations | (399,099) | 2,586,659 |
| Distributions to shareholders | | |
| From earnings | | |
| Class R6 | (521,747)1 | (738,766) |
| From tax return of capital | | |
| Class R6 | — | (286,300) |
| Total distributions | (521,747) | (1,025,066) |
| From fund share transactions | 28,676 | 74,234 |
| Total increase (decrease) | (892,170) | 1,635,827 |
| Net assets | | |
| Beginning of period | 26,681,847 | 25,046,020 |
| End of period | $25,789,677 | $26,681,847 |
| 1 | A portion of the distributions may be deemed a tax return of capital at the fiscal year end. |
| 16 | JOHN HANCOCK Retirement Income 2040 Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| CLASS R6 SHARES Period ended | 6-30-211 | 12-31-20 | 12-31-19 | 12-31-18 | 12-31-172 |
| Per share operating performance | | | | | |
| Net asset value, beginning of period | $53.27 | $50.15 | $45.97 | $51.19 | $50.00 |
| Net investment income3,4 | 0.46 | 1.10 | 1.19 | 1.24 | 0.69 |
| Net realized and unrealized gain (loss) on investments | (1.26) | 4.07 | 5.70 | (3.31) | 1.56 |
| Total from investment operations | (0.80) | 5.17 | 6.89 | (2.07) | 2.25 |
| Less distributions | | | | | |
| From net investment income | (1.04)5 | (1.48) | (2.03) | (1.76) | (0.98) |
| From net realized gain | — | — | (0.68) | (1.39) | (0.08) |
| From tax return of capital | — | (0.57) | — | — | — |
| Total distributions | (1.04) | (2.05) | (2.71) | (3.15) | (1.06) |
| Net asset value, end of period | $51.43 | $53.27 | $50.15 | $45.97 | $51.19 |
| Total return (%)6 | (1.46)7 | 10.45 | 15.14 | (4.08) | 4.537 |
| Ratios and supplemental data | | | | | |
| Net assets, end of period (in millions) | $26 | $27 | $25 | $26 | $25 |
| Ratios (as a percentage of average net assets): | | | | | |
| Expenses before reductions8 | 0.989 | 0.97 | 0.86 | 1.54 | 0.8810 |
| Expenses including reductions8 | 0.399 | 0.38 | 0.38 | 0.36 | 0.3410 |
| Net investment income4 | 1.839 | 2.10 | 2.43 | 2.53 | 2.2910 |
| Portfolio turnover (%) | 8 | 26 | 18 | 25 | 17 |
| 1 | Six months ended 6-30-21. Unaudited. |
| 2 | Period from 7-6-17 (commencement of operations) to 12-31-17. Unaudited. |
| 3 | Based on average daily shares outstanding. |
| 4 | Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests. |
| 5 | A portion of the distributions may be deemed a tax return of capital at the fiscal year end. |
| 6 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 7 | Not annualized. |
| 8 | Ratios do not include fees and expenses indirectly incurred by the underlying funds and can vary based on mixed of underlying funds held by the fund. |
| 9 | Annualized. |
| 10 | Annualized. Certain income and expenses are presented unannualized. |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK Retirement Income 2040 Fund | 17 |
Notes to financial statements (unaudited)
Note 1—Organization
John Hancock Retirement Income 2040 Fund (the fund) is a series of John Hancock Funds II (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the fund is to seek to maintain and maximize regular cash distributions through December 2040 and to grow such distributions over time.
The fund operates in part as a fund of funds and may invest in other funds for which the fund’s investment advisor or an affiliate serves as investment advisor, as well as funds advised by an entity that is not affiliated with the fund’s investment advisor (collectively, “Underlying Funds”). Class R6 shares are only available to certain retirement plans, institutions and other investors.
The accounting policies of the underlying funds in which the fund invests are outlined in the underlying funds’ shareholder reports, which include the underlying funds’ financial statements. These are available on the Securities and Exchange Commission (SEC) website at sec.gov. John Hancock underlying funds’ shareholder reports are also available without charge by calling 800-225-5291 or visiting jhinvestments.com. The underlying funds are not covered by this report.
Note 2—Significant accounting policies
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.
Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the fund’s Valuation Policies and Procedures.
In order to value the securities, the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Investments by the fund in affiliated underlying funds and/or other open-end management investment companies, other than exchange-traded funds (ETFs), are valued at their respective NAVs each business day.
Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the fund’s Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.
The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates,
| 18 | JOHN HANCOCK Retirement Income 2040 Fund | SEMIANNUAL REPORT | |
prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
| | Total
value at
6-30-21 | Level 1
quoted
price | Level 2
significant
observable
inputs | Level 3
significant
unobservable
inputs |
| Investments in securities: | | | | |
| Assets | | | | |
| U.S. Government and Agency obligations | $13,270,291 | — | $13,270,291 | — |
| Corporate bonds | 9,245,835 | — | 9,245,835 | — |
| Affiliated investment companies | 3,068,679 | $3,068,679 | — | — |
| Short-term investments | 74,451 | 74,451 | — | — |
| Total investments in securities | $25,659,256 | $3,143,130 | $22,516,126 | — |
| |
Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.
Overdraft. The fund may have the ability to borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the fund’s custodian agreement, the custodian may loan money to the fund to make properly authorized payments. The fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the extent of any overdraft, and to the maximum extent permitted by law.
Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit. Excluding commitments designated for a certain fund and subject to the needs of all other affiliated funds, the fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. Prior to June 24, 2021, the fund could borrow up to an aggregate commitment amount of $850 million. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund based on a combination of fixed and asset-based allocations and is reflected in Other expenses on the Statement of operations. For the six months ended June 30, 2021, the fund had no borrowings under the line of credit. Commitment fees for the six months ended June 30, 2021 were $2,929.
| | SEMIANNUAL REPORT | JOHN HANCOCK Retirement Income 2040 Fund | 19 |
Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.
For federal income tax purposes, as of December 31, 2020, the fund has a short-term capital loss carryforward of $56,408 and a long-term capital loss carryforward of $179,369 available to offset future net realized capital gains. These carryforwards do not expire.
As of December 31, 2020, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.
Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares dividends daily and pays them quarterly. Capital gain distributions, if any, are typically distributed annually.
Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund’s financial statements as a return of capital. The final determination of tax characteristics of the fund’s distribution will occur at the end of the year and will subsequently be reported to shareholders. Short-term gains from underlying funds are treated as ordinary income for tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to amortization and accretion on debt securities and wash sale loss deferrals.
Note 3—Guarantees and indemnifications
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.
Note 4—Fees and transactions with affiliates
John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of Manulife Financial Corporation.
Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to the sum of a) 0.40% of the first $7.5 billion of average net assets and b) 0.39% of the excess over $7.5 billion of average net assets. The Advisor has a subadvisory agreement with Manulife Investment Management (North America) Limited, an indirectly owned subsidiary of Manulife Financial Corporation and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.
| 20 | JOHN HANCOCK Retirement Income 2040 Fund | SEMIANNUAL REPORT | |
Effective on May 1, 2021 to the extent that expenses of Class R6 shares exceed 0.42% of average net assets attributable to the class (“expense limitation”), the Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the class in an amount equal to the amount by which expenses of the share class exceed the expense limitation. For purposes of this agreement, “expenses of Class R6 shares” means all expenses of the class (including fund expenses attributable to the class), excluding taxes; portfolio brokerage commissions; interest expense; litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business; acquired fund fees (underlying fund fees); borrowing costs; prime brokerage fees; and short dividend expense. The expense limitation expires on April 30, 2022, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time. Prior to May 1, 2021, the expense limitation was 0.38%.
The expense reductions described above amounted to $75,032 for the six months ended June 30, 2021.
Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the six months ended June 30, 2021, were equivalent to a net annual effective rate of 0.00% of the fund’s average daily net assets.
Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These accounting and legal services fees incurred, for the six months ended June 30, 2021, amounted to an annual rate of 0.01% of the fund’s average daily net assets.
Transfer agent fees. The John Hancock group of funds has a complex-wide transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Advisor. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. It also includes out-of-pocket expenses, including payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to five categories of share classes: Retail Share and Institutional Share Classes of Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes and Municipal Bond Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.
Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. The costs of paying Trustee compensation and expenses are allocated to the fund based on its net assets relative to other funds within the John Hancock group of funds complex.
| | SEMIANNUAL REPORT | JOHN HANCOCK Retirement Income 2040 Fund | 21 |
Note 5—Fund share transactions
Transactions in fund shares for the six months ended June 30, 2021 and for the year ended December 31, 2020 were as follows:
| | Six Months Ended 6-30-21 | Year Ended 12-31-20 |
| | Shares | Amount | Shares | Amount |
| Class R6 shares | | | | |
| Sold | 523 | $26,683 | 2,378 | $124,454 |
| Distributions reinvested | 39 | 1,993 | 20 | 1,037 |
| Repurchased | — | — | (950) | (51,257) |
| Net increase | 562 | $28,676 | 1,448 | $74,234 |
| Total net increase | 562 | $28,676 | 1,448 | $74,234 |
Affiliates of the fund owned 100% of shares of Class R6 on June 30, 2021. Such concentration of shareholders’ capital could have a material effect on the fund if such shareholders redeem from the fund.
Note 6—Purchase and sale of securities
Purchases and sales of securities, other than short-term investments and U.S. Treasury obligations, amounted to $584,005 and $1,194,805, respectively, for the six months ended June 30, 2021. Purchases and sales of U.S. Treasury obligations aggregated $1,524,211 and $900,586, respectively, for the six months ended June 30, 2021.
Note 7—Investment in affiliated underlying funds
The fund invests in an affiliated underlying fund that is managed by the Advisor and its affiliates. The fund does not invest in the affiliated underlying fund for the purpose of exercising management or control; however, the fund’s investment may represent a significant portion of the underlying fund’s net assets. At June 30, 2021, the fund did not hold 5% or more of the net assets of the underlying fund.
Information regarding the fund’s fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:
| | | | | | | | Dividends and distributions |
| Affiliate | Ending
share
amount | Beginning
value | Cost of
purchases | Proceeds
from shares
sold | Realized
gain
(loss) | Change in
unrealized
appreciation
(depreciation) | Income
distributions
received | Capital gain
distributions
received | Ending
value |
| Strategic Equity Allocation | 210,328 | $2,882,900 | $856 | $(178,087) | $13,307 | $349,703 | — | — | $3,068,679 |
Note 8—Coronavirus (COVID-19) pandemic
The novel COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance.
| 22 | JOHN HANCOCK Retirement Income 2040 Fund | SEMIANNUAL REPORT | |
CONTINUATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS
Evaluation of Advisory and Subadvisory Agreements by the Board of Trustees
This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Funds II (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management, LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (North America) Limited (the Subadvisor) for John Hancock Retirement Income 2040 Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 22-24, 2021 telephonic1 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at the telephonic meeting held on May 25-26, 2021. The Trustees who are not "interested persons" of the Trust as defined by the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees") also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.
Approval of Advisory and Subadvisory Agreements
At telephonic meetings held on June 22-24, 2021, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the 1940 Act, reapproved for an annual period the continuation of the Advisory Agreement between the Trust and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund.
In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meetings a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor’s revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the fund by the Advisor’s affiliates, including distribution services. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the fund.
1On June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the “Order”) pursuant to Sections 6(c) and 38(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the Board’s May and June meetings were held telephonically in reliance on the Order. This exemptive order supersedes, in part, a similar, earlier exemptive order issued by the SEC.
| | SEMIANNUAL REPORT | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | 23 |
Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.
Approval of Advisory Agreement
In approving the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board’s conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board’s ongoing regular review of fund performance and operations throughout the year.
Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor’s compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust’s Chief Compliance Officer (CCO) regarding the fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund’s compliance programs, risk management programs, liquidity management programs and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risk with respect to all funds.
In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor’s management and the quality of the performance of the Advisor’s duties, through Board meetings, discussions and reports during the preceding year and through each Trustee’s experience as a Trustee of the Trust and of the other trusts in the John Hancock group of funds complex (the John Hancock Fund Complex).
In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:
| (a) | the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues; |
| (b) | the background, qualifications and skills of the Advisor’s personnel; |
| (c) | the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments; |
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| (d) | the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund; |
| (e) | the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund; |
| (f) | the Advisor’s initiatives intended to improve various aspects of the Trust’s operations and investor experience with the fund; and |
| (g) | the Advisor’s reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments. |
The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.
Investment performance. In considering the fund’s performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund’s performance results. In connection with the consideration of the Advisory Agreement, the Board:
| (a) | reviewed information prepared by management regarding the fund’s performance; |
| (b) | considered the comparative performance of an applicable benchmark index; |
| (c) | considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and |
| (d) | took into account the Advisor’s analysis of the fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally. |
The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that the fund underperformed its benchmark index for the one- and three-year periods ended December 31, 2020. The Board also noted that the fund outperformed the peer group median for the one- and three-year periods ended December 31, 2020. The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the peer group median for the one- and three-year periods. The Board also noted that the fund outperformed its peer group median and benchmark index since the fund’s inception in July 2017. The Board concluded that the fund’s performance has generally been in line with or outperformed the historical performance of comparable funds.
Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund’s contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund’s ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund’s ranking within a broader group of funds. In comparing the fund’s contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs. The Board noted that net management fees are equal to the peer group median and net total expenses for the fund are lower than the peer group median.
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The Board took into account management’s discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fee. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, which is discussed further below. The Board also noted actions taken over the past several years to reduce the fund’s operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduces management fees as assets increase. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor’s and Subadvisor’s services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.
Profitability/Fall out benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor) from the Advisor’s relationship with the Trust, the Board:
| (a) | reviewed financial information of the Advisor; |
| (b) | reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund; |
| (c) | received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund; |
| (d) | received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies; |
| (e) | considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board; |
| (f) | considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement; |
| (g) | noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund’s distributor also receives Rule 12b-1 payments to support distribution of the fund; |
| (h) | noted that the fund’s Subadvisor is an affiliate of the Advisor; |
| (i) | noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund; |
| (j) | noted that the subadvisory fee for the fund is paid by the Advisor; |
| (k) | considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and |
| 26 | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | SEMIANNUAL REPORT | |
| (l) | considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk. |
Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates (including the Subadvisor) from their relationship with the fund was reasonable and not excessive.
Economies of scale. In considering the extent to which economies of scale would be realized as the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the Board:
| (a) | considered that with respect to the John Hancock underlying portfolios in which the Fund invests, the Advisor has agreed to waive a portion of its management fee for such fund and for each of the other John Hancock funds in the complex (except as discussed below) (the Participating Portfolios) or otherwise reimburse the expenses of the Participating Portfolios (the Reimbursement). This waiver is based upon the aggregate net assets of all the Participating Portfolios. The Board also noted that the Advisor had implemented additional breakpoints to the complex-wide fee waiver in recent years. (The Funds that are not Participating Portfolios as of the date of this annual report are the Fund and the funds of funds of the Trust and John Hancock Variable Insurance Trust and John Hancock Collateral Trust. These funds of funds also benefit from such overall management fee waiver through their investment in underlying portfolios that include certain of the Participating Portfolios, which are subject to the Reimbursement; |
| (b) | reviewed the fund’s advisory fee structure and concluded that (i) the fund’s fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management’s discussion of the fund’s advisory fee structure; and |
| (c) | the Board also considered the effect of the fund’s growth in size on its performance and fees. The Board also noted that if the fund’s assets increase over time, the fund may realize other economies of scale. |
Approval of Subadvisory Agreement
In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:
| (1) | information relating to the Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex); |
| (2) | the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and |
| (3) | the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third-party provider of fund data. |
Nature, extent, and quality of services. With respect to the services provided by the Subadvisor, the Board received information provided to the Board by the Subadvisor, including the Subadvisor’s Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor’s current level of staffing and its overall resources, as well as received information relating to the Subadvisor’s compensation program. The Board reviewed the Subadvisor’s history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor’s investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor’s compliance program and any disciplinary history. The Board also considered the Subadvisor’s risk assessment and monitoring process.
| | SEMIANNUAL REPORT | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | 27 |
The Board reviewed the Subadvisor’s regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the Trust’s CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.
The Board considered the Subadvisor’s investment process and philosophy. The Board took into account that the Subadvisor’s responsibilities include the development and maintenance of an investment program for the fund that is consistent with the fund’s investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor’s brokerage policies and practices, including with respect to best execution and soft dollars.
Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.
In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor’s relationship with the fund, such as the opportunity to provide advisory services to additional funds in the John Hancock Fund Complex and reputational benefits.
Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. As noted above, the Board also considered the fund’s subadvisory fees as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third party provider of fund data, to the extent available. The Board noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fees paid by the Advisor to the Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.
Subadvisor performance. As noted above, the Board considered the fund’s performance as compared to the fund’s peer group and the benchmark index and noted that the Board reviews information about the fund’s performance results at its regularly scheduled meetings. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor’s focus on the Subadvisor’s performance. The Board also noted the Subadvisor’s long-term performance record for similar accounts, as applicable.
The Board’s decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:
| (1) | the Subadvisor has extensive experience and demonstrated skills as a manager; |
| (2) | the performance of the fund has generally been in line with or outperformed the historical performance of comparable funds; |
| (3) | the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and |
| 28 | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | SEMIANNUAL REPORT | |
| (4) | noted that the subadvisory fees are paid by the Advisor not the fund, and that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund to permit shareholders to benefit from economies of scale if the fund grows. |
***
Based on the Board’s evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement for an additional one-year period.
| | SEMIANNUAL REPORT | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | 29 |
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT
Operation of the Liquidity Risk Management Program
This section describes operation and effectiveness of the Liquidity Risk Management Program (LRMP) established in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the Liquidity Rule). The Board of Trustees (the Board) of each Fund in the John Hancock Group of Funds (each a Fund and collectively, the Funds) that is subject to the requirements of the Liquidity Rule has appointed John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (together, the Advisor) to serve as Administrator of the LRMP with respect to each of the Funds, including John Hancock Retirement Income 2040 Fund, subject to the oversight of the Board. In order to provide a mechanism and process to perform the functions necessary to administer the LRMP, the Advisor established the Liquidity Risk Management Committee (the Committee). The Fund’s subadvisor, Manulife Investment Management (North America) Limited (the Subadvisor) executes the day-to-day investment management and security-level activities of the Fund in accordance with the requirements of the LRMP, subject to the supervision of the Advisor and the Board.
The Committee holds monthly meetings to: (1) review the day-to-day operations of the LRMP; (2) review and approve month end liquidity classifications; (3) review quarterly testing and determinations, as applicable; and (4) review other LRMP related material. The Advisor also conducts daily, monthly, quarterly, and annual quantitative and qualitative assessments of each subadvisor to a Fund that is subject to the requirements of the Liquidity Rule and is a part of the LRMP to monitor investment performance issues, risks and trends. In addition, the Advisor may conduct ad-hoc reviews and meetings with subadvisors as issues and trends are identified, including potential liquidity and valuation issues. The Committee also monitors global events, such as the COVID-19 Coronavirus, that could impact the markets and liquidity of portfolio investments and their classifications.
The Committee provided the Board at a meeting held by videoconference on March 23-25, 2021 with a written report which addressed the Committee’s assessment of the adequacy and effectiveness of the implementation and operation of the LRMP and any material changes to the LRMP. The report, which covered the period January 1, 2020 through December 31, 2020, included an assessment of important aspects of the LRMP including, but not limited to: (1) Highly Liquid Investment Minimum (HLIM) determination; (2) Compliance with the 15% limit on illiquid investments; (3) Reasonably Anticipated Trade Size (RATS) determination; (4) Security-level liquidity classifications; (5) Liquidity risk assessment; and (6) Operation of the Fund’s Redemption-In-Kind Procedures. Additionally, the report included a discussion of notable changes and enhancements to the LRMP implemented during 2020.
The report also covered material liquidity matters which occurred or were reported during this period applicable to the Fund, if any, and the Committee’s actions to address such matters.
The report stated, in relevant part, that during the period covered by the report:
| • | The Fund’s investment strategy remained appropriate for an open-end fund structure; |
| • | The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund; |
| • | The Fund did not report any breaches of the 15% limit on illiquid investments that would require reporting to the Securities and Exchange Commission; |
| • | The Fund continued to qualify as a Primarily Highly Liquid Fund under the Liquidity Rule and therefore is not required to establish a HLIM; and |
| • | The Chief Compliance Officer’s office performed audit testing of the LRMP which resulted in an assessment that the LRMP’s control environment was deemed to be operating effectively and in compliance with the Board approved procedures. |
| 30 | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | SEMIANNUAL REPORT | |
Adequacy and Effectiveness
Based on the review and assessment conducted by the Committee, the Committee has determined that the LRMP has been implemented, and is operating in a manner that is adequate and effective at assessing and managing the liquidity risk of each Fund.
| | SEMIANNUAL REPORT | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | 31 |
Trustees
Hassell H. McClellan, Chairperson
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott†
Charles L. Bardelis*
James R. Boyle
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Marianne Harrison†
Deborah C. Jackson
Frances G. Rathke*,1
Gregory A. Russo
Officers
Andrew G. Arnott
President
Charles A. Rizzo
Chief Financial Officer
Salvatore Schiavone
Treasurer
Christopher (Kit) Sechler
Secretary and Chief Legal Officer
Trevor Swanberg2
Chief Compliance Officer
* Member of the Audit Committee
† Non-Independent Trustee
1 Appointed as Independent Trustee effective as of September 15, 2020
2 Effective July 31, 2020
Investment advisor
John Hancock Investment Management LLC
Subadvisor
Manulife Investment Management (North America) Limited
Portfolio Managers
Sonia Chatigny, MSc, CFA
Jean-François Giroux, MSc, FRM, CFA
Serge Lapierre, BSc, FCIA, FSA
Nadia Live, MScA, CFA
Nicholas Scipio del Campo, BSc, MSc, CFA
Principal distributor
John Hancock Investment Management Distributors LLC
Custodian
State Street Bank and Trust Company
Transfer agent
John Hancock Signature Services, Inc.
Legal counsel
K&L Gates LLP
The fund’s proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.
All of the fund’s holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund’s Form N-PORT filings are available on our website and the SEC’s website, sec.gov.
We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.
| You can also contact us: | | |
| 800-225-5291 | Regular mail: | Express mail: |
| jhinvestments.com | John Hancock Signature Services, Inc.
P.O. Box 219909
Kansas City, MO 64121-9909 | John Hancock Signature Services, Inc.
430 W 7th Street
Suite 219909
Kansas City, MO 64105-1407 |
| 32 | JOHN HANCOCK RETIREMENT INCOME 2040 FUND | SEMIANNUAL REPORT | |
John Hancock family of funds
U.S. EQUITY FUNDS
Blue Chip Growth
Classic Value
Disciplined Value
Disciplined Value Mid Cap
Equity Income
Financial Industries
Fundamental All Cap Core
Fundamental Large Cap Core
New Opportunities
Regional Bank
Small Cap Core
Small Cap Growth
Small Cap Value
U.S. Global Leaders Growth
U.S. Growth
INTERNATIONAL EQUITY FUNDS
Disciplined Value International
Emerging Markets
Emerging Markets Equity
Fundamental Global Franchise
Global Environmental Opportunities
Global Equity
Global Shareholder Yield
Global Thematic Opportunities
International Dynamic Growth
International Growth
International Small Company
FIXED-INCOME FUNDS
Bond
California Tax-Free Income
Emerging Markets Debt
Floating Rate Income
Government Income
High Yield
High Yield Municipal Bond
Income
Investment Grade Bond
Money Market
Opportunistic Fixed Income
Short Duration Bond
Short Duration Credit Opportunities
Strategic Income Opportunities
Tax-Free Bond
ALTERNATIVE FUNDS
Absolute Return Currency
Alternative Asset Allocation
Diversified Macro
Infrastructure
Multi-Asset Absolute Return
Real Estate Securities
Seaport Long/Short
A fund’s investment objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial professional, call John Hancock Investments at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.
ASSET ALLOCATION/TARGET DATE FUNDS
Balanced
Multi-Asset High Income
Multi-Index Lifetime Portfolios
Multi-Index Preservation Portfolios
Multimanager Lifestyle Portfolios
Multimanager Lifetime Portfolios
Retirement Income 2040
EXCHANGE-TRADED FUNDS
John Hancock Corporate Bond ETF
John Hancock Multifactor Consumer Discretionary ETF
John Hancock Multifactor Consumer Staples ETF
John Hancock Multifactor Developed International ETF
John Hancock Multifactor Emerging Markets ETF
John Hancock Multifactor Energy ETF
John Hancock Multifactor Financials ETF
John Hancock Multifactor Healthcare ETF
John Hancock Multifactor Industrials ETF
John Hancock Multifactor Large Cap ETF
John Hancock Multifactor Materials ETF
John Hancock Multifactor Media and
Communications ETF
John Hancock Multifactor Mid Cap ETF
John Hancock Multifactor Small Cap ETF
John Hancock Multifactor Technology ETF
John Hancock Multifactor Utilities ETF
ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS
ESG Core Bond
ESG International Equity
ESG Large Cap Core
CLOSED-END FUNDS
Financial Opportunities
Hedged Equity & Income
Income Securities Trust
Investors Trust
Preferred Income
Preferred Income II
Preferred Income III
Premium Dividend
Tax-Advantaged Dividend Income
Tax-Advantaged Global Shareholder Yield
John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.
John Hancock ETFs are distributed by Foreside Fund Services, LLC, and are subadvised by Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP. Foreside is not affiliated with John Hancock Investment Management Distributors LLC, Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP.
Dimensional Fund Advisors LP receives compensation from John Hancock in connection with licensing rights to the John Hancock Dimensional indexes. Dimensional Fund Advisors LP does not sponsor, endorse, or sell, and makes no representation as to the advisability of investing in, John Hancock Multifactor ETFs.
A trusted brand
John Hancock Investment Management is a premier asset manager
with a heritage of financial stewardship dating back to 1862. Helping
our shareholders pursue their financial goals is at the core of everything
we do. It’s why we support the role of professional financial advice
and operate with the highest standards of conduct and integrity.
A better way to invest
We serve investors globally through a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.
Results for investors
Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.
“A trusted brand” is based on a survey of 6,651 respondents conducted by Medallia between 3/18/20 and 5/13/20.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife Investment Management, the Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
This report is for the information of the shareholders of John Hancock Retirement Income 2040 Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
8/2021
Semiannual report
John Hancock
Multimanager Lifestyle Portfolios
Asset allocation
June 30, 2021
A message to shareholders
Dear shareholder,
Equities delivered strong gains during the first half of 2021, but bond market performance was mixed. Stocks set new records as improved economic growth and healthy corporate earnings propelled gains. The passage of a substantial fiscal stimulus package, together with hopes for further stimulus later in the year, was an additional tailwind. Stocks benefited from these favorable conditions, with most major indexes finishing the period near all-time highs. However, market volatility increased as the period wore on, due to concerns over a new COVID-19 variant, rising inflation, and the pace of economic growth.
On the other hand, the interest-rate-sensitive segments of the bond market—particularly longer-term U.S. Treasuries—came under pressure from rising inflation and concerns that the U.S. Federal Reserve could begin to raise interest rates sooner than expected. Credit-oriented fixed-income investments, primarily high-yield bonds, posted stronger results thanks to improving corporate balance sheets and investors’ heightened demand for yield.
In these uncertain times, your financial professional can assist with positioning your portfolio so that it’s sufficiently diversified to help meet your long-term objectives and to withstand the inevitable bouts of market volatility along the way.
On behalf of everyone at John Hancock Investment Management, I’d like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you’ve placed in us.
Sincerely,
Andrew G. Arnott
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe
This commentary reflects the CEO’s views as of this report’s period end and are subject to change at any time. Diversification does not guarantee investment returns and does not eliminate risk of loss. All investments entail risks, including the possible loss of principal. For more up-to-date information, you can visit our website at jhinvestments.com.
John Hancock
Multimanager Lifestyle Portfolios
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 1 |
Multimanager Lifestyle Portfolios at a glance
PORTFOLIO ALLOCATION AS OF 6/30/2021 (% of net assets)
| 2 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
AVERAGE ANNUAL TOTAL RETURNS AS OF 6/30/2021 (%)
Multimanager Lifestyle Aggressive Portfolio
Multimanager Lifestyle Growth Portfolio
Multimanager Lifestyle Balanced Portfolio
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 3 |
AVERAGE ANNUAL TOTAL RETURNS AS OF 6/30/2021 (%)
Multimanager Lifestyle Moderate Portfolio
Multimanager Lifestyle Conservative Portfolio
The Morningstar Target Allocation Index family consists of indexes that offer a diversified mix of stocks and bonds created for local investors to benchmark their allocation funds. Morningstar’s Category classification system defines the level of equity and bond exposure for each index.
The Morningstar U.S. Aggressive Target Allocation Index seeks 92.5% exposure to global equity markets.
The Morningstar U.S. Moderately Aggressive Target Allocation Index seeks 77.5% exposure to global equity markets.
The Morningstar U.S. Moderate Target Allocation Index seeks 60% exposure to global equity markets.
The Morningstar U.S. Moderately Conservative Target Allocation Index seeks 40% exposure to global equity markets.
The Morningstar U.S. Conservative Target Allocation Index seeks 22.5% exposure to global equity markets.
It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
The fund’s Morningstar category average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on their historical portfolio holdings. Figures from Morningstar, Inc. include reinvested distributions and do not take into account sales charges. Actual load-adjusted performance is lower.
The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions, and does not guarantee future results. Returns for periods shorter than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current month-end performance may be lower or higher than the performance cited, and can be found at jhinvestments.com or by calling 800-225-5291. For further information on the portfolios’ objectives, risks, and strategy, see the portfolios’ prospectuses.
| 4 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
Multimanager Lifestyle Aggressive Portfolio
GROWTH OF $10,000
This chart shows what happened to a hypothetical $10,000 investment in John Hancock Multimanager Lifestyle Aggressive Portfolio for the periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in two blended indexes and three separate indexes.
Index 1 is the Morningstar U.S. Aggressive Target Allocation Index which seeks 92.5% exposure to global equity markets from a diversified mix of stocks and bonds.
Index 2 is the John Hancock Lifestyle Aggressive Index comprises 44.1% of the S&P 500 Index, 16.2% of the MSCI World ex-USA Index, 18.9% of the Russell 2500 Index, 10.8% of the MSCI Emerging Markets Index, 5.0% of the John Hancock Real Asset Blended Index, 0.5% of the ICE BofA U.S. High Yield Index, 0.5% of the JPMorgan EMBI Global Index, and 4.0% of the ICE Bank of America Long U.S. STRIPS Index.
Index 3 is the S&P 500 Index, an unmanaged index that includes 500 widely traded common stocks.
Index 4 is the MSCI EAFE (Europe, Australasia, Far East) Index, a free-float-adjusted market capitalization index that is designed to measure developed market equity performance.
Index 5 is 70% Russell 3000 Index and 30% MSCI All Country World ex-USA Index.
It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
Prior to May 1, 2021, the fund’s primary benchmark was the S&P 500 Index. Effective May 1, 2021, the fund’s primary benchmark is the Morningstar U.S. Aggressive Target Allocation Index. The Morningstar U.S. Aggressive Target Allocation Index better reflects the universe of investment opportunities based on the fund’s investment strategy.
| ASSET ALLOCATION (% of net assets) |
| Affiliated investment companies | 99.0 |
| Equity | 90.6 |
| U.S. Large Cap | 30.8 |
| International Equity | 23.3 |
| U.S. Mid Cap | 12.7 |
| U.S. Small Cap | 8.6 |
| Emerging-Market Equity | 8.5 |
| Large Blend | 5.2 |
| Sector Equity | 1.5 |
| Fixed income | 0.7 |
| Emerging-Market Debt | 0.5 |
| High Yield Bond | 0.2 |
| Alternative and specialty | 7.7 |
| Sector Equity | 6.7 |
| Absolute Return | 1.0 |
| U.S. Government | 1.0 |
PERFORMANCE CHART
Total returns with maximum sales charge for the period ended 6-30-21 (%)
| | | Class A | Class C | Class I1,2 | Class R21,2 | Class R42 | Class R52 | Class R61,2 | Class 12 | Index 1 | Index 2 | Index 3 | Index 4 | Index 5 |
| Average annual total returns |
| 1 year | | 36.15 | 40.59 | 43.02 | 42.44 | 42.79 | 43.12 | 43.20 | 43.08 | 37.97 | 39.86 | 40.79 | 32.35 | 41.64 |
| 5 year | | 13.66 | 13.91 | 15.07 | 14.59 | 14.89 | 15.13 | 15.20 | 15.13 | 15.12 | 14.80 | 17.65 | 10.28 | 15.87 |
| 10-year | | 9.70 | 9.43 | 10.12 | 10.06 | 10.31 | 10.57 | 10.66 | 10.64 | 11.68 | 11.33 | 14.84 | 5.89 | 11.91 |
| Cumulative returns |
| 6-months | | 8.51 | 12.21 | 13.79 | 13.55 | 13.69 | 13.84 | 13.85 | 13.81 | 12.38 | 12.92 | 15.25 | 8.83 | 13.32 |
| 5 year | | 89.69 | 91.76 | 101.74 | 97.59 | 100.18 | 102.31 | 102.86 | 102.32 | 102.16 | 99.40 | 125.36 | 63.08 | 108.86 |
| 10-year | | 152.37 | 146.28 | 162.17 | 160.72 | 166.71 | 173.04 | 175.42 | 174.90 | 201.91 | 192.43 | 298.93 | 77.24 | 208.19 |
Performance figures assume all distributions have been reinvested. Returns with maximum sales charge reflect a sales charge on Class A shares of 4.5%, and the applicable contingent deferred sales charge (CDSC) on Class C shares. The returns for Class A shares have been adjusted to reflect the reduction in the maximum sales charge from 5.0% to 4.5%, effective 8-1-19. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R2, Class R4, Class R5, Class R6, and Class 1 shares.
Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.
The expense ratios of the portfolio, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectuses for the portfolio and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual expense limitations in effect until April 30, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The following expense ratios include expenses of the underlying funds in which the portfolio invests. The expense ratios are as follows:
| | Class A | Class C | Class I | Class R2 | Class R4 | Class R5 | Class R6 | Class 1 |
| Gross (%) | 1.45 | 2.15 | 1.15 | 1.54 | 1.39 | 1.09 | 1.04 | 1.07 |
| Net (%) | 1.44 | 2.15 | 1.14 | 1.54 | 1.29 | 1.09 | 1.04 | 1.07 |
Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.
The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the portfolio’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 800–225–5291 or visit the portfolio’s website at jhinvestments.com.
The performance information does not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. The portfolio’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.
| 1 | Class I shares were first offered on 5-1-15; Class R2 shares were first offered on 3-1-12; Class R6 shares were first offered on 9-1-11. Returns prior to these dates are those of Class C shares that have not been adjusted for class-specific expenses; otherwise, returns would vary. |
| 2 | For certain types of investors, as described in the portfolio’s prospectuses. |
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 5 |
Multimanager Lifestyle Growth Portfolio
GROWTH OF $10,000
This chart shows what happened to a hypothetical $10,000 investment in John Hancock Multimanager Lifestyle Growth Portfolio for the periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in two blended indexes and three separate indexes.
Index 1 is the Morningstar U.S. Moderately Aggressive Target Allocation Index seeks 77.5% exposure to global equity markets from a diversified mix of stocks and bonds.
Index 2 is the John Hancock Lifestyle Growth Index comprises 37.2% of the S&P 500 Index, 13.7% of the MSCI World ex-USA Index, 16.0% of the Russell 2500 Index, 9.1% of the MSCI Emerging Markets Index, 4.0% of the John Hancock Real Asset Blended Index, 1.5% of the ICE Bank of America U.S. High Yield Index, 1.5% of the JPMorgan EMBI Global Index, 1.5% of the S&P/LSTA Leveraged Loan Index, 9.5% of the Bloomberg Barclays U.S. Aggregate Bond Index, 4.0% of the ICE Bank of America Long U.S. STRIPS Index, and 2.0% of the Bloomberg Barclays 1-5 Year TIPS Index.
Index 3 is the S&P 500 Index, an unmanaged index that includes 500 widely traded common stocks.
Index 4 is the Bloomberg Barclays U.S. Aggregate Bond Index, an unmanaged index of dollar-denominated and nonconvertible investment-grade debt issues.
Index 5 is 56% Russell 3000 Index, 24% MSCI All Country World ex-USA Index, 16% Bloomberg Barclays U.S. Aggregate Bond Index, and 4% ICE Bank of America U.S. High Yield Index.
It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
Prior to May 1, 2021, the fund’s primary benchmark was the S&P 500 Index. Effective May 1, 2021, the fund’s primary benchmark is the Morningstar U.S. Moderately Aggressive Target Allocation Index. The Morningstar U.S. Moderately Aggressive Target Allocation Index better reflects the universe of investment opportunities based on the fund’s investment strategy.
| ASSET ALLOCATION (% of net assets) |
| Affiliated investment companies | 95.9 |
| Equity | 75.4 |
| U.S. Large Cap | 26.4 |
| International Equity | 20.7 |
| U.S. Mid Cap | 10.3 |
| U.S. Small Cap | 6.7 |
| Emerging-Market Equity | 6.1 |
| Large Blend | 4.0 |
| Sector Equity | 1.2 |
| Fixed income | 13.6 |
| Intermediate Bond | 5.2 |
| Multi-Sector Bond | 3.0 |
| Emerging-Market Debt | 1.9 |
| Bank Loan | 1.9 |
| High Yield Bond | 1.6 |
| Alternative and specialty | 6.9 |
| Sector Equity | 5.5 |
| Absolute Return | 1.4 |
| U.S. Government | 4.1 |
PERFORMANCE CHART
Total returns with maximum sales charge for the period ended 6-30-21 (%)
| | Class A | Class C | Class I1,2 | Class R21,2 | Class R42 | Class R52 | Class R61,2 | Class 12 | Class 52 | Index 1 | Index 2 | Index 3 | Index 4 | Index 5 |
| Average annual total returns |
| 1 year | 29.43 | 33.54 | 35.98 | 35.44 | 35.70 | 35.96 | 36.04 | 35.99 | 36.11 | 31.00 | 33.36 | 40.79 | -0.33 | 33.06 |
| 5 year | 11.73 | 11.97 | 13.10 | 12.65 | 12.94 | 13.16 | 13.21 | 13.17 | 13.23 | 13.12 | 13.14 | 17.65 | 3.03 | 13.56 |
| 10-year | 8.68 | 8.41 | 9.10 | 9.03 | 9.33 | 9.57 | 9.63 | 9.60 | 9.66 | 10.34 | 10.28 | 14.84 | 3.39 | 10.45 |
| Cumulative returns |
| 6-months | 6.30 | 9.93 | 11.52 | 11.29 | 11.46 | 11.49 | 11.50 | 11.50 | 11.59 | 9.93 | 10.70 | 15.25 | -1.60 | 10.44 |
| 5 year | 74.08 | 76.03 | 85.10 | 81.44 | 83.77 | 85.59 | 85.99 | 85.65 | 86.12 | 85.20 | 85.38 | 125.36 | 16.08 | 88.85 |
| 10-year | 129.98 | 124.30 | 138.81 | 137.42 | 144.09 | 149.31 | 150.70 | 150.18 | 151.51 | 167.51 | 166.01 | 298.93 | 39.62 | 170.28 |
Performance figures assume all distributions have been reinvested. Returns with maximum sales charge reflect a sales charge on Class A shares of 4.5%, and the applicable contingent deferred sales charge (CDSC) on Class C shares. The returns for Class A shares have been adjusted to reflect the reduction in the maximum sales charge from 5.0% to 4.5%, effective 8-1-19. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R2, Class R4, Class R5, Class R6, Class 1, and Class 5 shares.
Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.
The expense ratios of the portfolio, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectuses for the portfolio and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual expense limitations in effect until April 30, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The following expense ratios include expenses of the underlying funds in which the portfolio invests. The expense ratios are as follows:
| | Class A | Class C | Class I | Class R2 | Class R4 | Class R5 | Class R6 | Class 1 | Class 5 |
| Gross (%) | 1.38 | 2.08 | 1.08 | 1.47 | 1.32 | 1.02 | 0.97 | 1.01 | 0.96 |
| Net (%) | 1.37 | 2.08 | 1.07 | 1.47 | 1.22 | 1.02 | 0.97 | 1.01 | 0.96 |
Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.
The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the portfolio’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 800–225–5291 or visit the portfolio’s website at jhinvestments.com.
The performance information does not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. The portfolio’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.
| 1 | Class I shares were first offered on 5-1-15; Class R2 shares were first offered on 3-1-12; Class R6 shares were first offered on 9-1-11. Returns prior to these dates are those of Class C shares that have not been adjusted for class-specific expenses; otherwise, returns would vary. |
| 2 | For certain types of investors, as described in the portfolio’s prospectuses. |
| 6 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
Multimanager Lifestyle Balanced Portfolio
GROWTH OF $10,000
This chart shows what happened to a hypothetical $10,000 investment in John Hancock Multimanager Lifestyle Balanced Portfolio for the periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in two blended indexes and three separate indexes.
Index 1 is the Morningstar U.S. Moderate Target Allocation Index which seeks 60% exposure to global equity markets from a diversified mix of stocks and bonds.
Index 2 is the John Hancock Lifestyle Balanced Index comprises 27.9% of the S&P 500 Index, 10.3% of the MSCI World ex-USA Index, 12.0% of the Russell 2500 Index, 6.8% of the MSCI Emerging Markets Index, 3.0% of the John Hancock Real Asset Blended Index, 3.0% of the ICE Bank of America U.S. High Yield Index, 3.0% of the JPMorgan EMBI Global Index, 3.0% of the S&P/LSTA Leveraged Loan Index, 21.0% of the Bloomberg Barclays U.S. Aggregate Bond Index, 6.0% of the ICE Bank of America Long U.S. STRIPS Index, and 4.0% of the Bloomberg Barclays 1-5 Year TIPS Index.
Index 3 is the S&P 500 Index, an unmanaged index that includes 500 widely traded common stocks.
Index 4 is the Bloomberg Barclays U.S. Aggregate Bond Index, an unmanaged index of dollar-denominated and nonconvertible investment-grade debt issues.
Index 5 is 42% Russell 3000 Index, 18% MSCI All Country World ex-USA Index, 32% Bloomberg Barclays U.S. Aggregate Bond Index, and 8% ICE Bank of America U.S. High Yield Index.
It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
Prior to May 1, 2021, the fund’s primary benchmark was the S&P 500 Index. Effective May 1, 2021, the fund’s primary benchmark is the Morningstar U.S. Moderate Target Allocation Index. The Morningstar U.S. Moderate Target Allocation Index better reflects the universe of investment opportunities based on the fund’s investment strategy.
| ASSET ALLOCATION (% of net assets) |
| Affiliated investment companies | 91.8 |
| Equity | 56.3 |
| U.S. Large Cap | 19.0 |
| International Equity | 16.3 |
| U.S. Mid Cap | 7.4 |
| U.S. Small Cap | 4.9 |
| Large Blend | 3.9 |
| Emerging-Market Equity | 3.8 |
| Sector Equity | 1.0 |
| Fixed income | 28.9 |
| Intermediate Bond | 8.7 |
| Multi-Sector Bond | 7.2 |
| Emerging-Market Debt | 3.5 |
| Bank Loan | 3.5 |
| High Yield Bond | 3.2 |
| Short-Term Bond | 1.8 |
| Infrastructure | 1.0 |
| Alternative and specialty | 6.6 |
| Sector Equity | 4.1 |
| Absolute Return | 2.0 |
| Multi-Asset Income | 0.5 |
| U.S. Government | 8.2 |
PERFORMANCE CHART
Total returns with maximum sales charge for the period ended 6-30-21 (%)
| | Class A | Class C | Class I1,2 | Class R21,2 | Class R42 | Class R52 | Class R61,2 | Class 12 | Class 52 | Index 1 | Index 2 | Index 3 | Index 4 | Index 5 |
| Average annual total returns |
| 1 year | 21.92 | 25.73 | 28.07 | 27.61 | 27.74 | 28.10 | 28.12 | 28.09 | 28.14 | 23.59 | 24.63 | 40.79 | -0.33 | 24.89 |
| 5 year | 9.58 | 9.83 | 10.94 | 10.49 | 10.76 | 10.99 | 11.05 | 11.00 | 11.05 | 11.07 | 10.92 | 17.65 | 3.03 | 11.20 |
| 10-year | 7.35 | 7.08 | 7.75 | 7.69 | 8.00 | 8.22 | 8.27 | 8.26 | 8.31 | 9.11 | 9.02 | 14.84 | 3.39 | 8.93 |
| Cumulative returns |
| 6-months | 3.80 | 7.30 | 8.86 | 8.60 | 8.74 | 8.90 | 8.92 | 8.90 | 8.93 | 7.49 | 7.57 | 15.25 | -1.60 | 7.61 |
| 5 year | 58.01 | 59.82 | 68.07 | 64.70 | 66.70 | 68.42 | 68.86 | 68.54 | 68.92 | 69.04 | 67.88 | 125.36 | 16.08 | 70.06 |
| 10-year | 103.26 | 98.18 | 110.91 | 109.74 | 115.90 | 120.39 | 121.31 | 121.10 | 122.12 | 139.22 | 137.16 | 298.93 | 39.62 | 135.33 |
Performance figures assume all distributions have been reinvested. Returns with maximum sales charge reflect a sales charge on Class A shares of 4.5%, and the applicable contingent deferred sales charge (CDSC) on Class C shares. The returns for Class A shares have been adjusted to reflect the reduction in the maximum sales charge from 5.0% to 4.5%, effective 8-1-19. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R2, Class R4, Class R5, Class R6, Class 1, and Class 5 shares.
Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.
The expense ratios of the portfolio, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectuses for the portfolio and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual expense limitations in effect until April 30, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The following expense ratios include expenses of the underlying funds in which the portfolio invests. The expense ratios are as follows:
| | Class A | Class C | Class I | Class R2 | Class R4 | Class R5 | Class R6 | Class 1 | Class 5 |
| Gross (%) | 1.34 | 2.04 | 1.04 | 1.42 | 1.27 | 0.97 | 0.92 | 0.96 | 0.91 |
| Net (%) | 1.33 | 2.04 | 1.03 | 1.42 | 1.17 | 0.97 | 0.92 | 0.96 | 0.91 |
Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.
The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the portfolio’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 800–225–5291 or visit the portfolio’s website at jhinvestments.com.
The performance information does not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. The portfolio’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.
| 1 | Class I shares were first offered on 5-1-15; Class R2 shares were first offered on 3-1-12; Class R6 shares were first offered on 9-1-11. Returns prior to these dates are those of Class C shares that have not been adjusted for class-specific expenses; otherwise, returns would vary. |
| 2 | For certain types of investors, as described in the portfolio’s prospectuses. |
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 7 |
Multimanager Lifestyle Moderate Portfolio
GROWTH OF $10,000
This chart shows what happened to a hypothetical $10,000 investment in John Hancock Multimanager Lifestyle Moderate Portfolio for the periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in two blended indexes and three separate indexes.
Index 1 is the Morningstar U.S. Moderately Conservative Target Allocation Index seeks 40% exposure to global equity markets from a diversified mix of stocks and bonds.
Index 2 is the John Hancock Lifestyle Moderate Index comprises 18.6% of the S&P 500 Index, 6.8% of the MSCI World ex-USA Index, 8.0% of the Russell 2500 Index, 4.6% of the MSCI Emerging Markets Index, 2.0% of the John Hancock Real Asset Blended Index, 4.5% of the ICE Bank of America U.S. High Yield Index, 4.5% of the JPMorgan EMBI Global Index, 4.5% of the S&P/LSTA Leveraged Loan Index, 36.5% of the Bloomberg Barclays U.S. Aggregate Bond Index, 4.0% of the ICE Bank of America Long U.S. STRIPS Index, and 6.0% of the Bloomberg Barclays 1-5 Year TIPS Index.
Index 3 is the S&P 500 Index, an unmanaged index that includes 500 widely traded common stocks.
Index 4 is the Bloomberg Barclays U.S. Aggregate Bond Index, an unmanaged index of dollar-denominated and nonconvertible investment-grade debt issues.
Index 5 is 28% Russell 3000 Index, 12% MSCI All Country World ex-USA Index, 48% Bloomberg Barclays U.S. Aggregate Bond Index, and 12% ICE Bank of America U.S. High Yield Index.
It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
Prior to May 1, 2021, the fund’s primary benchmark was the Bloomberg Barclays U.S. Aggregate Bond Index. Effective May 1, 2021, the fund’s primary benchmark is the Morningstar U.S. Moderately Conservative Target Allocation Index. The Morningstar U.S. Moderately Conservative Target Allocation Index better reflects the universe of investment opportunities based on the fund’s investment strategy.
| ASSET ALLOCATION (% of net assets) |
| Affiliated investment companies | 91.5 |
| Equity | 38.0 |
| U.S. Large Cap | 13.5 |
| International Equity | 12.7 |
| U.S. Mid Cap | 4.9 |
| U.S. Small Cap | 2.7 |
| Large Blend | 2.4 |
| Emerging-Market Equity | 1.8 |
| Fixed income | 47.2 |
| Intermediate Bond | 12.3 |
| Multi-Sector Bond | 8.4 |
| Infrastructure | 8.0 |
| Emerging-Market Debt | 5.1 |
| Bank Loan | 5.0 |
| High Yield Bond | 4.8 |
| Short-Term Bond | 3.6 |
| Alternative and specialty | 6.3 |
| Absolute Return | 2.5 |
| Sector Equity | 1.8 |
| Multi-Asset Income | 1.5 |
| Infrastructure | 0.5 |
| U.S. Government | 8.5 |
PERFORMANCE CHART
Total returns with maximum sales charge for the period ended 6-30-21 (%)
| | Class A | Class C | Class I1,2 | Class R21,2 | Class R42 | Class R52 | Class R61,2 | Class 12 | Class 52 | Index 1 | Index 2 | Index 3 | Index 4 | Index 5 |
| Average annual total returns |
| 1 year | 13.92 | 17.46 | 19.63 | 19.27 | 19.45 | 19.68 | 19.79 | 19.69 | 19.79 | 14.98 | 17.02 | 40.79 | -0.33 | 17.12 |
| 5 year | 6.99 | 7.21 | 8.30 | 7.89 | 8.13 | 8.35 | 8.42 | 8.37 | 8.43 | 8.15 | 8.52 | 17.65 | 3.03 | 8.81 |
| 10-year | 5.85 | 5.58 | 6.24 | 6.19 | 6.44 | 6.66 | 6.75 | 6.74 | 6.79 | 7.02 | 7.29 | 14.84 | 3.39 | 7.36 |
| Cumulative returns |
| 6-months | 1.00 | 4.39 | 5.91 | 5.75 | 5.83 | 5.93 | 5.97 | 5.93 | 5.97 | 4.26 | 4.88 | 15.25 | -1.60 | 4.83 |
| 5 year | 40.16 | 41.67 | 48.98 | 46.18 | 47.82 | 49.35 | 49.78 | 49.45 | 49.86 | 47.95 | 50.52 | 125.36 | 16.08 | 52.51 |
| 10-year | 76.50 | 72.04 | 83.11 | 82.26 | 86.69 | 90.64 | 92.23 | 91.95 | 92.86 | 97.02 | 102.18 | 298.93 | 39.62 | 103.41 |
Performance figures assume all distributions have been reinvested. Returns with maximum sales charge reflect a sales charge on Class A shares of 4.5%, and the applicable contingent deferred sales charge (CDSC) on Class C shares. The returns for Class A shares have been adjusted to reflect the reduction in the maximum sales charge from 5.0% to 4.5%, effective 8-1-19. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R2, Class R4, Class R5, Class R6, Class 1, and Class 5 shares.
Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.
The expense ratios of the portfolio, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectuses for the portfolio and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual expense limitations in effect until April 30, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The following expense ratios include expenses of the underlying funds in which the portfolio invests. The expense ratios are as follows:
| | Class A | Class C | Class I | Class R2 | Class R4 | Class R5 | Class R6 | Class 1 | Class 5 |
| Gross (%) | 1.28 | 1.98 | 0.98 | 1.37 | 1.22 | 0.92 | 0.87 | 0.91 | 0.86 |
| Net (%) | 1.27 | 1.98 | 0.97 | 1.37 | 1.12 | 0.92 | 0.87 | 0.91 | 0.86 |
Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.
The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the portfolio’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 800–225–5291 or visit the portfolio’s website at jhinvestments.com.
The performance information does not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. The portfolio’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.
| 1 | Class I shares were first offered on 5-1-15; Class R2 shares were first offered on 3-1-12; Class R6 shares were first offered on 9-1-11. Returns prior to these dates are those of Class C shares that have not been adjusted for class-specific expenses; otherwise, returns would vary. |
| 2 | For certain types of investors, as described in the portfolio’s prospectuses. |
| 8 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
Multimanager Lifestyle Conservative Portfolio
GROWTH OF $10,000
This chart shows what happened to a hypothetical $10,000 investment in John Hancock Multimanager Lifestyle Conservative Portfolio for the periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in two blended indexes and three separate indexes.
Index 1 is the Morningstar U.S. Conservative Target Allocation Index seeks 22.5% exposure to global equity markets from a diversified mix of stocks and bonds.
Index 2 is the John Hancock Lifestyle Conservative Index comprises 9.8% of the S&P 500 Index, 3.6% of the MSCI World ex-USA Index, 4.2% of the Russell 2500 Index, 2.4% of the MSCI Emerging Markets Index, 6.0% of the ICE Bank of America U.S. High Yield Index, 6.0% of the JPMorgan EMBI Global Index, 6.0% of the S&P/LSTA Leveraged Loan Index, 52.0% of the Bloomberg Barclays U.S. Aggregate Bond Index, and 10.0% of the Bloomberg Barclays 1-5 Year TIPS Index.
Index 3 is the S&P 500 Index, an unmanaged index that includes 500 widely traded common stocks.
Index 4 is the Bloomberg Barclays U.S. Aggregate Bond Index, an unmanaged index of dollar-denominated and nonconvertible investment-grade debt issues.
Index 5 is 14% Russell 3000 Index, 6% MSCI All Country World ex-USA Index, 64% Bloomberg Barclays U.S. Aggregate Bond Index, and 16% ICE Bank of America U.S. High Yield Index.
It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.
Prior to May 1, 2021, the fund’s primary benchmark was the Bloomberg Barclays U.S. Aggregate Bond Index. Effective May 1, 2021, the fund’s primary benchmark is the Morningstar U.S. Conservative Target Allocation Index. The Morningstar U.S. Conservative Target Allocation Index better reflects the universe of investment opportunities based on the fund’s investment strategy.
| ASSET ALLOCATION (% of net assets) |
| Affiliated investment companies | 91.0 |
| Equity | 18.4 |
| International Equity | 6.9 |
| U.S. Large Cap | 4.9 |
| U.S. Mid Cap | 2.5 |
| U.S. Small Cap | 2.0 |
| Large Blend | 1.2 |
| Emerging-Market Equity | 0.9 |
| Fixed income | 66.1 |
| Intermediate Bond | 18.0 |
| Infrastructure | 13.1 |
| Multi-Sector Bond | 9.9 |
| Emerging-Market Debt | 6.9 |
| Bank Loan | 6.9 |
| High Yield Bond | 6.3 |
| Short-Term Bond | 5.0 |
| Alternative and specialty | 6.5 |
| Absolute Return | 2.8 |
| Multi-Asset Income | 2.0 |
| Infrastructure | 1.7 |
| U.S. Government | 9.0 |
PERFORMANCE CHART
Total returns with maximum sales charge for the period ended 6-30-21 (%)
| | | Class A | Class C | Class I1,2 | Class R21,2 | Class R42 | Class R52 | Class R61,2 | Class 12 | Index 1 | Index 2 | Index 3 | Index 4 | Index 5 |
| Average annual total returns |
| 1 year | | 6.43 | 9.67 | 11.72 | 11.37 | 11.64 | 11.77 | 11.83 | 11.87 | 8.12 | 10.24 | 40.79 | -0.33 | 9.73 |
| 5 year | | 4.50 | 4.73 | 5.78 | 5.38 | 5.62 | 5.83 | 5.89 | 5.86 | 5.87 | 6.11 | 17.65 | 3.03 | 6.38 |
| 10-year | | 4.20 | 3.94 | 4.59 | 4.54 | 4.78 | 5.02 | 5.09 | 5.09 | 5.31 | 5.38 | 14.84 | 3.39 | 5.73 |
| Cumulative returns |
| 6-months | | -2.00 | 1.24 | 2.75 | 2.63 | 2.68 | 2.78 | 2.81 | 2.78 | 1.79 | 2.44 | 15.25 | -1.60 | 2.11 |
| 5 year | | 24.61 | 25.99 | 32.45 | 29.94 | 31.45 | 32.77 | 33.14 | 32.97 | 32.98 | 34.55 | 125.36 | 16.08 | 36.22 |
| 10-year | | 50.90 | 47.16 | 56.58 | 55.93 | 59.49 | 63.15 | 64.31 | 64.27 | 67.72 | 68.83 | 298.93 | 39.62 | 74.57 |
Performance figures assume all distributions have been reinvested. Returns with maximum sales charge reflect a sales charge on Class A shares of 4.5%, and the applicable contingent deferred sales charge (CDSC) on Class C shares. The returns for Class A shares have been adjusted to reflect the reduction in the maximum sales charge from 5.0% to 4.5%, effective 8-1-19. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable to Class I, Class R2, Class R4, Class R5, Class R6, and Class 1 shares.
Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.
The expense ratios of the portfolio, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectuses for the portfolio and may differ from those disclosed in the Financial highlights tables in this report. Net expenses reflect contractual expense limitations in effect until April 30, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The following expense ratios include expenses of the underlying funds in which the portfolio invests. The expense ratios are as follows:
| | Class A | Class C | Class I | Class R2 | Class R4 | Class R5 | Class R6 | Class 1 |
| Gross (%) | 1.26 | 1.96 | 0.96 | 1.34 | 1.19 | 0.89 | 0.84 | 0.88 |
| Net (%) | 1.25 | 1.96 | 0.95 | 1.34 | 1.09 | 0.89 | 0.84 | 0.88 |
Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.
The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility and other factors, the portfolio’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 800–225–5291 or visit the portfolio’s website at jhinvestments.com.
The performance information does not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. The portfolio’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.
| 1 | Class I shares were first offered on 5-1-15; Class R2 shares were first offered on 3-1-12; Class R6 shares were first offered on 9-1-11. Returns prior to these dates are those of Class C shares that have not been adjusted for class-specific expenses; otherwise, returns would vary. |
| 2 | For certain types of investors, as described in the portfolio’s prospectuses. |
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 9 |
As a shareholder of a John Hancock Funds II Multimanager Lifestyle Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchases or redemptions, and (2) ongoing costs, including management fees, distribution and service (Rule 12b-1) fees, and other portfolio expenses. In addition to the operating expenses which each portfolio bears directly, each portfolio indirectly bears a pro rata share of the operating expenses of the underlying funds in which each portfolio invests. Because underlying funds have varied operating expenses and transaction costs, and a portfolio may own different proportions of the underlying funds at different times, the amount of expenses incurred indirectly by the portfolio will vary. Had these indirect expenses been reflected in the following analysis, total expenses would have been higher than the amounts shown.
These examples are intended to help you understand your ongoing costs (in dollars) of investing in a portfolio so you can compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 at the beginning of the period and held for the entire period (January 1, 2021 through June 30, 2021).
Actual expenses:
The first line of each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period ended” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed annualized rate of return of 5% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. See the portfolios’ prospectuses for details regarding transaction costs.
SHAREHOLDER EXPENSE EXAMPLE CHART
| | | Account
value on
1-1-2021 | Ending
value on
6-30-2021 | Expenses
paid during
period ended
6-30-20211 | Annualized
expense
ratio2 |
| Multimanager Lifestyle Aggressive Portfolio |
| Class A | Actual expenses/actual returns | $1,000.00 | $1,136.10 | $2.65 | 0.50% |
| | Hypothetical example | 1,000.00 | 1,022.30 | 2.51 | 0.50% |
| Class C | Actual expenses/actual returns | 1,000.00 | 1,132.10 | 6.34 | 1.20% |
| | Hypothetical example | 1,000.00 | 1,018.80 | 6.01 | 1.20% |
| Class I | Actual expenses/actual returns | 1,000.00 | 1,137.90 | 1.06 | 0.20% |
| | Hypothetical example | 1,000.00 | 1,023.80 | 1.00 | 0.20% |
| Class R2 | Actual expenses/actual returns | 1,000.00 | 1,135.50 | 3.12 | 0.59% |
| | Hypothetical example | 1,000.00 | 1,021.90 | 2.96 | 0.59% |
| Class R4 | Actual expenses/actual returns | 1,000.00 | 1,136.90 | 1.85 | 0.35% |
| | Hypothetical example | 1,000.00 | 1,023.10 | 1.76 | 0.35% |
| Class R5 | Actual expenses/actual returns | 1,000.00 | 1,138.40 | 0.80 | 0.15% |
| | Hypothetical example | 1,000.00 | 1,024.10 | 0.75 | 0.15% |
| Class R6 | Actual expenses/actual returns | 1,000.00 | 1,138.50 | 0.53 | 0.10% |
| | Hypothetical example | 1,000.00 | 1,024.30 | 0.50 | 0.10% |
| Class 1 | Actual expenses/actual returns | 1,000.00 | 1,138.10 | 0.74 | 0.14% |
| | Hypothetical example | 1,000.00 | 1,024.10 | 0.70 | 0.14% |
| 10 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
SHAREHOLDER EXPENSE EXAMPLE CHART (continued)
| | | Account
value on
1-1-2021 | Ending
value on
6-30-2021 | Expenses
paid during
period ended
6-30-20211 | Annualized
expense
ratio2 |
| Multimanager Lifestyle Growth Portfolio |
| Class A | Actual expenses/actual returns | $1,000.00 | $1,113.10 | $2.67 | 0.51% |
| | Hypothetical example | 1,000.00 | 1,022.30 | 2.56 | 0.51% |
| Class C | Actual expenses/actual returns | 1,000.00 | 1,109.30 | 6.33 | 1.21% |
| | Hypothetical example | 1,000.00 | 1,018.80 | 6.06 | 1.21% |
| Class I | Actual expenses/actual returns | 1,000.00 | 1,115.20 | 1.10 | 0.21% |
| | Hypothetical example | 1,000.00 | 1,023.80 | 1.05 | 0.21% |
| Class R2 | Actual expenses/actual returns | 1,000.00 | 1,112.90 | 3.14 | 0.60% |
| | Hypothetical example | 1,000.00 | 1,021.80 | 3.01 | 0.60% |
| Class R4 | Actual expenses/actual returns | 1,000.00 | 1,114.60 | 1.84 | 0.35% |
| | Hypothetical example | 1,000.00 | 1,023.10 | 1.76 | 0.35% |
| Class R5 | Actual expenses/actual returns | 1,000.00 | 1,114.90 | 0.84 | 0.16% |
| | Hypothetical example | 1,000.00 | 1,024.00 | 0.80 | 0.16% |
| Class R6 | Actual expenses/actual returns | 1,000.00 | 1,115.00 | 0.58 | 0.11% |
| | Hypothetical example | 1,000.00 | 1,024.20 | 0.55 | 0.11% |
| Class 1 | Actual expenses/actual returns | 1,000.00 | 1,115.00 | 0.79 | 0.15% |
| | Hypothetical example | 1,000.00 | 1,024.10 | 0.75 | 0.15% |
| Class 5 | Actual expenses/actual returns | 1,000.00 | 1,115.90 | 0.52 | 0.10% |
| | Hypothetical example | 1,000.00 | 1,024.30 | 0.50 | 0.10% |
| Multimanager Lifestyle Balanced Portfolio |
| Class A | Actual expenses/actual returns | $1,000.00 | $1,087.00 | $2.69 | 0.52% |
| | Hypothetical example | 1,000.00 | 1,022.20 | 2.61 | 0.52% |
| Class C | Actual expenses/actual returns | 1,000.00 | 1,083.00 | 6.35 | 1.23% |
| | Hypothetical example | 1,000.00 | 1,018.70 | 6.16 | 1.23% |
| Class I | Actual expenses/actual returns | 1,000.00 | 1,088.60 | 1.14 | 0.22% |
| | Hypothetical example | 1,000.00 | 1,023.70 | 1.10 | 0.22% |
| Class R2 | Actual expenses/actual returns | 1,000.00 | 1,086.00 | 3.16 | 0.61% |
| | Hypothetical example | 1,000.00 | 1,021.80 | 3.06 | 0.61% |
| Class R4 | Actual expenses/actual returns | 1,000.00 | 1,087.40 | 1.91 | 0.37% |
| | Hypothetical example | 1,000.00 | 1,023.00 | 1.86 | 0.37% |
| Class R5 | Actual expenses/actual returns | 1,000.00 | 1,089.00 | 0.88 | 0.17% |
| | Hypothetical example | 1,000.00 | 1,024.00 | 0.85 | 0.17% |
| Class R6 | Actual expenses/actual returns | 1,000.00 | 1,089.20 | 0.62 | 0.12% |
| | Hypothetical example | 1,000.00 | 1,024.20 | 0.60 | 0.12% |
| Class 1 | Actual expenses/actual returns | 1,000.00 | 1,089.00 | 0.83 | 0.16% |
| | Hypothetical example | 1,000.00 | 1,024.00 | 0.80 | 0.16% |
| Class 5 | Actual expenses/actual returns | 1,000.00 | 1,089.30 | 0.57 | 0.11% |
| | Hypothetical example | 1,000.00 | 1,024.20 | 0.55 | 0.11% |
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 11 |
SHAREHOLDER EXPENSE EXAMPLE CHART (continued)
| | | Account
value on
1-1-2021 | Ending
value on
6-30-2021 | Expenses
paid during
period ended
6-30-20211 | Annualized
expense
ratio2 |
| Multimanager Lifestyle Moderate Portfolio |
| Class A | Actual expenses/actual returns | $1,000.00 | $1,057.80 | $2.81 | 0.55% |
| | Hypothetical example | 1,000.00 | 1,022.10 | 2.76 | 0.55% |
| Class C | Actual expenses/actual returns | 1,000.00 | 1,053.90 | 6.37 | 1.25% |
| | Hypothetical example | 1,000.00 | 1,018.60 | 6.26 | 1.25% |
| Class I | Actual expenses/actual returns | 1,000.00 | 1,059.10 | 1.28 | 0.25% |
| | Hypothetical example | 1,000.00 | 1,023.60 | 1.25 | 0.25% |
| Class R2 | Actual expenses/actual returns | 1,000.00 | 1,057.50 | 3.32 | 0.65% |
| | Hypothetical example | 1,000.00 | 1,021.60 | 3.26 | 0.65% |
| Class R4 | Actual expenses/actual returns | 1,000.00 | 1,058.30 | 2.04 | 0.40% |
| | Hypothetical example | 1,000.00 | 1,022.80 | 2.01 | 0.40% |
| Class R5 | Actual expenses/actual returns | 1,000.00 | 1,059.30 | 0.97 | 0.19% |
| | Hypothetical example | 1,000.00 | 1,023.90 | 0.95 | 0.19% |
| Class R6 | Actual expenses/actual returns | 1,000.00 | 1,059.70 | 0.77 | 0.15% |
| | Hypothetical example | 1,000.00 | 1,024.10 | 0.75 | 0.15% |
| Class 1 | Actual expenses/actual returns | 1,000.00 | 1,059.30 | 0.97 | 0.19% |
| | Hypothetical example | 1,000.00 | 1,023.90 | 0.95 | 0.19% |
| Class 5 | Actual expenses/actual returns | 1,000.00 | 1,059.70 | 0.71 | 0.14% |
| | Hypothetical example | 1,000.00 | 1,024.10 | 0.70 | 0.14% |
| Multimanager Lifestyle Conservative Portfolio |
| Class A | Actual expenses/actual returns | $1,000.00 | $1,026.00 | $2.91 | 0.58% |
| | Hypothetical example | 1,000.00 | 1,021.90 | 2.91 | 0.58% |
| Class C | Actual expenses/actual returns | 1,000.00 | 1,022.40 | 6.42 | 1.28% |
| | Hypothetical example | 1,000.00 | 1,018.40 | 6.41 | 1.28% |
| Class I | Actual expenses/actual returns | 1,000.00 | 1,027.50 | 1.41 | 0.28% |
| | Hypothetical example | 1,000.00 | 1,023.40 | 1.40 | 0.28% |
| Class R2 | Actual expenses/actual returns | 1,000.00 | 1,026.30 | 3.11 | 0.62% |
| | Hypothetical example | 1,000.00 | 1,021.70 | 3.11 | 0.62% |
| Class R4 | Actual expenses/actual returns | 1,000.00 | 1,026.80 | 2.11 | 0.42% |
| | Hypothetical example | 1,000.00 | 1,022.70 | 2.11 | 0.42% |
| Class R5 | Actual expenses/actual returns | 1,000.00 | 1,027.80 | 1.11 | 0.22% |
| | Hypothetical example | 1,000.00 | 1,023.70 | 1.10 | 0.22% |
| Class R6 | Actual expenses/actual returns | 1,000.00 | 1,028.10 | 0.91 | 0.18% |
| | Hypothetical example | 1,000.00 | 1,023.90 | 0.90 | 0.18% |
| Class 1 | Actual expenses/actual returns | 1,000.00 | 1,027.80 | 1.11 | 0.22% |
| | Hypothetical example | 1,000.00 | 1,023.70 | 1.10 | 0.22% |
| 1 | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| 2 | Ratios do not include expenses indirectly incurred by the underlying funds and can vary based on the mix of underlying funds held by the portfolios. |
| 12 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
| Subadvisors of Affiliated Underlying Funds |
| Allianz Global Investors U.S. LLC | (Allianz) |
| Axiom International Investors LLC | (Axiom) |
| BCSF Advisors, LP (Bain Capital Credit) | (Bain Capital) |
| Boston Partners Global Investors, Inc. | (Boston Partners) |
| Dimensional Fund Advisors LP | (DFA) |
| Epoch Investment Partners, Inc. | (Epoch) |
| First Quadrant, L.P. | (First Quadrant) |
| Graham Capital Management, L.P. | (Graham) |
| Jennison Associates LLC | (Jennison) |
| Manulife Investment Management (North America) Limited | (MIM NA) |
| Manulife Investment Management (US) LLC | (MIM US) |
| Pictet Asset Management SA | (Pictet) |
| Redwood Investments, LLC | (Redwood) |
| T. Rowe Price Associates, Inc. | (T. Rowe Price) |
| Wellington Management Company, LLP | (Wellington) |
| Wells Capital Management, Incorporated | (Wells Capital) |
MULTIMANAGER LIFESTYLE AGGRESSIVE PORTFOLIO
As of 6-30-21 (unaudited)
| | Shares or
Principal
Amount | Value |
| AFFILIATED INVESTMENT COMPANIES (A) - 99.0% | |
| Equity - 90.6% | | |
| Blue Chip Growth, Class NAV, JHF II (T. Rowe Price) | 4,256,876 | $268,779,171 |
| Capital Appreciation, Class NAV, JHF II (Jennison) | 5,694,945 | 129,503,041 |
| Capital Appreciation Value, Class NAV, JHF II (T. Rowe Price) | 6,933,478 | 83,617,750 |
| Disciplined Value, Class NAV, JHF III (Boston Partners) | 7,557,305 | 190,519,658 |
| Disciplined Value International, Class NAV, JHIT (Boston Partners) | 14,191,040 | 204,918,621 |
| Emerging Markets Equity, Class NAV, JHIT (MIM US) (B) | 17,378,796 | 273,194,676 |
| Equity Income, Class NAV, JHF II (T. Rowe Price) | 13,845,626 | 302,111,566 |
| Financial Industries, Class NAV, JHIT II (MIM US) (B) | 2,749,984 | 60,032,146 |
| Fundamental Large Cap Core, Class NAV, JHIT (MIM US) (B) | 3,986,540 | 301,422,263 |
| Global Equity, Class NAV, JHF II (MIM US) (B) | 2,832,220 | 42,001,828 |
| Global Thematic Opportunities, Class NAV, JHIT (Pictet) | 6,163,791 | 95,045,651 |
| International Dynamic Growth, Class NAV, JHIT (Axiom) | 3,207,780 | 52,350,967 |
| International Growth, Class NAV, JHF III (Wellington) | 2,919,307 | 118,027,600 |
| International Small Company, Class NAV, JHF II (DFA) | 9,208,099 | 121,086,503 |
| International Strategic Equity Allocation, Class NAV, JHF II (MIM US) (B) | 28,541,162 | 327,937,955 |
| Mid Cap Stock, Class NAV, JHF II (Wellington) | 8,365,348 | 240,754,722 |
| Mid Value, Class NAV, JHF II (T. Rowe Price) | 14,511,194 | 283,984,076 |
| Multifactor Emerging Markets ETF, JHETF (DFA) | 2,511,808 | 79,587,641 |
| Small Cap Core, Class NAV, JHIT (MIM US) (B) | 7,453,119 | 140,416,767 |
| Small Cap Growth, Class NAV, JHF II (Redwood) | 3,716,498 | 99,007,509 |
| Small Cap Value, Class NAV, JHF II (Wellington) | 4,726,567 | 114,571,977 |
| U.S. Sector Rotation, Class NAV, JHF II (MIM US) (B) | 17,866,787 | 214,758,785 |
| Fixed income - 0.7% | | |
| Emerging Markets Debt, Class NAV, JHF II (MIM US) (B) | 2,121,860 | 19,860,614 |
| High Yield, Class NAV, JHBT (MIM US) (B) | 2,873,596 | 10,000,114 |
| Alternative and specialty - 7.7% | | |
| Diversified Macro, Class NAV, JHIT (Graham) | 4,307,423 | 41,222,040 |
| Diversified Real Assets, Class NAV, JHIT (MIM NA/Wellington) (B) | 16,087,684 | 180,182,066 |
| Health Sciences, Class NAV, JHF II (T. Rowe Price) | 9,864,857 | 64,022,919 |
| Science & Technology, Class NAV, JHF II (T. Rowe Price/Allianz) | 5,929,235 | 32,255,039 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 13 |
MULTIMANAGER LIFESTYLE AGGRESSIVE PORTFOLIO (continued)
| | Shares or
Principal
Amount | Value |
|
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost
$2,656,684,445) | $4,091,173,665 |
| COMMON STOCKS - 0.0% | |
| Energy - 0.0% | | |
| Sakari Resources, Ltd. (C)(D)(E) | 215,623 | $137,901 |
|
TOTAL COMMON STOCKS (Cost
$91,719) | $137,901 |
| U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 1.0% | |
| U.S. Government - 1.0% | | |
| U.S. Treasury STRIPS, PO, 2.104%, 11/15/2048 | $19,047,000 | 10,681,152 |
| U.S. Treasury STRIPS, PO, 2.112%, 02/15/2047 | 7,444,000 | 4,322,805 |
| U.S. Treasury STRIPS, PO, 2.113%, 05/15/2047 | 18,490,000 | 10,679,184 |
| U.S. Treasury STRIPS, PO, 2.120%, 05/15/2050 | 31,529,000 | 17,053,454 |
|
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost
$40,083,615) | $42,736,595 |
| SHORT-TERM INVESTMENTS - 0.0% | |
| Short-term funds - 0.0% | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0250% (F) | 1,023 | 1,023 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,023) | $1,023 |
| Total investments (Cost $2,696,860,802) - 100.0% | $4,134,049,184 |
| Other assets and liabilities, net - (0.0%) | (211,439) |
| TOTAL NET ASSETS - 100.0% | $4,133,837,745 |
MULTIMANAGER LIFESTYLE GROWTH PORTFOLIO
As of 6-30-21 (unaudited)
| | Shares or
Principal
Amount | Value |
| AFFILIATED INVESTMENT COMPANIES (A) - 95.9% | |
| Equity - 75.4% | | |
| Blue Chip Growth, Class NAV, JHF II (T. Rowe Price) | 9,751,551 | $615,712,939 |
| Capital Appreciation, Class NAV, JHF II (Jennison) | 14,579,253 | 331,532,212 |
| Capital Appreciation Value, Class NAV, JHF II (T. Rowe Price) | 34,414,383 | 415,037,457 |
| Disciplined Value, Class NAV, JHF III (Boston Partners) | 18,001,416 | 453,815,706 |
| Disciplined Value International, Class NAV, JHIT (Boston Partners) | 32,217,110 | 465,215,068 |
| Emerging Markets Equity, Class NAV, JHIT (MIM US) (B) | 31,800,479 | 499,903,537 |
| Equity Income, Class NAV, JHF II (T. Rowe Price) | 32,220,401 | 703,049,141 |
| Financial Industries, Class NAV, JHIT II (MIM US) (B) | 6,382,407 | 139,327,954 |
MULTIMANAGER LIFESTYLE GROWTH PORTFOLIO (continued)
| | Shares or
Principal
Amount | Value |
| Equity - (continued) | | |
| Fundamental Global Franchise, Class NAV, JHF II (MIM US) (B) | 10,354,480 | $146,308,801 |
| Fundamental Large Cap Core, Class NAV, JHIT (MIM US) (B) | 7,205,837 | 544,833,322 |
| Global Equity, Class NAV, JHF II (MIM US) (B) | 12,266,099 | 181,906,254 |
| Global Thematic Opportunities, Class NAV, JHIT (Pictet) | 13,271,597 | 204,648,031 |
| International Dynamic Growth, Class NAV, JHIT (Axiom) | 7,226,604 | 117,938,172 |
| International Growth, Class NAV, JHF III (Wellington) | 5,931,912 | 239,827,222 |
| International Small Company, Class NAV, JHF II (DFA) | 21,002,997 | 276,189,411 |
| International Strategic Equity Allocation, Class NAV, JHF II (MIM US) (B) | 65,556,774 | 753,247,331 |
| Mid Cap Stock, Class NAV, JHF II (Wellington) | 18,878,429 | 543,321,184 |
| Mid Value, Class NAV, JHF II (T. Rowe Price) | 33,236,338 | 650,435,131 |
| Multifactor Emerging Markets ETF, JHETF (DFA) | 6,648,133 | 210,648,753 |
| Small Cap Core, Class NAV, JHIT (MIM US) (B) | 17,822,307 | 335,772,257 |
| Small Cap Growth, Class NAV, JHF II (Redwood) | 7,404,711 | 197,261,489 |
| Small Cap Value, Class NAV, JHF II (Wellington) | 10,188,632 | 246,972,435 |
| U.S. Sector Rotation, Class NAV, JHF II (MIM US) (B) | 39,136,002 | 470,414,740 |
| Fixed income - 13.6% | | |
| Bond, Class NAV, JHSB (MIM US) (B) | 36,509,124 | 602,035,459 |
| Emerging Markets Debt, Class NAV, JHF II (MIM US) (B) | 24,302,188 | 227,468,484 |
| Floating Rate Income, Class NAV, JHF II (Bain Capital) | 26,233,057 | 217,734,372 |
| High Yield, Class NAV, JHBT (MIM US) (B) | 54,050,988 | 188,097,438 |
| Strategic Income Opportunities, Class NAV, JHF II (MIM US) (B) | 30,515,155 | 347,262,462 |
| Alternative and specialty - 6.9% | | |
| Absolute Return Currency, Class NAV, JHF II (First Quadrant) (E) | 8,113,783 | 84,302,205 |
| Diversified Macro, Class NAV, JHIT (Graham) | 9,104,769 | 87,132,635 |
| Diversified Real Assets, Class NAV, JHIT (MIM NA/Wellington) (B) | 36,144,817 | 404,821,953 |
| Health Sciences, Class NAV, JHF II (T. Rowe Price) | 22,976,345 | 149,116,481 |
| Science & Technology, Class NAV, JHF II (T. Rowe Price/Allianz) | 14,365,644 | 78,149,101 |
|
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost
$7,700,106,950) | $11,129,439,137 |
| COMMON STOCKS - 0.0% | |
| Energy - 0.0% | | |
| Sakari Resources, Ltd. (C)(D)(E) | 489,868 | 313,293 |
|
TOTAL COMMON STOCKS (Cost
$208,367) | $313,293 |
| 14 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
MULTIMANAGER LIFESTYLE GROWTH PORTFOLIO (continued)
| | Shares or
Principal
Amount | Value |
|
| U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 4.1% | |
| U.S. Government - 4.1% | | |
| U.S. Treasury Inflation Protected Security, 0.125%, 01/15/2023 | $44,824,814 | $46,832,301 |
| U.S. Treasury Inflation Protected Security, 0.125%, 07/15/2024 | 67,314,981 | 72,382,887 |
| U.S. Treasury Inflation Protected Security, 0.125%, 04/15/2025 | 81,440,199 | 87,894,970 |
| U.S. Treasury STRIPS, PO, 2.104%, 11/15/2048 | 117,588,000 | 65,940,845 |
| U.S. Treasury STRIPS, PO, 2.112%, 02/15/2047 | 45,956,000 | 26,687,107 |
| U.S. Treasury STRIPS, PO, 2.113%, 05/15/2047 | 114,149,000 | 65,928,508 |
| U.S. Treasury STRIPS, PO, 2.120%, 05/15/2050 | 194,650,000 | 105,282,596 |
|
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost
$456,732,418) | $470,949,214 |
| SHORT-TERM INVESTMENTS - 0.0% | |
| Short-term funds - 0.0% | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0250% (F) | 1,023 | 1,023 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,023) | $1,023 |
| Total investments (Cost $8,157,048,758) - 100.0% | $11,600,702,667 |
| Other assets and liabilities, net - 0.0% | 385,280 |
| TOTAL NET ASSETS - 100.0% | $11,601,087,947 |
MULTIMANAGER LIFESTYLE BALANCED PORTFOLIO
As of 6-30-21 (unaudited)
| | Shares or
Principal
Amount | Value |
| AFFILIATED INVESTMENT COMPANIES (A) - 91.8% | |
| Equity - 56.3% | | |
| Blue Chip Growth, Class NAV, JHF II (T. Rowe Price) | 6,171,816 | $389,688,446 |
| Capital Appreciation, Class NAV, JHF II (Jennison) | 8,064,184 | 183,379,539 |
| Capital Appreciation Value, Class NAV, JHF II (T. Rowe Price) | 36,527,835 | 440,525,692 |
| Disciplined Value, Class NAV, JHF III (Boston Partners) | 11,254,566 | 283,727,605 |
| Disciplined Value International, Class NAV, JHIT (Boston Partners) | 24,653,896 | 356,002,260 |
| Emerging Markets Equity, Class NAV, JHIT (MIM US) (B) | 18,575,762 | 292,010,983 |
| Equity Income, Class NAV, JHF II (T. Rowe Price) | 20,132,673 | 439,294,931 |
| Financial Industries, Class NAV, JHIT II (MIM US) (B) | 4,762,712 | 103,970,007 |
| Fundamental Global Franchise, Class NAV, JHF II (MIM US) (B) | 9,620,599 | 135,939,059 |
MULTIMANAGER LIFESTYLE BALANCED PORTFOLIO (continued)
| | Shares or
Principal
Amount | Value |
| Equity - (continued) | | |
| Fundamental Large Cap Core, Class NAV, JHIT (MIM US) (B) | 4,176,729 | $315,802,462 |
| Global Equity, Class NAV, JHF II (MIM US) (B) | 13,802,591 | 204,692,422 |
| Global Shareholder Yield, Class NAV, JHF III (Epoch) | 4,375,190 | 53,552,322 |
| Global Thematic Opportunities, Class NAV, JHIT (Pictet) | 6,953,604 | 107,224,573 |
| International Dynamic Growth, Class NAV, JHIT (Axiom) | 5,365,393 | 87,563,218 |
| International Growth, Class NAV, JHF III (Wellington) | 4,676,947 | 189,088,986 |
| International Small Company, Class NAV, JHF II (DFA) | 11,365,267 | 149,453,259 |
| International Strategic Equity Allocation, Class NAV, JHF II (MIM US) (B) | 41,145,839 | 472,765,695 |
| Mid Cap Stock, Class NAV, JHF II (Wellington) | 12,289,541 | 353,692,994 |
| Mid Value, Class NAV, JHF II (T. Rowe Price) | 22,805,189 | 446,297,556 |
| Multifactor Emerging Markets ETF, JHETF (DFA) | 3,891,963 | 123,318,404 |
| Small Cap Core, Class NAV, JHIT (MIM US) (B) | 11,505,149 | 216,757,001 |
| Small Cap Growth, Class NAV, JHF II (Redwood) | 5,231,678 | 139,371,914 |
| Small Cap Value, Class NAV, JHF II (Wellington) | 7,344,312 | 178,026,128 |
| U.S. Sector Rotation, Class NAV, JHF II (MIM US) (B) | 35,447,825 | 426,082,862 |
| Fixed income - 28.9% | | |
| Bond, Class NAV, JHSB (MIM US) (B) | 57,062,213 | 940,955,888 |
| Core Bond, Class NAV, JHF II (Wells Capital) | 8,426,217 | 109,962,133 |
| Emerging Markets Debt, Class NAV, JHF II (MIM US) (B) | 40,657,054 | 380,550,030 |
| Floating Rate Income, Class NAV, JHF II (Bain Capital) | 44,982,210 | 373,352,344 |
| High Yield, Class NAV, JHBT (MIM US) (B) | 99,252,790 | 345,399,709 |
| Short Duration Bond, Class NAV, JHBT (MIM US) (B) | 19,009,320 | 191,043,664 |
| Strategic Income Opportunities, Class NAV, JHF II (MIM US) (B) | 68,328,822 | 777,581,996 |
| Alternative and specialty - 6.6% | | |
| Absolute Return Currency, Class NAV, JHF II (First Quadrant) (E) | 9,906,234 | 102,925,770 |
| Diversified Macro, Class NAV, JHIT (Graham) | 10,808,389 | 103,436,281 |
| Diversified Real Assets, Class NAV, JHIT (MIM NA/Wellington) (B) | 25,390,665 | 284,375,449 |
| Health Sciences, Class NAV, JHF II (T. Rowe Price) | 17,152,872 | 111,322,141 |
| Multi-Asset High Income, Class NAV, JHF II (MIM US) (B) | 4,987,011 | 54,458,155 |
| Science & Technology, Class NAV, JHF II (T. Rowe Price/Allianz) | 10,210,424 | 55,544,706 |
|
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost
$7,401,933,699) | $9,919,136,584 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 15 |
MULTIMANAGER LIFESTYLE BALANCED PORTFOLIO (continued)
| | Shares or
Principal
Amount | Value |
|
| COMMON STOCKS - 0.0% | |
| Energy - 0.0% | | |
| Sakari Resources, Ltd. (C)(D)(E) | 303,543 | $194,130 |
|
TOTAL COMMON STOCKS (Cost
$129,115) | $194,130 |
| U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 8.2% | |
| U.S. Government - 8.2% | | |
| U.S. Treasury Inflation Protected Security, 0.125%, 01/15/2023 | $83,547,143 | 87,288,815 |
| U.S. Treasury Inflation Protected Security, 0.125%, 07/15/2024 | 125,465,058 | 134,910,878 |
| U.S. Treasury Inflation Protected Security, 0.125%, 04/15/2025 | 151,791,830 | 163,822,517 |
| U.S. Treasury STRIPS, PO, 2.104%, 11/15/2048 | 223,458,000 | 125,310,485 |
| U.S. Treasury STRIPS, PO, 2.112%, 02/15/2047 | 87,335,000 | 50,716,305 |
| U.S. Treasury STRIPS, PO, 2.113%, 05/15/2047 | 216,923,000 | 125,287,211 |
| U.S. Treasury STRIPS, PO, 2.120%, 05/15/2050 | 369,899,000 | 200,071,548 |
|
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost
$860,213,706) | $887,407,759 |
| SHORT-TERM INVESTMENTS - 0.0% | |
| Short-term funds - 0.0% | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0250% (F) | 1,023 | 1,023 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,023) | $1,023 |
| Total investments (Cost $8,262,277,543) - 100.0% | $10,806,739,496 |
| Other assets and liabilities, net - (0.0%) | (314,705) |
| TOTAL NET ASSETS - 100.0% | $10,806,424,791 |
MULTIMANAGER LIFESTYLE MODERATE PORTFOLIO
As of 6-30-21 (unaudited)
| | Shares or
Principal
Amount | Value |
| AFFILIATED INVESTMENT COMPANIES (A) - 91.5% | |
| Equity - 38.0% | | |
| Blue Chip Growth, Class NAV, JHF II (T. Rowe Price) | 1,031,761 | $65,145,374 |
| Capital Appreciation, Class NAV, JHF II (Jennison) | 1,348,088 | 30,655,528 |
| Capital Appreciation Value, Class NAV, JHF II (T. Rowe Price) | 10,911,012 | 131,586,811 |
| Disciplined Value, Class NAV, JHF III (Boston Partners) | 2,090,280 | 52,695,958 |
| Disciplined Value International, Class NAV, JHIT (Boston Partners) | 4,317,388 | 62,343,076 |
| Emerging Markets Equity, Class NAV, JHIT (MIM US) (B) | 2,004,763 | 31,514,872 |
MULTIMANAGER LIFESTYLE MODERATE PORTFOLIO (continued)
| | Shares or
Principal
Amount | Value |
| Equity - (continued) | | |
| Equity Income, Class NAV, JHF II (T. Rowe Price) | 3,774,280 | $82,354,794 |
| Fundamental Global Franchise, Class NAV, JHF II (MIM US) (B) | 2,788,299 | 39,398,666 |
| Fundamental Large Cap Core, Class NAV, JHIT (MIM US) (B) | 786,158 | 59,441,430 |
| Global Equity, Class NAV, JHF II (MIM US) (B) | 4,531,897 | 67,208,033 |
| Global Shareholder Yield, Class NAV, JHF III (Epoch) | 3,046,009 | 37,283,150 |
| International Growth, Class NAV, JHF III (Wellington) | 1,371,613 | 55,454,325 |
| International Small Company, Class NAV, JHF II (DFA) | 2,002,464 | 26,332,397 |
| International Strategic Equity Allocation, Class NAV, JHF II (MIM US) (B) | 9,459,972 | 108,695,077 |
| Mid Cap Stock, Class NAV, JHF II (Wellington) | 2,559,970 | 73,675,939 |
| Mid Value, Class NAV, JHF II (T. Rowe Price) | 4,215,961 | 82,506,363 |
| Multifactor Emerging Markets ETF, JHETF (DFA) | 785,124 | 24,876,968 |
| Small Cap Core, Class NAV, JHIT (MIM US) (B) | 666,751 | 12,561,584 |
| Small Cap Growth, Class NAV, JHF II (Redwood) | 1,304,494 | 34,751,711 |
| Small Cap Value, Class NAV, JHF II (Wellington) | 1,521,767 | 36,887,639 |
| U.S. Sector Rotation, Class NAV, JHF II (MIM US) (B) | 6,405,205 | 76,990,564 |
| Fixed income - 47.2% | | |
| Bond, Class NAV, JHSB (MIM US) (B) | 23,431,243 | 386,381,189 |
| Core Bond, Class NAV, JHF II (Wells Capital) | 19,337,222 | 252,350,745 |
| Emerging Markets Debt, Class NAV, JHF II (MIM US) (B) | 17,011,461 | 159,227,276 |
| Floating Rate Income, Class NAV, JHF II (Bain Capital) | 19,123,666 | 158,726,429 |
| High Yield, Class NAV, JHBT (MIM US) (B) | 42,938,874 | 149,427,283 |
| Short Duration Bond, Class NAV, JHBT (MIM US) (B) | 11,190,269 | 112,462,205 |
| Strategic Income Opportunities, Class NAV, JHF II (MIM US) (B) | 23,203,305 | 264,053,611 |
| Alternative and specialty - 6.3% | | |
| Absolute Return Currency, Class NAV, JHF II (First Quadrant) (E) | 3,756,583 | 39,030,902 |
| Diversified Macro, Class NAV, JHIT (Graham) | 4,092,755 | 39,167,665 |
| Diversified Real Assets, Class NAV, JHIT (MIM NA/Wellington) (B) | 4,968,706 | 55,649,502 |
| Infrastructure, Class NAV, JHIT (Wellington) | 1,052,801 | 15,349,833 |
| Multi-Asset High Income, Class NAV, JHF II (MIM US) (B) | 4,336,682 | 47,356,564 |
|
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost
$2,374,523,938) | $2,871,543,463 |
| COMMON STOCKS - 0.0% | |
| Energy - 0.0% | | |
| Sakari Resources, Ltd. (C)(D)(E) | 50,910 | 32,556 |
| 16 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
MULTIMANAGER LIFESTYLE MODERATE PORTFOLIO (continued)
| | Shares or
Principal
Amount | Value |
|
TOTAL COMMON STOCKS (Cost
$21,656) | $32,556 |
| U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 8.5% | |
| U.S. Government - 8.5% | | |
| U.S. Treasury Inflation Protected Security, 0.125%, 01/15/2023 | $36,462,235 | $38,095,202 |
| U.S. Treasury Inflation Protected Security, 0.125%, 07/15/2024 | 54,753,295 | 58,875,477 |
| U.S. Treasury Inflation Protected Security, 0.125%, 04/15/2025 | 66,241,998 | 71,492,198 |
| U.S. Treasury STRIPS, PO, 2.104%, 11/15/2048 | 43,125,000 | 24,183,581 |
| U.S. Treasury STRIPS, PO, 2.112%, 02/15/2047 | 16,856,000 | 9,788,447 |
| U.S. Treasury STRIPS, PO, 2.113%, 05/15/2047 | 41,864,000 | 24,179,196 |
| U.S. Treasury STRIPS, PO, 2.120%, 05/15/2050 | 71,385,000 | 38,610,830 |
|
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost
$260,956,659) | $265,224,931 |
| SHORT-TERM INVESTMENTS - 0.0% | |
| Short-term funds - 0.0% | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0250% (F) | 1,023 | 1,023 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,023) | $1,023 |
| Total investments (Cost $2,635,503,276) - 100.0% | $3,136,801,973 |
| Other assets and liabilities, net - 0.0% | 122,895 |
| TOTAL NET ASSETS - 100.0% | $3,136,924,868 |
MULTIMANAGER LIFESTYLE CONSERVATIVE PORTFOLIO
As of 6-30-21 (unaudited)
| | Shares or
Principal
Amount | Value |
| AFFILIATED INVESTMENT COMPANIES (A) - 91.0% | |
| Equity - 18.4% | | |
| Blue Chip Growth, Class NAV, JHF II (T. Rowe Price) | 374,607 | $23,652,663 |
| Capital Appreciation Value, Class NAV, JHF II (T. Rowe Price) | 4,350,439 | 52,466,296 |
| Disciplined Value, Class NAV, JHF III (Boston Partners) | 530,868 | 13,383,193 |
| Disciplined Value International, Class NAV, JHIT (Boston Partners) | 1,627,594 | 23,502,460 |
| Emerging Markets Equity, Class NAV, JHIT (MIM US) (B) | 1,411,909 | 22,195,215 |
| Equity Income, Class NAV, JHF II (T. Rowe Price) | 958,741 | 20,919,728 |
| Fundamental Global Franchise, Class NAV, JHF II (MIM US) (B) | 1,316,092 | 18,596,375 |
| Fundamental Large Cap Core, Class NAV, JHIT (MIM US) (B) | 164,985 | 12,474,487 |
MULTIMANAGER LIFESTYLE CONSERVATIVE PORTFOLIO (continued)
| | Shares or
Principal
Amount | Value |
| Equity - (continued) | | |
| Global Equity, Class NAV, JHF II (MIM US) (B) | 1,673,632 | $24,819,965 |
| Global Shareholder Yield, Class NAV, JHF III (Epoch) | 1,317,241 | 16,123,033 |
| International Growth, Class NAV, JHF III (Wellington) | 528,918 | 21,384,161 |
| International Strategic Equity Allocation, Class NAV, JHF II (MIM US) (B) | 5,752,038 | 66,090,911 |
| Mid Cap Stock, Class NAV, JHF II (Wellington) | 975,697 | 28,080,557 |
| Mid Value, Class NAV, JHF II (T. Rowe Price) | 1,742,287 | 34,096,565 |
| Small Cap Growth, Class NAV, JHF II (Redwood) | 893,669 | 23,807,341 |
| Small Cap Value, Class NAV, JHF II (Wellington) | 1,064,777 | 25,810,199 |
| U.S. Sector Rotation, Class NAV, JHF II (MIM US) (B) | 2,548,280 | 30,630,323 |
| Fixed income - 66.1% | | |
| Bond, Class NAV, JHSB (MIM US) (B) | 27,190,933 | 448,378,490 |
| Core Bond, Class NAV, JHF II (Wells Capital) | 25,130,323 | 327,950,711 |
| Emerging Markets Debt, Class NAV, JHF II (MIM US) (B) | 18,284,083 | 171,139,013 |
| Floating Rate Income, Class NAV, JHF II (Bain Capital) | 20,600,972 | 170,988,070 |
| High Yield, Class NAV, JHBT (MIM US) (B) | 45,241,820 | 157,441,532 |
| Short Duration Bond, Class NAV, JHBT (MIM US) (B) | 12,369,725 | 124,315,740 |
| Strategic Income Opportunities, Class NAV, JHF II (MIM US) (B) | 21,800,793 | 248,093,021 |
| Alternative and specialty - 6.5% | | |
| Absolute Return Currency, Class NAV, JHF II (First Quadrant) (E) | 6,609,053 | 68,668,058 |
| Infrastructure, Class NAV, JHIT (Wellington) | 2,938,770 | 42,847,269 |
| Multi-Asset High Income, Class NAV, JHF II (MIM US) (B) | 4,562,296 | 49,820,274 |
|
TOTAL AFFILIATED INVESTMENT COMPANIES (Cost
$2,045,572,211) | $2,267,675,650 |
| U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 9.0% | |
| U.S. Government - 9.0% | | |
| U.S. Treasury Inflation Protected Security, 0.125%, 01/15/2023 | $48,431,249 | 50,600,250 |
| U.S. Treasury Inflation Protected Security, 0.125%, 07/15/2024 | 72,725,545 | 78,200,794 |
| U.S. Treasury Inflation Protected Security, 0.125%, 04/15/2025 | 87,989,152 | 94,962,980 |
|
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost
$226,150,700) | $223,764,024 |
| SHORT-TERM INVESTMENTS - 0.0% | |
| Short-term funds - 0.0% | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.0250% (F) | 1,023 | 1,023 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 17 |
MULTIMANAGER LIFESTYLE CONSERVATIVE PORTFOLIO (continued)
| | Shares or
Principal
Amount | Value |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,023) | $1,023 |
| Total investments (Cost $2,271,723,934) - 100.0% | $2,491,440,697 |
| Other assets and liabilities, net - 0.0% | 802,466 |
| TOTAL NET ASSETS - 100.0% | $2,492,243,163 |
Percentages are based upon net assets.
Security Abbreviations and Legend
| JHBT | John Hancock Bond Trust |
| JHETF | John Hancock Exchange-Traded Fund Trust |
| JHF II | John Hancock Funds II |
| JHF III | John Hancock Funds III |
| JHIT | John Hancock Investment Trust |
| JHIT II | John Hancock Investment Trust II |
| JHSB | John Hancock Sovereign Bond Fund |
| PO | Principal-Only Security - (Principal Tranche of Stripped Security). Rate shown is the annualized yield on date of purchase. |
| STRIPS | Separate Trading of Registered Interest and Principal Securities |
| (A) | The underlying funds’ subadvisor is shown parenthetically. |
| (B) | The subadvisor is an affiliate of the advisor. |
| (C) | Restricted security as to resale. |
| (D) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements. |
| (E) | Non-income producing. |
| (F) | The rate shown is the annualized seven-day yield as of 6-30-21. |
| 18 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
STATEMENTS OF ASSETS AND LIABILITIES 6-30-21 (unaudited)
| | Multimanager Lifestyle Aggressive Portfolio | Multimanager Lifestyle Growth Portfolio | Multimanager Lifestyle Balanced Portfolio | Multimanager Lifestyle Moderate Portfolio | Multimanager Lifestyle Conservative Portfolio |
| Assets | | | | | |
| Unaffiliated investments, at value | $42,875,519 | $471,263,530 | $887,602,912 | $265,258,510 | $223,765,047 |
| Affiliated investments, at value | 4,091,173,665 | 11,129,439,137 | 9,919,136,584 | 2,871,543,463 | 2,267,675,650 |
| Total investments, at value | 4,134,049,184 | 11,600,702,667 | 10,806,739,496 | 3,136,801,973 | 2,491,440,697 |
| Dividends and interest receivable | 208,725 | 4,845,241 | 8,768,817 | 3,556,101 | 3,797,693 |
| Receivable for fund shares sold | 488,902 | 1,276,578 | 1,304,358 | 498,931 | 3,273,937 |
| Receivable for investments sold | 8,736,362 | 19,060,158 | 16,550,773 | 2,071,734 | 2,136,537 |
| Receivable from affiliates | 195 | 642 | 660 | 246 | 242 |
| Other assets | 133,934 | 291,116 | 283,763 | 129,665 | 126,899 |
| Total assets | 4,143,617,302 | 11,626,176,402 | 10,833,647,867 | 3,143,058,650 | 2,500,776,005 |
| Liabilities | | | | | |
| Due to custodian | 2,709 | 7,611 | 11,347 | 12,004 | 11,411 |
| Distributions payable | — | — | 64,287 | 94,425 | 202,341 |
| Payable for investments purchased | 112,944 | 4,414,328 | 8,370,616 | 3,431,537 | 3,680,149 |
| Payable for fund shares repurchased | 9,301,798 | 19,675,734 | 17,822,481 | 2,261,093 | 4,348,999 |
| Payable to affiliates | | | | | |
| Accounting and legal services fees | 165,803 | 466,688 | 435,898 | 126,900 | 100,461 |
| Transfer agent fees | 70,148 | 232,339 | 236,835 | 89,094 | 85,753 |
| Distribution and service fees | 2,621 | 6,468 | 5,465 | 2,614 | 1,804 |
| Other liabilities and accrued expenses | 123,534 | 285,287 | 276,147 | 116,115 | 101,924 |
| Total liabilities | 9,779,557 | 25,088,455 | 27,223,076 | 6,133,782 | 8,532,842 |
| Net assets | $4,133,837,745 | $11,601,087,947 | $10,806,424,791 | $3,136,924,868 | $2,492,243,163 |
| Net assets consist of | | | | | |
| Paid-in capital | $2,492,645,829 | $7,650,574,806 | $7,796,990,435 | $2,526,778,100 | $2,224,237,232 |
| Total distributable earnings (loss) | 1,641,191,916 | 3,950,513,141 | 3,009,434,356 | 610,146,768 | 268,005,931 |
| Net assets | $4,133,837,745 | $11,601,087,947 | $10,806,424,791 | $3,136,924,868 | $2,492,243,163 |
| Unaffiliated investments, at cost | $40,176,357 | $456,941,808 | $860,343,844 | $260,979,338 | $226,151,723 |
| Affiliated investments, at cost | 2,656,684,445 | 7,700,106,950 | 7,401,933,699 | 2,374,523,938 | 2,045,572,211 |
| Total investments, at cost | 2,696,860,802 | 8,157,048,758 | 8,262,277,543 | 2,635,503,276 | 2,271,723,934 |
| Net asset value per share | | | | | |
| The portfolios have an unlimited number of shares authorized with no par value. Net asset value is calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class. | | | | | |
| Class A1 | | | | | |
| Net assets | $670,413,287 | $2,208,424,373 | $2,272,404,522 | $849,014,354 | $827,980,538 |
| Shares outstanding | 36,510,965 | 124,681,227 | 135,838,313 | 56,994,741 | 59,570,887 |
| Net asset value and redemption price per share | $18.36 | $17.71 | $16.73 | $14.90 | $13.90 |
| Class C1 | | | | | |
| Net assets | $61,807,599 | $220,218,039 | $204,219,471 | $85,926,133 | $69,971,169 |
| Shares outstanding | 3,370,029 | 12,467,476 | 12,215,469 | 5,736,101 | 5,033,620 |
| Net asset value, offering price and redemption price per share | $18.34 | $17.66 | $16.72 | $14.98 | $13.90 |
| Class I | | | | | |
| Net assets | $10,294,614 | $41,174,775 | $42,326,945 | $12,929,305 | $21,137,997 |
| Shares outstanding | 561,982 | 2,337,134 | 2,548,973 | 874,162 | 1,523,610 |
| Net asset value, offering price and redemption price per share | $18.32 | $17.62 | $16.61 | $14.79 | $13.87 |
| Class R2 | | | | | |
| Net assets | $12,960,083 | $28,363,777 | $23,673,466 | $8,792,528 | $8,635,757 |
| Shares outstanding | 712,479 | 1,616,969 | 1,424,927 | 592,279 | 622,277 |
| Net asset value, offering price and redemption price per share | $18.19 | $17.54 | $16.61 | $14.85 | $13.88 |
| Class R4 | | | | | |
| Net assets | $2,859,958 | $5,242,495 | $7,413,468 | $3,153,098 | $2,797,012 |
| Shares outstanding | 156,536 | 296,222 | 444,336 | 212,984 | 201,715 |
| Net asset value, offering price and redemption price per share | $18.27 | $17.70 | $16.68 | $14.80 | $13.87 |
| Class R5 | | | | | |
| Net assets | $2,341,019 | $6,848,913 | $17,995,745 | $8,598,299 | $2,796,449 |
| Shares outstanding | 127,676 | 385,598 | 1,076,474 | 580,992 | 201,581 |
| Net asset value, offering price and redemption price per share | $18.34 | $17.76 | $16.72 | $14.80 | $13.87 |
| Class R6 | | | | | |
| Net assets | $59,075,554 | $134,311,454 | $111,030,915 | $35,068,623 | $18,769,050 |
| Shares outstanding | 3,223,379 | 7,611,904 | 6,690,161 | 2,374,602 | 1,353,891 |
| Net asset value, offering price and redemption price per share | $18.33 | $17.64 | $16.60 | $14.77 | $13.86 |
| Class 1 | | | | | |
| Net assets | $3,314,085,631 | $8,541,355,843 | $7,942,018,395 | $2,063,862,635 | $1,540,155,191 |
| Shares outstanding | 181,233,826 | 484,144,921 | 478,657,920 | 139,464,375 | 111,076,579 |
| Net asset value, offering price and redemption price per share | $18.29 | $17.64 | $16.59 | $14.80 | $13.87 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 19 |
STATEMENTS OF ASSETS AND LIABILITIES 6-30-21 (unaudited)
Continued
| | Multimanager Lifestyle Aggressive Portfolio | Multimanager Lifestyle Growth Portfolio | Multimanager Lifestyle Balanced Portfolio | Multimanager Lifestyle Moderate Portfolio | Multimanager Lifestyle Conservative Portfolio |
| Class 5 | | | | | |
| Net assets | — | $415,148,278 | $185,341,864 | $69,579,893 | — |
| Shares outstanding | — | 23,567,749 | 11,164,083 | 4,710,561 | — |
| Net asset value, offering price and redemption price per share | — | $17.62 | $16.60 | $14.77 | — |
| Maximum offering price per share | | | | | |
| Class A (net asset value per share ÷ 95.5%)2 | $19.23 | $18.54 | $17.52 | $15.60 | $14.55 |
| | |
| 1 | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| 2 | On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced. |
| 20 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
STATEMENTS OF OPERATIONS For the six months ended 6-30-21 (unaudited)
| | Multimanager Lifestyle Aggressive Portfolio | Multimanager Lifestyle Growth Portfolio | Multimanager Lifestyle Balanced Portfolio | Multimanager Lifestyle Moderate Portfolio | Multimanager Lifestyle Conservative Portfolio |
| Investment income | | | | | |
| Dividends from affiliated investments | $2,792,163 | $32,641,827 | $58,000,276 | $24,134,612 | $24,704,900 |
| Interest | 104,328 | 2,604,525 | 4,883,609 | 1,834,069 | 2,120,993 |
| Dividends from unaffiliated investments | — | 3,050 | 14,443 | 28,889 | 15,762 |
| Total investment income | 2,896,491 | 35,249,402 | 62,898,328 | 25,997,570 | 26,841,655 |
| Expenses | | | | | |
| Investment management fees | 3,883,039 | 10,782,875 | 10,426,480 | 3,020,873 | 2,760,113 |
| Distribution and service fees | 2,116,650 | 6,487,655 | 6,388,396 | 2,211,209 | 1,971,266 |
| Accounting and legal services fees | 263,603 | 740,400 | 687,337 | 199,550 | 159,009 |
| Transfer agent fees | 409,310 | 1,362,274 | 1,394,671 | 521,742 | 505,091 |
| Trustees’ fees | 38,342 | 109,379 | 103,600 | 30,288 | 24,387 |
| Custodian fees | 21,429 | 22,964 | 22,962 | 22,913 | 22,413 |
| State registration fees | 60,738 | 73,213 | 72,242 | 64,268 | 76,258 |
| Printing and postage | 27,592 | 68,344 | 66,483 | 28,912 | 26,555 |
| Professional fees | 50,348 | 110,513 | 109,127 | 46,503 | 41,429 |
| Other | 47,397 | 110,899 | 111,601 | 37,595 | 39,222 |
| Total expenses | 6,918,448 | 19,868,516 | 19,382,899 | 6,183,853 | 5,625,743 |
| Less expense reductions | (2,662,486) | (6,632,488) | (5,607,778) | (1,356,143) | (1,120,353) |
| Net expenses | 4,255,962 | 13,236,028 | 13,775,121 | 4,827,710 | 4,505,390 |
| Net investment income (loss) | (1,359,471) | 22,013,374 | 49,123,207 | 21,169,860 | 22,336,265 |
| Realized and unrealized gain (loss) | | | | | |
| Net realized gain (loss) on | | | | | |
| Unaffiliated investments and foreign currency transactions | 168,409 | 14,294,821 | 34,867,746 | 19,093,190 | 21,262,261 |
| Affiliated investments | 108,224,920 | 262,187,456 | 269,990,467 | 57,109,294 | 26,058,787 |
| | 108,393,329 | 276,482,277 | 304,858,213 | 76,202,484 | 47,321,048 |
| Change in net unrealized appreciation (depreciation) of | | | | | |
| Unaffiliated investments and translation of assets and liabilities in foreign currencies | 2,683,198 | 1,885,148 | (3,236,407) | (12,089,683) | (21,546,282) |
| Affiliated investments | 409,436,859 | 936,537,981 | 552,847,712 | 92,062,009 | 18,390,102 |
| | 412,120,057 | 938,423,129 | 549,611,305 | 79,972,326 | (3,156,180) |
| Net realized and unrealized gain | 520,513,386 | 1,214,905,406 | 854,469,518 | 156,174,810 | 44,164,868 |
| Increase in net assets from operations | $519,153,915 | $1,236,918,780 | $903,592,725 | $177,344,670 | $66,501,133 |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 21 |
STATEMENTS OF CHANGES IN NET ASSETS
| | Multimanager Lifestyle Aggressive Portfolio | Multimanager Lifestyle Growth Portfolio | Multimanager Lifestyle Balanced Portfolio |
| | Six months ended
6-30-21
(unaudited) | Year ended
12-31-20
| Six months ended
6-30-21
(unaudited) | Year ended
12-31-20
| Six months ended
6-30-21
(unaudited) | Year ended
12-31-20
|
| Increase (decrease) in net assets | | | | | | |
| From operations | | | | | | |
| Net investment income (loss) | $(1,359,471) | $30,470,761 | $22,013,374 | $123,382,211 | $49,123,207 | $148,703,963 |
| Net realized gain | 108,393,329 | 219,043,695 | 276,482,277 | 595,523,261 | 304,858,213 | 509,750,214 |
| Change in net unrealized appreciation (depreciation) | 412,120,057 | 368,036,335 | 938,423,129 | 918,394,846 | 549,611,305 | 723,409,727 |
| Increase in net assets resulting from operations | 519,153,915 | 617,550,791 | 1,236,918,780 | 1,637,300,318 | 903,592,725 | 1,381,863,904 |
| Distributions to shareholders | | | | | | |
| From earnings | | | | | | |
| Class A | — | (32,717,730) | — | (113,123,342) | (7,141,920) | (110,861,734) |
| Class B1 | — | — | — | — | — | (1,944) |
| Class C | — | (3,189,432) | — | (12,602,299) | (13,925) | (11,604,224) |
| Class I | — | (448,712) | — | (2,094,976) | (190,016) | (2,123,231) |
| Class R11 | — | — | — | — | — | (19,569) |
| Class R2 | — | (627,482) | — | (1,520,869) | (68,754) | (1,155,648) |
| Class R31 | — | — | — | — | — | (42,904) |
| Class R4 | — | (226,503) | — | (323,461) | (30,716) | (431,209) |
| Class R5 | — | (149,978) | — | (454,553) | (86,739) | (906,893) |
| Class R6 | — | (3,029,935) | — | (7,801,107) | (540,169) | (7,517,224) |
| Class 1 | — | (180,624,181) | — | (495,197,048) | (39,557,084) | (448,254,151) |
| Class 5 | — | — | — | (22,510,588) | (943,977) | (9,760,567) |
| Total distributions | — | (221,013,953) | — | (655,628,243) | (48,573,300) | (592,679,298) |
| Portfolio share transactions | | | | | | |
| From portfolio share transactions | (238,500,650) | (244,344,067) | (685,598,371) | (777,015,824) | (553,421,149) | (838,943,480) |
| Total increase (decrease) | 280,653,265 | 152,192,771 | 551,320,409 | 204,656,251 | 301,598,276 | (49,758,874) |
| Net assets | | | | | | |
| Beginning of period | 3,853,184,480 | 3,700,991,709 | 11,049,767,538 | 10,845,111,287 | 10,504,826,515 | 10,554,585,389 |
| End of period | $4,133,837,745 | $3,853,184,480 | $11,601,087,947 | $11,049,767,538 | $10,806,424,791 | $10,504,826,515 |
| | |
| 1 | Share class was redesignated during the period. Refer to Note 5 for further details. |
| 22 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
STATEMENTS OF CHANGES IN NET ASSETS
Continued
| | Multimanager Lifestyle Moderate Portfolio | Multimanager Lifestyle Conservative Portfolio |
| | Six months ended
6-30-21
(unaudited) | Year ended
12-31-20
| Six months ended
6-30-21
(unaudited) | Year ended
12-31-20
|
| Increase (decrease) in net assets | | | | |
| From operations | | | | |
| Net investment income | $21,169,860 | $52,125,049 | $22,336,265 | $48,529,173 |
| Net realized gain | 76,202,484 | 117,074,362 | 47,321,048 | 62,705,889 |
| Change in net unrealized appreciation (depreciation) | 79,972,326 | 159,973,630 | (3,156,180) | 107,732,878 |
| Increase in net assets resulting from operations | 177,344,670 | 329,173,041 | 66,501,133 | 218,967,940 |
| Distributions to shareholders | | | | |
| From earnings | | | | |
| Class A | (4,350,324) | (35,830,513) | (6,045,741) | (29,776,585) |
| Class B1 | — | (9,853) | — | (32,791) |
| Class C | (157,358) | (4,348,770) | (284,734) | (3,521,540) |
| Class I | (84,497) | (554,322) | (183,129) | (742,118) |
| Class R11 | — | (22,460) | — | (64,126) |
| Class R2 | (42,405) | (358,927) | (61,029) | (250,345) |
| Class R31 | — | (30,889) | — | (49,718) |
| Class R4 | (18,580) | (156,719) | (22,672) | (135,331) |
| Class R5 | (60,106) | (421,145) | (25,637) | (146,306) |
| Class R6 | (254,334) | (1,952,366) | (172,939) | (1,046,980) |
| Class 1 | (14,491,817) | (104,269,552) | (14,390,124) | (71,703,124) |
| Class 5 | (496,842) | (3,299,848) | — | — |
| Total distributions | (19,956,263) | (151,255,364) | (21,186,005) | (107,468,964) |
| Portfolio share transactions | | | | |
| From portfolio share transactions | (93,761,861) | (190,472,993) | (59,314,617) | 8,264,408 |
| Total increase (decrease) | 63,626,546 | (12,555,316) | (13,999,489) | 119,763,384 |
| Net assets | | | | |
| Beginning of period | 3,073,298,322 | 3,085,853,638 | 2,506,242,652 | 2,386,479,268 |
| End of period | $3,136,924,868 | $3,073,298,322 | $2,492,243,163 | $2,506,242,652 |
| | |
| 1 | Share class was redesignated during the period. Refer to Note 5 for further details. |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 23 |
Multimanager Lifestyle Aggressive Portfolio
| Per share operating performance for a share outstanding throughout each period | | Ratios and supplemental data | |
| | | | Income (loss) from investment operations | | | | Less distributions | | | | Ratios to average net assets | | | |
| Period ended | Net asset
value,
beginning
of period ($) | | Net
investment
income
(loss) ($)1, 2 | Net realized and
unrealized
gain (loss)
on investments ($) | | Total from
investment
operations ($) | | From net
investment
income ($) | From net
realized
gain ($) | Total
distributions ($) | Net asset
value,
end of
period ($) | Total
return
(%)3, 4 | Expenses
before
reductions
(%)5 | Expenses
including
reductions
(%)5 | Net
investment
income
(loss) (%)2 | Net
assets,
end of
period
(in millions) | Portfolio
turnover
(%) |
| Multimanager Lifestyle Aggressive Portfolio | |
| Class A | |
| 06-30-20216 | 16.16 | | (0.03) | 2.23 | | 2.20 | | — | — | — | 18.36 | 13.617 | 0.638 | 0.508 | (0.35)8 | 670 | 9 |
| 12-31-2020 | 14.39 | | 0.09 | 2.61 | | 2.70 | | (0.10) | (0.83) | (0.93) | 16.16 | 18.84 | 0.65 | 0.50 | 0.66 | 599 | 11 |
| 12-31-2019 | 13.10 | | 0.15 | 3.12 | | 3.27 | | (0.16) | (1.82) | (1.98) | 14.39 | 24.92 | 0.64 | 0.49 | 1.03 | 521 | 29 |
| 12-31-2018 | 16.52 | | 0.12 | (1.82) | | (1.70) | | (0.12) | (1.60) | (1.72) | 13.10 | (10.19) | 0.56 | 0.48 | 0.72 | 439 | 22 |
| 12-31-2017 | 14.72 | | 0.13 | 3.23 | | 3.36 | | (0.13) | (1.43) | (1.56) | 16.52 | 22.79 | 0.55 | 0.48 | 0.79 | 499 | 23 |
| 12-31-2016 | 14.87 | | 0.12 | 0.91 | | 1.03 | | (0.12) | (1.06) | (1.18) | 14.72 | 6.92 | 0.53 | 0.47 | 0.78 | 419 | 31 |
| Class C | |
| 06-30-20216 | 16.20 | | (0.09) | 2.23 | | 2.14 | | — | — | — | 18.34 | 13.217 | 1.338 | 1.208 | (1.06)8 | 62 | 9 |
| 12-31-2020 | 14.44 | | (0.04) | 2.64 | | 2.60 | | (0.01) | (0.83) | (0.84) | 16.20 | 18.05 | 1.35 | 1.21 | (0.32) | 65 | 11 |
| 12-31-2019 | 13.15 | | 0.03 | 3.14 | | 3.17 | | (0.06) | (1.82) | (1.88) | 14.44 | 24.03 | 1.34 | 1.20 | 0.21 | 89 | 29 |
| 12-31-2018 | 16.57 | | (0.02) | (1.80) | | (1.82) | | —9 | (1.60) | (1.60) | 13.15 | (10.87) | 1.26 | 1.18 | (0.14) | 91 | 22 |
| 12-31-2017 | 14.76 | | —9 | 3.25 | | 3.25 | | (0.01) | (1.43) | (1.44) | 16.57 | 22.03 | 1.25 | 1.18 | (0.03) | 148 | 23 |
| 12-31-2016 | 14.92 | | —9 | 0.91 | | 0.91 | | (0.01) | (1.06) | (1.07) | 14.76 | 6.07 | 1.23 | 1.19 | 0.01 | 155 | 31 |
| Class I | |
| 06-30-20216 | 16.10 | | —9 | 2.22 | | 2.22 | | — | — | — | 18.32 | 13.797 | 0.338 | 0.208 | (0.04)8 | 10 | 9 |
| 12-31-2020 | 14.33 | | 0.10 | 2.64 | | 2.74 | | (0.14) | (0.83) | (0.97) | 16.10 | 19.20 | 0.35 | 0.20 | 0.69 | 8 | 11 |
| 12-31-2019 | 13.04 | | 0.20 | 3.11 | | 3.31 | | (0.20) | (1.82) | (2.02) | 14.33 | 25.38 | 0.34 | 0.19 | 1.35 | 11 | 29 |
| 12-31-2018 | 16.47 | | 0.15 | (1.81) | | (1.66) | | (0.17) | (1.60) | (1.77) | 13.04 | (9.98) | 0.28 | 0.18 | 0.91 | 10 | 22 |
| 12-31-2017 | 14.67 | | 0.22 | 3.19 | | 3.41 | | (0.18) | (1.43) | (1.61) | 16.47 | 23.20 | 0.24 | 0.17 | 1.33 | 10 | 23 |
| 12-31-2016 | 14.83 | | 0.19 | 0.87 | | 1.06 | | (0.16) | (1.06) | (1.22) | 14.67 | 7.18 | 0.22 | 0.17 | 1.25 | 4 | 31 |
| Class R2 | |
| 06-30-20216 | 16.02 | | (0.04) | 2.21 | | 2.17 | | — | — | — | 18.19 | 13.557 | 0.728 | 0.598 | (0.44)8 | 13 | 9 |
| 12-31-2020 | 14.27 | | 0.21 | 2.46 | | 2.67 | | (0.09) | (0.83) | (0.92) | 16.02 | 18.77 | 0.73 | 0.59 | 1.47 | 12 | 11 |
| 12-31-2019 | 13.00 | | 0.13 | 3.11 | | 3.24 | | (0.15) | (1.82) | (1.97) | 14.27 | 24.76 | 0.72 | 0.59 | 0.88 | 5 | 29 |
| 12-31-2018 | 16.42 | | 0.08 | (1.79) | | (1.71) | | (0.11) | (1.60) | (1.71) | 13.00 | (10.28) | 0.68 | 0.59 | 0.49 | 4 | 22 |
| 12-31-2017 | 14.64 | | 0.07 | 3.25 | | 3.32 | | (0.11) | (1.43) | (1.54) | 16.42 | 22.67 | 0.64 | 0.57 | 0.41 | 6 | 23 |
| 12-31-2016 | 14.80 | | 0.10 | 0.90 | | 1.00 | | (0.10) | (1.06) | (1.16) | 14.64 | 6.78 | 0.62 | 0.58 | 0.67 | 7 | 31 |
| Class R4 | |
| 06-30-20216 | 16.07 | | (0.02) | 2.22 | | 2.20 | | — | — | — | 18.27 | 13.697 | 0.588 | 0.358 | (0.20)8 | 3 | 9 |
| 12-31-2020 | 14.31 | | 0.10 | 2.61 | | 2.71 | | (0.12) | (0.83) | (0.95) | 16.07 | 19.02 | 0.59 | 0.35 | 0.70 | 3 | 11 |
| 12-31-2019 | 13.03 | | 0.17 | 3.11 | | 3.28 | | (0.18) | (1.82) | (2.00) | 14.31 | 25.16 | 0.58 | 0.34 | 1.14 | 5 | 29 |
| 12-31-2018 | 16.45 | | 0.11 | (1.78) | | (1.67) | | (0.15) | (1.60) | (1.75) | 13.03 | (10.08) | 0.52 | 0.33 | 0.69 | 4 | 22 |
| 12-31-2017 | 14.66 | | 0.16 | 3.21 | | 3.37 | | (0.15) | (1.43) | (1.58) | 16.45 | 22.98 | 0.50 | 0.33 | 1.00 | 8 | 23 |
| 12-31-2016 | 14.81 | | 0.11 | 0.94 | | 1.05 | | (0.14) | (1.06) | (1.20) | 14.66 | 7.10 | 0.47 | 0.33 | 0.76 | 7 | 31 |
| Class R5 | |
| 06-30-20216 | 16.11 | | —9 | 2.23 | | 2.23 | | — | — | — | 18.34 | 13.847 | 0.288 | 0.158 | (0.01)8 | 2 | 9 |
| 12-31-2020 | 14.33 | | 0.14 | 2.62 | | 2.76 | | (0.15) | (0.83) | (0.98) | 16.11 | 19.31 | 0.29 | 0.15 | 0.97 | 3 | 11 |
| 12-31-2019 | 13.05 | | 0.17 | 3.15 | | 3.32 | | (0.22) | (1.82) | (2.04) | 14.33 | 25.36 | 0.27 | 0.13 | 1.17 | 3 | 29 |
| 12-31-2018 | 16.48 | | 0.11 | (1.76) | | (1.65) | | (0.18) | (1.60) | (1.78) | 13.05 | (9.91) | 0.22 | 0.13 | 0.66 | 3 | 22 |
| 12-31-2017 | 14.68 | | 0.17 | 3.24 | | 3.41 | | (0.18) | (1.43) | (1.61) | 16.48 | 23.25 | 0.20 | 0.13 | 1.04 | 7 | 23 |
| 12-31-2016 | 14.83 | | 0.15 | 0.93 | | 1.08 | | (0.17) | (1.06) | (1.23) | 14.68 | 7.30 | 0.17 | 0.13 | 1.01 | 7 | 31 |
| Class R6 | |
| 06-30-20216 | 16.10 | | —9 | 2.23 | | 2.23 | | — | — | — | 18.33 | 13.857 | 0.238 | 0.108 | 0.058 | 59 | 9 |
| 12-31-2020 | 14.32 | | 0.13 | 2.64 | | 2.77 | | (0.16) | (0.83) | (0.99) | 16.10 | 19.36 | 0.24 | 0.10 | 0.90 | 52 | 11 |
| 12-31-2019 | 13.04 | | 0.24 | 3.08 | | 3.32 | | (0.22) | (1.82) | (2.04) | 14.32 | 25.41 | 0.23 | 0.10 | 1.60 | 50 | 29 |
| 12-31-2018 | 16.47 | | 0.22 | (1.86) | | (1.64) | | (0.19) | (1.60) | (1.79) | 13.04 | (9.87) | 0.17 | 0.08 | 1.31 | 33 | 22 |
| 12-31-2017 | 14.67 | | 0.25 | 3.17 | | 3.42 | | (0.19) | (1.43) | (1.62) | 16.47 | 23.32 | 0.15 | 0.08 | 1.51 | 29 | 23 |
| 12-31-2016 | 14.82 | | 0.16 | 0.93 | | 1.09 | | (0.18) | (1.06) | (1.24) | 14.67 | 7.38 | 0.12 | 0.06 | 1.10 | 18 | 31 |
| 24 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Multimanager Lifestyle Aggressive Portfolio (continued)
| Per share operating performance for a share outstanding throughout each period | | Ratios and supplemental data | |
| | | | Income (loss) from investment operations | | | | Less distributions | | | | Ratios to average net assets | | | |
| Period ended | Net asset
value,
beginning
of period ($) | | Net
investment
income
(loss) ($)1, 2 | Net realized and
unrealized
gain (loss)
on investments ($) | | Total from
investment
operations ($) | | From net
investment
income ($) | From net
realized
gain ($) | Total
distributions ($) | Net asset
value,
end of
period ($) | Total
return
(%)3, 4 | Expenses
before
reductions
(%)5 | Expenses
including
reductions
(%)5 | Net
investment
income
(loss) (%)2 | Net
assets,
end of
period
(in millions) | Portfolio
turnover
(%) |
| Class 1 | |
| 06-30-20216 | 16.07 | | —9 | 2.22 | | 2.22 | | — | — | — | 18.29 | 13.817 | 0.278 | 0.148 | 0.018 | 3,314 | 9 |
| 12-31-2020 | 14.30 | | 0.14 | 2.61 | | 2.75 | | (0.15) | (0.83) | (0.98) | 16.07 | 19.30 | 0.27 | 0.14 | 0.97 | 3,113 | 11 |
| 12-31-2019 | 13.02 | | 0.20 | 3.11 | | 3.31 | | (0.21) | (1.82) | (2.03) | 14.30 | 25.41 | 0.27 | 0.13 | 1.31 | 3,001 | 29 |
| 12-31-2018 | 16.45 | | 0.17 | (1.82) | | (1.65) | | (0.18) | (1.60) | (1.78) | 13.02 | (9.92) | 0.20 | 0.12 | 1.03 | 2,815 | 22 |
| 12-31-2017 | 14.65 | | 0.18 | 3.24 | | 3.42 | | (0.19) | (1.43) | (1.62) | 16.45 | 23.31 | 0.19 | 0.12 | 1.08 | 3,548 | 23 |
| 12-31-2016 | 14.81 | | 0.16 | 0.91 | | 1.07 | | (0.17) | (1.06) | (1.23) | 14.65 | 7.26 | 0.16 | 0.11 | 1.10 | 3,360 | 31 |
| 1 Based on average daily shares outstanding. |
| 2 Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| 3 Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 4 Does not reflect the effect of sales charges, if any. |
| 5 Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |
| 6 Six months ended 6-30-21. Unaudited. |
| 7 Not annualized. |
| 8 Annualized. |
| 9 Less than $0.005 per share. |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 25 |
Financial highlights continued
Multimanager Lifestyle Growth Portfolio
| Per share operating performance for a share outstanding throughout each period | | Ratios and supplemental data | |
| | | | Income (loss) from investment operations | | | | Less distributions | | | | Ratios to average net assets | | | |
| Period ended | Net asset
value,
beginning
of period ($) | | Net
investment
income
(loss) ($)1, 2 | Net realized and
unrealized
gain (loss)
on investments ($) | | Total from
investment
operations ($) | | From net
investment
income ($) | From net
realized
gain ($) | Total
distributions ($) | Net asset
value,
end of
period ($) | Total
return
(%)3, 4 | Expenses
before
reductions
(%)5 | Expenses
including
reductions
(%)5 | Net
investment
income
(loss) (%)2 | Net
assets,
end of
period
(in millions) | Portfolio
turnover
(%) |
| Multimanager Lifestyle Growth Portfolio | |
| Class A | |
| 06-30-20216 | 15.91 | | 0.01 | 1.79 | | 1.80 | | — | — | — | 17.71 | 11.317 | 0.638 | 0.518 | 0.128 | 2,208 | 13 |
| 12-31-2020 | 14.40 | | 0.15 | 2.32 | | 2.47 | | (0.15) | (0.81) | (0.96) | 15.91 | 17.17 | 0.63 | 0.51 | 1.02 | 1,992 | 13 |
| 12-31-2019 | 13.23 | | 0.21 | 2.69 | | 2.90 | | (0.21) | (1.52) | (1.73) | 14.40 | 21.89 | 0.62 | 0.51 | 1.39 | 1,714 | 29 |
| 12-31-2018 | 16.16 | | 0.20 | (1.62) | | (1.42) | | (0.20) | (1.31) | (1.51) | 13.23 | (8.70) | 0.55 | 0.48 | 1.22 | 1,502 | 20 |
| 12-31-2017 | 14.77 | | 0.19 | 2.59 | | 2.78 | | (0.20) | (1.19) | (1.39) | 16.16 | 18.84 | 0.54 | 0.48 | 1.17 | 1,719 | 24 |
| 12-31-2016 | 14.89 | | 0.18 | 0.82 | | 1.00 | | (0.20) | (0.92) | (1.12) | 14.77 | 6.69 | 0.52 | 0.47 | 1.19 | 1,587 | 28 |
| Class C | |
| 06-30-20216 | 15.92 | | (0.05) | 1.79 | | 1.74 | | — | — | — | 17.66 | 10.937 | 1.338 | 1.218 | (0.60)8 | 220 | 13 |
| 12-31-2020 | 14.43 | | —9 | 2.35 | | 2.35 | | (0.05) | (0.81) | (0.86) | 15.92 | 16.33 | 1.34 | 1.22 | 0.02 | 245 | 13 |
| 12-31-2019 | 13.27 | | 0.08 | 2.71 | | 2.79 | | (0.11) | (1.52) | (1.63) | 14.43 | 21.05 | 1.32 | 1.21 | 0.57 | 384 | 29 |
| 12-31-2018 | 16.18 | | 0.06 | (1.57) | | (1.51) | | (0.09) | (1.31) | (1.40) | 13.27 | (9.34) | 1.25 | 1.18 | 0.38 | 414 | 20 |
| 12-31-2017 | 14.80 | | 0.06 | 2.60 | | 2.66 | | (0.09) | (1.19) | (1.28) | 16.18 | 17.97 | 1.24 | 1.18 | 0.40 | 629 | 24 |
| 12-31-2016 | 14.92 | | 0.07 | 0.81 | | 0.88 | | (0.08) | (0.92) | (1.00) | 14.80 | 5.93 | 1.22 | 1.19 | 0.45 | 670 | 28 |
| Class I | |
| 06-30-20216 | 15.80 | | 0.04 | 1.78 | | 1.82 | | — | — | — | 17.62 | 11.527 | 0.338 | 0.218 | 0.428 | 41 | 13 |
| 12-31-2020 | 14.30 | | 0.18 | 2.32 | | 2.50 | | (0.19) | (0.81) | (1.00) | 15.80 | 17.50 | 0.33 | 0.21 | 1.29 | 35 | 13 |
| 12-31-2019 | 13.15 | | 0.25 | 2.67 | | 2.92 | | (0.25) | (1.52) | (1.77) | 14.30 | 22.21 | 0.33 | 0.21 | 1.66 | 33 | 29 |
| 12-31-2018 | 16.07 | | 0.24 | (1.60) | | (1.36) | | (0.25) | (1.31) | (1.56) | 13.15 | (8.37) | 0.26 | 0.18 | 1.47 | 32 | 20 |
| 12-31-2017 | 14.69 | | 0.29 | 2.53 | | 2.82 | | (0.25) | (1.19) | (1.44) | 16.07 | 19.20 | 0.23 | 0.17 | 1.78 | 38 | 24 |
| 12-31-2016 | 14.82 | | 0.34 | 0.69 | | 1.03 | | (0.24) | (0.92) | (1.16) | 14.69 | 6.97 | 0.21 | 0.17 | 2.27 | 16 | 28 |
| Class R2 | |
| 06-30-20216 | 15.76 | | —9 | 1.78 | | 1.78 | | — | — | — | 17.54 | 11.297 | 0.728 | 0.608 | 0.028 | 28 | 13 |
| 12-31-2020 | 14.27 | | 0.25 | 2.18 | | 2.43 | | (0.13) | (0.81) | (0.94) | 15.76 | 17.09 | 0.71 | 0.60 | 1.71 | 27 | 13 |
| 12-31-2019 | 13.13 | | 0.19 | 2.67 | | 2.86 | | (0.20) | (1.52) | (1.72) | 14.27 | 21.72 | 0.71 | 0.60 | 1.28 | 11 | 29 |
| 12-31-2018 | 16.05 | | 0.17 | (1.59) | | (1.42) | | (0.19) | (1.31) | (1.50) | 13.13 | (8.78) | 0.64 | 0.57 | 1.06 | 11 | 20 |
| 12-31-2017 | 14.68 | | 0.14 | 2.61 | | 2.75 | | (0.19) | (1.19) | (1.38) | 16.05 | 18.71 | 0.64 | 0.58 | 0.86 | 13 | 24 |
| 12-31-2016 | 14.81 | | 0.17 | 0.80 | | 0.97 | | (0.18) | (0.92) | (1.10) | 14.68 | 6.56 | 0.61 | 0.58 | 1.14 | 18 | 28 |
| Class R4 | |
| 06-30-20216 | 15.89 | | 0.02 | 1.79 | | 1.81 | | — | — | — | 17.70 | 11.467 | 0.578 | 0.358 | 0.278 | 5 | 13 |
| 12-31-2020 | 14.37 | | 0.16 | 2.34 | | 2.50 | | (0.17) | (0.81) | (0.98) | 15.89 | 17.34 | 0.57 | 0.36 | 1.11 | 5 | 13 |
| 12-31-2019 | 13.21 | | 0.24 | 2.67 | | 2.91 | | (0.23) | (1.52) | (1.75) | 14.37 | 22.03 | 0.56 | 0.35 | 1.60 | 6 | 29 |
| 12-31-2018 | 16.14 | | 0.16 | (1.55) | | (1.39) | | (0.23) | (1.31) | (1.54) | 13.21 | (8.56) | 0.50 | 0.33 | 1.00 | 5 | 20 |
| 12-31-2017 | 14.75 | | 0.19 | 2.62 | | 2.81 | | (0.23) | (1.19) | (1.42) | 16.14 | 19.03 | 0.48 | 0.32 | 1.19 | 11 | 24 |
| 12-31-2016 | 14.87 | | 0.18 | 0.84 | | 1.02 | | (0.22) | (0.92) | (1.14) | 14.75 | 6.85 | 0.46 | 0.33 | 1.18 | 15 | 28 |
| Class R5 | |
| 06-30-20216 | 15.93 | | 0.04 | 1.79 | | 1.83 | | — | — | — | 17.76 | 11.497 | 0.278 | 0.168 | 0.478 | 7 | 13 |
| 12-31-2020 | 14.40 | | 0.18 | 2.35 | | 2.53 | | (0.19) | (0.81) | (1.00) | 15.93 | 17.63 | 0.27 | 0.16 | 1.27 | 8 | 13 |
| 12-31-2019 | 13.23 | | 0.25 | 2.70 | | 2.95 | | (0.26) | (1.52) | (1.78) | 14.40 | 22.28 | 0.27 | 0.16 | 1.65 | 8 | 29 |
| 12-31-2018 | 16.16 | | 0.18 | (1.54) | | (1.36) | | (0.26) | (1.31) | (1.57) | 13.23 | (8.35) | 0.21 | 0.14 | 1.12 | 8 | 20 |
| 12-31-2017 | 14.77 | | 0.24 | 2.60 | | 2.84 | | (0.26) | (1.19) | (1.45) | 16.16 | 19.22 | 0.18 | 0.13 | 1.46 | 22 | 24 |
| 12-31-2016 | 14.89 | | 0.21 | 0.84 | | 1.05 | | (0.25) | (0.92) | (1.17) | 14.77 | 7.05 | 0.16 | 0.13 | 1.40 | 21 | 28 |
| Class R6 | |
| 06-30-20216 | 15.82 | | 0.04 | 1.78 | | 1.82 | | — | — | — | 17.64 | 11.507 | 0.228 | 0.118 | 0.528 | 134 | 13 |
| 12-31-2020 | 14.31 | | 0.18 | 2.34 | | 2.52 | | (0.20) | (0.81) | (1.01) | 15.82 | 17.65 | 0.22 | 0.11 | 1.28 | 130 | 13 |
| 12-31-2019 | 13.15 | | 0.28 | 2.67 | | 2.95 | | (0.27) | (1.52) | (1.79) | 14.31 | 22.39 | 0.22 | 0.11 | 1.92 | 127 | 29 |
| 12-31-2018 | 16.08 | | 0.28 | (1.63) | | (1.35) | | (0.27) | (1.31) | (1.58) | 13.15 | (8.34) | 0.15 | 0.08 | 1.75 | 88 | 20 |
| 12-31-2017 | 14.70 | | 0.33 | 2.51 | | 2.84 | | (0.27) | (1.19) | (1.46) | 16.08 | 19.30 | 0.14 | 0.08 | 2.00 | 78 | 24 |
| 12-31-2016 | 14.82 | | 0.23 | 0.83 | | 1.06 | | (0.26) | (0.92) | (1.18) | 14.70 | 7.16 | 0.11 | 0.06 | 1.56 | 41 | 28 |
| Class 1 | |
| 06-30-20216 | 15.82 | | 0.04 | 1.78 | | 1.82 | | — | — | — | 17.64 | 11.507 | 0.268 | 0.158 | 0.478 | 8,541 | 13 |
| 12-31-2020 | 14.31 | | 0.19 | 2.32 | | 2.51 | | (0.19) | (0.81) | (1.00) | 15.82 | 17.61 | 0.26 | 0.15 | 1.32 | 8,235 | 13 |
| 12-31-2019 | 13.16 | | 0.25 | 2.68 | | 2.93 | | (0.26) | (1.52) | (1.78) | 14.31 | 22.26 | 0.25 | 0.15 | 1.69 | 8,188 | 29 |
| 12-31-2018 | 16.08 | | 0.25 | (1.60) | | (1.35) | | (0.26) | (1.31) | (1.57) | 13.16 | (8.31) | 0.19 | 0.12 | 1.53 | 7,935 | 20 |
| 12-31-2017 | 14.70 | | 0.24 | 2.59 | | 2.83 | | (0.26) | (1.19) | (1.45) | 16.08 | 19.26 | 0.17 | 0.12 | 1.50 | 9,997 | 24 |
| 12-31-2016 | 14.83 | | 0.23 | 0.81 | | 1.04 | | (0.25) | (0.92) | (1.17) | 14.70 | 7.03 | 0.15 | 0.11 | 1.55 | 9,850 | 28 |
| 26 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Multimanager Lifestyle Growth Portfolio (continued)
| Per share operating performance for a share outstanding throughout each period | | Ratios and supplemental data | |
| | | | Income (loss) from investment operations | | | | Less distributions | | | | Ratios to average net assets | | | |
| Period ended | Net asset
value,
beginning
of period ($) | | Net
investment
income
(loss) ($)1, 2 | Net realized and
unrealized
gain (loss)
on investments ($) | | Total from
investment
operations ($) | | From net
investment
income ($) | From net
realized
gain ($) | Total
distributions ($) | Net asset
value,
end of
period ($) | Total
return
(%)3, 4 | Expenses
before
reductions
(%)5 | Expenses
including
reductions
(%)5 | Net
investment
income
(loss) (%)2 | Net
assets,
end of
period
(in millions) | Portfolio
turnover
(%) |
| Class 5 | |
| 06-30-20216 | 15.79 | | 0.04 | 1.79 | | 1.83 | | — | — | — | 17.62 | 11.597 | 0.218 | 0.108 | 0.538 | 415 | 13 |
| 12-31-2020 | 14.28 | | 0.20 | 2.32 | | 2.52 | | (0.20) | (0.81) | (1.01) | 15.79 | 17.70 | 0.21 | 0.10 | 1.40 | 373 | 13 |
| 12-31-2019 | 13.13 | | 0.27 | 2.67 | | 2.94 | | (0.27) | (1.52) | (1.79) | 14.28 | 22.36 | 0.20 | 0.10 | 1.81 | 335 | 29 |
| 12-31-2018 | 16.06 | | 0.26 | (1.61) | | (1.35) | | (0.27) | (1.31) | (1.58) | 13.13 | (8.34) | 0.14 | 0.07 | 1.63 | 284 | 20 |
| 12-31-2017 | 14.68 | | 0.26 | 2.58 | | 2.84 | | (0.27) | (1.19) | (1.46) | 16.06 | 19.34 | 0.12 | 0.07 | 1.63 | 314 | 24 |
| 12-31-2016 | 14.81 | | 0.25 | 0.80 | | 1.05 | | (0.26) | (0.92) | (1.18) | 14.68 | 7.09 | 0.10 | 0.06 | 1.65 | 259 | 28 |
| 1 Based on average daily shares outstanding. |
| 2 Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| 3 Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 4 Does not reflect the effect of sales charges, if any. |
| 5 Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |
| 6 Six months ended 6-30-21. Unaudited. |
| 7 Not annualized. |
| 8 Annualized. |
| 9 Less than $0.005 per share. |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 27 |
Financial highlights continued
Multimanager Lifestyle Balanced Portfolio
| Per share operating performance for a share outstanding throughout each period | | Ratios and supplemental data | |
| | | | Income (loss) from investment operations | | | | Less distributions | | | | Ratios to average net assets | | | |
| Period ended | Net asset
value,
beginning
of period ($) | | Net
investment
income
(loss) ($)1, 2 | Net realized and
unrealized
gain (loss)
on investments ($) | | Total from
investment
operations ($) | | From net
investment
income ($) | From net
realized
gain ($) | Total
distributions ($) | Net asset
value,
end of
period ($) | Total
return
(%)3, 4 | Expenses
before
reductions
(%)5 | Expenses
including
reductions
(%)5 | Net
investment
income
(loss) (%)2 | Net
assets,
end of
period
(in millions) | Portfolio
turnover
(%) |
| Multimanager Lifestyle Balanced Portfolio | |
| Class A | |
| 06-30-20216 | 15.44 | | 0.05 | 1.29 | | 1.34 | | (0.05) | — | (0.05) | 16.73 | 8.707 | 0.638 | 0.528 | 0.678 | 2,272 | 19 |
| 12-31-2020 | 14.20 | | 0.19 | 1.91 | | 2.10 | | (0.18) | (0.68) | (0.86) | 15.44 | 14.95 | 0.64 | 0.52 | 1.31 | 2,085 | 15 |
| 12-31-2019 | 13.06 | | 0.25 | 2.17 | | 2.42 | | (0.25) | (1.03) | (1.28) | 14.20 | 18.57 | 0.62 | 0.52 | 1.73 | 1,805 | 33 |
| 12-31-2018 | 15.29 | | 0.26 | (1.30) | | (1.04) | | (0.27) | (0.92) | (1.19) | 13.06 | (6.79) | 0.56 | 0.49 | 1.74 | 1,604 | 18 |
| 12-31-2017 | 14.32 | | 0.24 | 1.88 | | 2.12 | | (0.25) | (0.90) | (1.15) | 15.29 | 14.79 | 0.54 | 0.48 | 1.57 | 1,841 | 27 |
| 12-31-2016 | 14.31 | | 0.24 | 0.72 | | 0.96 | | (0.25) | (0.70) | (0.95) | 14.32 | 6.73 | 0.52 | 0.47 | 1.64 | 1,782 | 23 |
| Class C | |
| 06-30-20216 | 15.44 | | —9 | 1.28 | | 1.28 | | —9 | — | —9 | 16.72 | 8.307 | 1.338 | 1.238 | (0.06)8 | 204 | 19 |
| 12-31-2020 | 14.20 | | 0.05 | 1.95 | | 2.00 | | (0.08) | (0.68) | (0.76) | 15.44 | 14.15 | 1.34 | 1.24 | 0.34 | 244 | 15 |
| 12-31-2019 | 13.06 | | 0.13 | 2.19 | | 2.32 | | (0.15) | (1.03) | (1.18) | 14.20 | 17.76 | 1.32 | 1.23 | 0.90 | 417 | 33 |
| 12-31-2018 | 15.30 | | 0.14 | (1.29) | | (1.15) | | (0.17) | (0.92) | (1.09) | 13.06 | (7.48) | 1.26 | 1.19 | 0.92 | 479 | 18 |
| 12-31-2017 | 14.33 | | 0.13 | 1.88 | | 2.01 | | (0.14) | (0.90) | (1.04) | 15.30 | 13.99 | 1.24 | 1.19 | 0.81 | 718 | 27 |
| 12-31-2016 | 14.32 | | 0.13 | 0.73 | | 0.86 | | (0.15) | (0.70) | (0.85) | 14.33 | 5.99 | 1.22 | 1.19 | 0.90 | 792 | 23 |
| Class I | |
| 06-30-20216 | 15.33 | | 0.08 | 1.28 | | 1.36 | | (0.08) | — | (0.08) | 16.61 | 8.867 | 0.338 | 0.228 | 0.978 | 42 | 19 |
| 12-31-2020 | 14.10 | | 0.22 | 1.91 | | 2.13 | | (0.22) | (0.68) | (0.90) | 15.33 | 15.33 | 0.34 | 0.22 | 1.55 | 37 | 15 |
| 12-31-2019 | 12.97 | | 0.28 | 2.18 | | 2.46 | | (0.30) | (1.03) | (1.33) | 14.10 | 18.97 | 0.33 | 0.22 | 1.97 | 41 | 33 |
| 12-31-2018 | 15.20 | | 0.31 | (1.30) | | (0.99) | | (0.32) | (0.92) | (1.24) | 12.97 | (6.55) | 0.27 | 0.19 | 2.05 | 40 | 18 |
| 12-31-2017 | 14.24 | | 0.35 | 1.80 | | 2.15 | | (0.29) | (0.90) | (1.19) | 15.20 | 15.15 | 0.23 | 0.18 | 2.25 | 45 | 27 |
| 12-31-2016 | 14.24 | | 0.35 | 0.65 | | 1.00 | | (0.30) | (0.70) | (1.00) | 14.24 | 7.01 | 0.21 | 0.17 | 2.42 | 17 | 23 |
| Class R2 | |
| 06-30-20216 | 15.34 | | 0.05 | 1.27 | | 1.32 | | (0.05) | — | (0.05) | 16.61 | 8.607 | 0.718 | 0.618 | 0.588 | 24 | 19 |
| 12-31-2020 | 14.11 | | 0.27 | 1.81 | | 2.08 | | (0.17) | (0.68) | (0.85) | 15.34 | 14.95 | 0.70 | 0.60 | 1.90 | 23 | 15 |
| 12-31-2019 | 12.98 | | 0.22 | 2.18 | | 2.40 | | (0.24) | (1.03) | (1.27) | 14.11 | 18.42 | 0.72 | 0.62 | 1.52 | 10 | 33 |
| 12-31-2018 | 15.20 | | 0.25 | (1.29) | | (1.04) | | (0.26) | (0.92) | (1.18) | 12.98 | (6.85) | 0.66 | 0.59 | 1.62 | 12 | 18 |
| 12-31-2017 | 14.25 | | 0.22 | 1.86 | | 2.08 | | (0.23) | (0.90) | (1.13) | 15.20 | 14.61 | 0.64 | 0.58 | 1.45 | 14 | 27 |
| 12-31-2016 | 14.24 | | 0.23 | 0.72 | | 0.95 | | (0.24) | (0.70) | (0.94) | 14.25 | 6.66 | 0.61 | 0.58 | 1.57 | 16 | 23 |
| Class R4 | |
| 06-30-20216 | 15.40 | | 0.06 | 1.29 | | 1.35 | | (0.07) | — | (0.07) | 16.68 | 8.747 | 0.58 | 0.37 | 0.80 | 7 | 19 |
| 12-31-2020 | 14.17 | | 0.20 | 1.91 | | 2.11 | | (0.20) | (0.68) | (0.88) | 15.40 | 15.08 | 0.57 | 0.37 | 1.41 | 8 | 15 |
| 12-31-2019 | 13.03 | | 0.26 | 2.18 | | 2.44 | | (0.27) | (1.03) | (1.30) | 14.17 | 18.79 | 0.57 | 0.37 | 1.82 | 8 | 33 |
| 12-31-2018 | 15.26 | | 0.27 | (1.29) | | (1.02) | | (0.29) | (0.92) | (1.21) | 13.03 | (6.66) | 0.51 | 0.35 | 1.79 | 7 | 18 |
| 12-31-2017 | 14.29 | | 0.23 | 1.91 | | 2.14 | | (0.27) | (0.90) | (1.17) | 15.26 | 14.99 | 0.48 | 0.33 | 1.49 | 13 | 27 |
| 12-31-2016 | 14.28 | | 0.24 | 0.74 | | 0.98 | | (0.27) | (0.70) | (0.97) | 14.29 | 6.90 | 0.46 | 0.33 | 1.68 | 21 | 23 |
| Class R5 | |
| 06-30-20216 | 15.43 | | 0.08 | 1.29 | | 1.37 | | (0.08) | — | (0.08) | 16.72 | 8.907 | 0.288 | 0.178 | 1.028 | 18 | 19 |
| 12-31-2020 | 14.19 | | 0.23 | 1.92 | | 2.15 | | (0.23) | (0.68) | (0.91) | 15.43 | 15.36 | 0.27 | 0.17 | 1.65 | 16 | 15 |
| 12-31-2019 | 13.05 | | 0.30 | 2.17 | | 2.47 | | (0.30) | (1.03) | (1.33) | 14.19 | 18.99 | 0.26 | 0.17 | 2.07 | 14 | 33 |
| 12-31-2018 | 15.28 | | 0.30 | (1.29) | | (0.99) | | (0.32) | (0.92) | (1.24) | 13.05 | (6.47) | 0.21 | 0.14 | 1.98 | 13 | 18 |
| 12-31-2017 | 14.31 | | 0.30 | 1.87 | | 2.17 | | (0.30) | (0.90) | (1.20) | 15.28 | 15.19 | 0.19 | 0.14 | 1.95 | 19 | 27 |
| 12-31-2016 | 14.30 | | 0.27 | 0.74 | | 1.01 | | (0.30) | (0.70) | (1.00) | 14.31 | 7.10 | 0.16 | 0.13 | 1.86 | 17 | 23 |
| Class R6 | |
| 06-30-20216 | 15.32 | | 0.08 | 1.28 | | 1.36 | | (0.08) | — | (0.08) | 16.60 | 8.927 | 0.238 | 0.128 | 1.068 | 111 | 19 |
| 12-31-2020 | 14.10 | | 0.22 | 1.92 | | 2.14 | | (0.24) | (0.68) | (0.92) | 15.32 | 15.37 | 0.22 | 0.13 | 1.56 | 126 | 15 |
| 12-31-2019 | 12.97 | | 0.32 | 2.15 | | 2.47 | | (0.31) | (1.03) | (1.34) | 14.10 | 19.09 | 0.22 | 0.13 | 2.24 | 130 | 33 |
| 12-31-2018 | 15.20 | | 0.35 | (1.33) | | (0.98) | | (0.33) | (0.92) | (1.25) | 12.97 | (6.45) | 0.16 | 0.09 | 2.29 | 84 | 18 |
| 12-31-2017 | 14.24 | | 0.35 | 1.82 | | 2.17 | | (0.31) | (0.90) | (1.21) | 15.20 | 15.27 | 0.14 | 0.08 | 2.29 | 73 | 27 |
| 12-31-2016 | 14.24 | | 0.28 | 0.73 | | 1.01 | | (0.31) | (0.70) | (1.01) | 14.24 | 7.13 | 0.11 | 0.06 | 1.92 | 44 | 23 |
| Class 1 | |
| 06-30-20216 | 15.31 | | 0.08 | 1.28 | | 1.36 | | (0.08) | — | (0.08) | 16.59 | 8.907 | 0.278 | 0.168 | 1.028 | 7,942 | 19 |
| 12-31-2020 | 14.09 | | 0.23 | 1.90 | | 2.13 | | (0.23) | (0.68) | (0.91) | 15.31 | 15.33 | 0.26 | 0.16 | 1.61 | 7,795 | 15 |
| 12-31-2019 | 12.96 | | 0.29 | 2.17 | | 2.46 | | (0.30) | (1.03) | (1.33) | 14.09 | 19.06 | 0.26 | 0.16 | 2.03 | 7,928 | 33 |
| 12-31-2018 | 15.19 | | 0.31 | (1.29) | | (0.98) | | (0.33) | (0.92) | (1.25) | 12.96 | (6.50) | 0.20 | 0.13 | 2.07 | 7,931 | 18 |
| 12-31-2017 | 14.24 | | 0.29 | 1.86 | | 2.15 | | (0.30) | (0.90) | (1.20) | 15.19 | 15.14 | 0.17 | 0.12 | 1.90 | 9,797 | 27 |
| 12-31-2016 | 14.23 | | 0.29 | 0.72 | | 1.01 | | (0.30) | (0.70) | (1.00) | 14.24 | 7.16 | 0.14 | 0.11 | 2.00 | 10,041 | 23 |
| 28 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Multimanager Lifestyle Balanced Portfolio (continued)
| Per share operating performance for a share outstanding throughout each period | | Ratios and supplemental data | |
| | | | Income (loss) from investment operations | | | | Less distributions | | | | Ratios to average net assets | | | |
| Period ended | Net asset
value,
beginning
of period ($) | | Net
investment
income
(loss) ($)1, 2 | Net realized and
unrealized
gain (loss)
on investments ($) | | Total from
investment
operations ($) | | From net
investment
income ($) | From net
realized
gain ($) | Total
distributions ($) | Net asset
value,
end of
period ($) | Total
return
(%)3, 4 | Expenses
before
reductions
(%)5 | Expenses
including
reductions
(%)5 | Net
investment
income
(loss) (%)2 | Net
assets,
end of
period
(in millions) | Portfolio
turnover
(%) |
| Class 5 | |
| 06-30-20216 | 15.32 | | 0.09 | 1.28 | | 1.37 | | (0.09) | — | (0.09) | 16.60 | 8.937 | 0.228 | 0.118 | 1.088 | 185 | 19 |
| 12-31-2020 | 14.10 | | 0.24 | 1.90 | | 2.14 | | (0.24) | (0.68) | (0.92) | 15.32 | 15.39 | 0.21 | 0.11 | 1.68 | 170 | 15 |
| 12-31-2019 | 12.97 | | 0.30 | 2.17 | | 2.47 | | (0.31) | (1.03) | (1.34) | 14.10 | 19.10 | 0.21 | 0.11 | 2.12 | 160 | 33 |
| 12-31-2018 | 15.20 | | 0.32 | (1.30) | | (0.98) | | (0.33) | (0.92) | (1.25) | 12.97 | (6.44) | 0.15 | 0.08 | 2.14 | 143 | 18 |
| 12-31-2017 | 14.24 | | 0.31 | 1.86 | | 2.17 | | (0.31) | (0.90) | (1.21) | 15.20 | 15.27 | 0.12 | 0.07 | 2.00 | 165 | 27 |
| 12-31-2016 | 14.24 | | 0.30 | 0.71 | | 1.01 | | (0.31) | (0.70) | (1.01) | 14.24 | 7.13 | 0.09 | 0.06 | 2.10 | 150 | 23 |
| 1 Based on average daily shares outstanding. |
| 2 Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| 3 Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 4 Does not reflect the effect of sales charges, if any. |
| 5 Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |
| 6 Six months ended 6-30-21. Unaudited. |
| 7 Not annualized. |
| 8 Annualized. |
| 9 Less than $0.005 per share. |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 29 |
Financial highlights continued
Multimanager Lifestyle Moderate Portfolio
| Per share operating performance for a share outstanding throughout each period | | Ratios and supplemental data | |
| | | | Income (loss) from investment operations | | | | Less distributions | | | | Ratios to average net assets | | | |
| Period ended | Net asset
value,
beginning
of period ($) | | Net
investment
income
(loss) ($)1, 2 | Net realized and
unrealized
gain (loss)
on investments ($) | | Total from
investment
operations ($) | | From net
investment
income ($) | From net
realized
gain ($) | Total
distributions ($) | Net asset
value,
end of
period ($) | Total
return
(%)3, 4 | Expenses
before
reductions
(%)5 | Expenses
including
reductions
(%)5 | Net
investment
income
(loss) (%)2 | Net
assets,
end of
period
(in millions) | Portfolio
turnover
(%) |
| Multimanager Lifestyle Moderate Portfolio | |
| Class A | |
| 06-30-20216 | 14.16 | | 0.08 | 0.74 | | 0.82 | | (0.08) | — | (0.08) | 14.90 | 5.787 | 0.648 | 0.558 | 1.158 | 849 | 22 |
| 12-31-2020 | 13.29 | | 0.21 | 1.34 | | 1.55 | | (0.21) | (0.47) | (0.68) | 14.16 | 11.83 | 0.64 | 0.55 | 1.61 | 778 | 15 |
| 12-31-2019 | 12.27 | | 0.28 | 1.57 | | 1.85 | | (0.25) | (0.58) | (0.83) | 13.29 | 15.12 | 0.63 | 0.55 | 2.07 | 661 | 37 |
| 12-31-2018 | 13.83 | | 0.30 | (1.01) | | (0.71) | | (0.31) | (0.54) | (0.85) | 12.27 | (5.19) | 0.56 | 0.50 | 2.19 | 601 | 14 |
| 12-31-2017 | 13.30 | | 0.27 | 1.14 | | 1.41 | | (0.27) | (0.61) | (0.88) | 13.83 | 10.64 | 0.55 | 0.49 | 1.90 | 693 | 28 |
| 12-31-2016 | 13.13 | | 0.28 | 0.57 | | 0.85 | | (0.29) | (0.39) | (0.68) | 13.30 | 6.52 | 0.51 | 0.48 | 2.06 | 680 | 25 |
| Class C | |
| 06-30-20216 | 14.24 | | 0.03 | 0.74 | | 0.77 | | (0.03) | — | (0.03) | 14.98 | 5.397 | 1.348 | 1.258 | 0.418 | 86 | 22 |
| 12-31-2020 | 13.36 | | 0.09 | 1.38 | | 1.47 | | (0.12) | (0.47) | (0.59) | 14.24 | 11.05 | 1.34 | 1.26 | 0.69 | 105 | 15 |
| 12-31-2019 | 12.27 | | 0.17 | 1.58 | | 1.75 | | (0.08) | (0.58) | (0.66) | 13.36 | 14.31 | 1.33 | 1.26 | 1.26 | 176 | 37 |
| 12-31-2018 | 13.83 | | 0.19 | (1.00) | | (0.81) | | (0.21) | (0.54) | (0.75) | 12.27 | (5.86) | 1.26 | 1.20 | 1.36 | 202 | 14 |
| 12-31-2017 | 13.30 | | 0.16 | 1.15 | | 1.31 | | (0.17) | (0.61) | (0.78) | 13.83 | 9.87 | 1.25 | 1.20 | 1.12 | 299 | 28 |
| 12-31-2016 | 13.14 | | 0.17 | 0.57 | | 0.74 | | (0.19) | (0.39) | (0.58) | 13.30 | 5.69 | 1.21 | 1.19 | 1.30 | 354 | 25 |
| Class I | |
| 06-30-20216 | 14.06 | | 0.10 | 0.73 | | 0.83 | | (0.10) | — | (0.10) | 14.79 | 5.917 | 0.348 | 0.258 | 1.468 | 13 | 22 |
| 12-31-2020 | 13.20 | | 0.24 | 1.34 | | 1.58 | | (0.25) | (0.47) | (0.72) | 14.06 | 12.17 | 0.34 | 0.25 | 1.83 | 11 | 15 |
| 12-31-2019 | 12.22 | | 0.30 | 1.58 | | 1.88 | | (0.32) | (0.58) | (0.90) | 13.20 | 15.54 | 0.33 | 0.25 | 2.30 | 13 | 37 |
| 12-31-2018 | 13.78 | | 0.37 | (1.04) | | (0.67) | | (0.35) | (0.54) | (0.89) | 12.22 | (5.00) | 0.28 | 0.20 | 2.70 | 15 | 14 |
| 12-31-2017 | 13.25 | | 0.35 | 1.10 | | 1.45 | | (0.31) | (0.61) | (0.92) | 13.78 | 11.01 | 0.24 | 0.19 | 2.54 | 14 | 28 |
| 12-31-2016 | 13.09 | | 0.37 | 0.51 | | 0.88 | | (0.33) | (0.39) | (0.72) | 13.25 | 6.78 | 0.20 | 0.18 | 2.77 | 5 | 25 |
| Class R2 | |
| 06-30-20216 | 14.11 | | 0.07 | 0.74 | | 0.81 | | (0.07) | — | (0.07) | 14.85 | 5.757 | 0.748 | 0.658 | 1.038 | 9 | 22 |
| 12-31-2020 | 13.24 | | 0.29 | 1.25 | | 1.54 | | (0.20) | (0.47) | (0.67) | 14.11 | 11.77 | 0.72 | 0.64 | 2.15 | 9 | 15 |
| 12-31-2019 | 12.22 | | 0.26 | 1.57 | | 1.83 | | (0.23) | (0.58) | (0.81) | 13.24 | 15.10 | 0.71 | 0.64 | 1.93 | 2 | 37 |
| 12-31-2018 | 13.78 | | 0.26 | (0.99) | | (0.73) | | (0.29) | (0.54) | (0.83) | 12.22 | (5.39) | 0.67 | 0.61 | 1.91 | 3 | 14 |
| 12-31-2017 | 13.25 | | 0.22 | 1.18 | | 1.40 | | (0.26) | (0.61) | (0.87) | 13.78 | 10.57 | 0.64 | 0.59 | 1.60 | 4 | 28 |
| 12-31-2016 | 13.09 | | 0.26 | 0.57 | | 0.83 | | (0.28) | (0.39) | (0.67) | 13.25 | 6.35 | 0.60 | 0.58 | 1.98 | 7 | 25 |
| Class R4 | |
| 06-30-20216 | 14.07 | | 0.09 | 0.73 | | 0.82 | | (0.09) | — | (0.09) | 14.80 | 5.837 | 0.588 | 0.408 | 1.298 | 3 | 22 |
| 12-31-2020 | 13.21 | | 0.23 | 1.33 | | 1.56 | | (0.23) | (0.47) | (0.70) | 14.07 | 12.00 | 0.58 | 0.40 | 1.70 | 3 | 15 |
| 12-31-2019 | 12.21 | | 0.29 | 1.58 | | 1.87 | | (0.29) | (0.58) | (0.87) | 13.21 | 15.33 | 0.58 | 0.40 | 2.20 | 3 | 37 |
| 12-31-2018 | 13.78 | | 0.29 | (0.99) | | (0.70) | | (0.33) | (0.54) | (0.87) | 12.21 | (5.14) | 0.52 | 0.36 | 2.11 | 3 | 14 |
| 12-31-2017 | 13.24 | | 0.25 | 1.19 | | 1.44 | | (0.29) | (0.61) | (0.90) | 13.78 | 10.93 | 0.49 | 0.34 | 1.78 | 5 | 28 |
| 12-31-2016 | 13.09 | | 0.28 | 0.57 | | 0.85 | | (0.31) | (0.39) | (0.70) | 13.24 | 6.53 | 0.45 | 0.34 | 2.07 | 8 | 25 |
| Class R5 | |
| 06-30-20216 | 14.07 | | 0.11 | 0.72 | | 0.83 | | (0.10) | — | (0.10) | 14.80 | 5.937 | 0.288 | 0.198 | 1.498 | 9 | 22 |
| 12-31-2020 | 13.21 | | 0.27 | 1.32 | | 1.59 | | (0.26) | (0.47) | (0.73) | 14.07 | 12.22 | 0.28 | 0.20 | 2.00 | 9 | 15 |
| 12-31-2019 | 12.23 | | 0.31 | 1.58 | | 1.89 | | (0.33) | (0.58) | (0.91) | 13.21 | 15.53 | 0.28 | 0.20 | 2.37 | 6 | 37 |
| 12-31-2018 | 13.79 | | 0.32 | (0.99) | | (0.67) | | (0.35) | (0.54) | (0.89) | 12.23 | (4.87) | 0.21 | 0.15 | 2.37 | 6 | 14 |
| 12-31-2017 | 13.26 | | 0.32 | 1.14 | | 1.46 | | (0.32) | (0.61) | (0.93) | 13.79 | 11.05 | 0.19 | 0.14 | 2.26 | 10 | 28 |
| 12-31-2016 | 13.10 | | 0.31 | 0.58 | | 0.89 | | (0.34) | (0.39) | (0.73) | 13.26 | 6.82 | 0.15 | 0.13 | 2.31 | 9 | 25 |
| Class R6 | |
| 06-30-20216 | 14.04 | | 0.11 | 0.73 | | 0.84 | | (0.11) | — | (0.11) | 14.77 | 5.977 | 0.238 | 0.158 | 1.538 | 35 | 22 |
| 12-31-2020 | 13.18 | | 0.26 | 1.33 | | 1.59 | | (0.26) | (0.47) | (0.73) | 14.04 | 12.30 | 0.23 | 0.15 | 1.93 | 38 | 15 |
| 12-31-2019 | 12.21 | | 0.33 | 1.56 | | 1.89 | | (0.34) | (0.58) | (0.92) | 13.18 | 15.65 | 0.23 | 0.15 | 2.47 | 34 | 37 |
| 12-31-2018 | 13.77 | | 0.36 | (1.02) | | (0.66) | | (0.36) | (0.54) | (0.90) | 12.21 | (4.91) | 0.17 | 0.10 | 2.64 | 24 | 14 |
| 12-31-2017 | 13.24 | | 0.31 | 1.16 | | 1.47 | | (0.33) | (0.61) | (0.94) | 13.77 | 11.14 | 0.15 | 0.09 | 2.20 | 25 | 28 |
| 12-31-2016 | 13.08 | | 0.32 | 0.57 | | 0.89 | | (0.34) | (0.39) | (0.73) | 13.24 | 6.90 | 0.10 | 0.07 | 2.41 | 29 | 25 |
| Class 1 | |
| 06-30-20216 | 14.07 | | 0.11 | 0.72 | | 0.83 | | (0.10) | — | (0.10) | 14.80 | 5.937 | 0.278 | 0.198 | 1.508 | 2,064 | 22 |
| 12-31-2020 | 13.21 | | 0.25 | 1.34 | | 1.59 | | (0.26) | (0.47) | (0.73) | 14.07 | 12.23 | 0.27 | 0.19 | 1.92 | 2,056 | 15 |
| 12-31-2019 | 12.23 | | 0.31 | 1.58 | | 1.89 | | (0.33) | (0.58) | (0.91) | 13.21 | 15.65 | 0.26 | 0.19 | 2.37 | 2,113 | 37 |
| 12-31-2018 | 13.79 | | 0.34 | (1.01) | | (0.67) | | (0.35) | (0.54) | (0.89) | 12.23 | (4.94) | 0.20 | 0.14 | 2.51 | 2,162 | 14 |
| 12-31-2017 | 13.26 | | 0.31 | 1.15 | | 1.46 | | (0.32) | (0.61) | (0.93) | 13.79 | 11.07 | 0.18 | 0.13 | 2.23 | 2,657 | 28 |
| 12-31-2016 | 13.10 | | 0.32 | 0.57 | | 0.89 | | (0.34) | (0.39) | (0.73) | 13.26 | 6.84 | 0.14 | 0.12 | 2.40 | 2,821 | 25 |
| 30 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Multimanager Lifestyle Moderate Portfolio (continued)
| Per share operating performance for a share outstanding throughout each period | | Ratios and supplemental data | |
| | | | Income (loss) from investment operations | | | | Less distributions | | | | Ratios to average net assets | | | |
| Period ended | Net asset
value,
beginning
of period ($) | | Net
investment
income
(loss) ($)1, 2 | Net realized and
unrealized
gain (loss)
on investments ($) | | Total from
investment
operations ($) | | From net
investment
income ($) | From net
realized
gain ($) | Total
distributions ($) | Net asset
value,
end of
period ($) | Total
return
(%)3, 4 | Expenses
before
reductions
(%)5 | Expenses
including
reductions
(%)5 | Net
investment
income
(loss) (%)2 | Net
assets,
end of
period
(in millions) | Portfolio
turnover
(%) |
| Class 5 | |
| 06-30-20216 | 14.04 | | 0.11 | 0.73 | | 0.84 | | (0.11) | — | (0.11) | 14.77 | 5.977 | 0.228 | 0.148 | 1.568 | 70 | 22 |
| 12-31-2020 | 13.18 | | 0.26 | 1.34 | | 1.60 | | (0.27) | (0.47) | (0.74) | 14.04 | 12.32 | 0.22 | 0.14 | 1.98 | 65 | 15 |
| 12-31-2019 | 12.21 | | 0.33 | 1.57 | | 1.90 | | (0.35) | (0.58) | (0.93) | 13.18 | 15.59 | 0.21 | 0.14 | 2.47 | 60 | 37 |
| 12-31-2018 | 13.77 | | 0.35 | (1.01) | | (0.66) | | (0.36) | (0.54) | (0.90) | 12.21 | (4.82) | 0.15 | 0.09 | 2.60 | 53 | 14 |
| 12-31-2017 | 13.24 | | 0.33 | 1.14 | | 1.47 | | (0.33) | (0.61) | (0.94) | 13.77 | 11.14 | 0.13 | 0.08 | 2.33 | 62 | 28 |
| 12-31-2016 | 13.08 | | 0.34 | 0.55 | | 0.89 | | (0.34) | (0.39) | (0.73) | 13.24 | 6.90 | 0.09 | 0.07 | 2.50 | 57 | 25 |
| 1 Based on average daily shares outstanding. |
| 2 Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| 3 Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 4 Does not reflect the effect of sales charges, if any. |
| 5 Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |
| 6 Six months ended 6-30-21. Unaudited. |
| 7 Not annualized. |
| 8 Annualized. |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 31 |
Financial highlights continued
Multimanager Lifestyle Conservative Portfolio
| Per share operating performance for a share outstanding throughout each period | | Ratios and supplemental data | |
| | | | Income (loss) from investment operations | | | | Less distributions | | | | Ratios to average net assets | | | |
| Period ended | Net asset
value,
beginning
of period ($) | | Net
investment
income
(loss) ($)1, 2 | Net realized and
unrealized
gain (loss)
on investments ($) | | Total from
investment
operations ($) | | From net
investment
income ($) | From net
realized
gain ($) | Total
distributions ($) | Net asset
value,
end of
period ($) | Total
return
(%)3, 4 | Expenses
before
reductions
(%)5 | Expenses
including
reductions
(%)5 | Net
investment
income
(loss) (%)2 | Net
assets,
end of
period
(in millions) | Portfolio
turnover
(%) |
| Multimanager Lifestyle Conservative Portfolio | |
| Class A | |
| 06-30-20216 | 13.65 | | 0.11 | 0.24 | | 0.35 | | (0.10) | — | (0.10) | 13.90 | 2.607 | 0.678 | 0.588 | 1.608 | 828 | 25 |
| 12-31-2020 | 13.02 | | 0.25 | 0.95 | | 1.20 | | (0.31) | (0.26) | (0.57) | 13.65 | 9.43 | 0.68 | 0.58 | 1.90 | 769 | 20 |
| 12-31-2019 | 12.10 | | 0.30 | 1.09 | | 1.39 | | (0.23) | (0.24) | (0.47) | 13.02 | 11.57 | 0.65 | 0.58 | 2.31 | 585 | 47 |
| 12-31-2018 | 13.06 | | 0.31 | (0.79) | | (0.48) | | (0.32) | (0.16) | (0.48) | 12.10 | (3.67) | 0.57 | 0.51 | 2.44 | 526 | 11 |
| 12-31-2017 | 12.60 | | 0.27 | 0.62 | | 0.89 | | (0.27) | (0.16) | (0.43) | 13.06 | 7.11 | 0.55 | 0.50 | 2.05 | 611 | 26 |
| 12-31-2016 | 12.42 | | 0.29 | 0.38 | | 0.67 | | (0.28) | (0.21) | (0.49) | 12.60 | 5.40 | 0.51 | 0.48 | 2.26 | 607 | 23 |
| Class C | |
| 06-30-20216 | 13.65 | | 0.06 | 0.25 | | 0.31 | | (0.06) | — | (0.06) | 13.90 | 2.247 | 1.378 | 1.288 | 0.868 | 70 | 25 |
| 12-31-2020 | 13.03 | | 0.13 | 0.97 | | 1.10 | | (0.22) | (0.26) | (0.48) | 13.65 | 8.65 | 1.38 | 1.29 | 0.98 | 84 | 20 |
| 12-31-2019 | 12.10 | | 0.19 | 1.12 | | 1.31 | | (0.14) | (0.24) | (0.38) | 13.03 | 10.80 | 1.35 | 1.28 | 1.51 | 156 | 47 |
| 12-31-2018 | 13.06 | | 0.21 | (0.78) | | (0.57) | | (0.23) | (0.16) | (0.39) | 12.10 | (4.35) | 1.27 | 1.21 | 1.64 | 180 | 11 |
| 12-31-2017 | 12.61 | | 0.17 | 0.62 | | 0.79 | | (0.18) | (0.16) | (0.34) | 13.06 | 6.27 | 1.25 | 1.21 | 1.28 | 261 | 26 |
| 12-31-2016 | 12.42 | | 0.19 | 0.40 | | 0.59 | | (0.19) | (0.21) | (0.40) | 12.61 | 4.74 | 1.21 | 1.19 | 1.48 | 310 | 23 |
| Class I | |
| 06-30-20216 | 13.62 | | 0.13 | 0.24 | | 0.37 | | (0.12) | — | (0.12) | 13.87 | 2.757 | 0.378 | 0.288 | 1.918 | 21 | 25 |
| 12-31-2020 | 13.00 | | 0.29 | 0.94 | | 1.23 | | (0.35) | (0.26) | (0.61) | 13.62 | 9.69 | 0.38 | 0.28 | 2.23 | 18 | 20 |
| 12-31-2019 | 12.08 | | 0.33 | 1.10 | | 1.43 | | (0.27) | (0.24) | (0.51) | 13.00 | 11.92 | 0.36 | 0.28 | 2.56 | 14 | 47 |
| 12-31-2018 | 13.04 | | 0.37 | (0.81) | | (0.44) | | (0.36) | (0.16) | (0.52) | 12.08 | (3.39) | 0.28 | 0.21 | 2.89 | 15 | 11 |
| 12-31-2017 | 12.58 | | 0.32 | 0.61 | | 0.93 | | (0.31) | (0.16) | (0.47) | 13.04 | 7.44 | 0.24 | 0.20 | 2.42 | 15 | 26 |
| 12-31-2016 | 12.40 | | 0.39 | 0.32 | | 0.71 | | (0.32) | (0.21) | (0.53) | 12.58 | 5.73 | 0.20 | 0.18 | 3.04 | 11 | 23 |
| Class R2 | |
| 06-30-20216 | 13.62 | | 0.10 | 0.26 | | 0.36 | | (0.10) | — | (0.10) | 13.88 | 2.637 | 0.718 | 0.628 | 1.548 | 9 | 25 |
| 12-31-2020 | 13.01 | | 0.33 | 0.84 | | 1.17 | | (0.30) | (0.26) | (0.56) | 13.62 | 9.26 | 0.75 | 0.67 | 2.53 | 9 | 20 |
| 12-31-2019 | 12.08 | | 0.28 | 1.11 | | 1.39 | | (0.22) | (0.24) | (0.46) | 13.01 | 11.49 | 0.75 | 0.67 | 2.17 | 3 | 47 |
| 12-31-2018 | 13.04 | | 0.30 | (0.79) | | (0.49) | | (0.31) | (0.16) | (0.47) | 12.08 | (3.77) | 0.68 | 0.63 | 2.37 | 3 | 11 |
| 12-31-2017 | 12.59 | | 0.23 | 0.64 | | 0.87 | | (0.26) | (0.16) | (0.42) | 13.04 | 6.91 | 0.63 | 0.58 | 1.73 | 2 | 26 |
| 12-31-2016 | 12.40 | | 0.25 | 0.42 | | 0.67 | | (0.27) | (0.21) | (0.48) | 12.59 | 5.39 | 0.60 | 0.58 | 1.95 | 4 | 23 |
| Class R4 | |
| 06-30-20216 | 13.62 | | 0.12 | 0.24 | | 0.36 | | (0.11) | — | (0.11) | 13.87 | 2.687 | 0.618 | 0.428 | 1.758 | 3 | 25 |
| 12-31-2020 | 12.99 | | 0.26 | 0.96 | | 1.22 | | (0.33) | (0.26) | (0.59) | 13.62 | 9.61 | 0.62 | 0.43 | 1.97 | 3 | 20 |
| 12-31-2019 | 12.07 | | 0.33 | 1.08 | | 1.41 | | (0.25) | (0.24) | (0.49) | 12.99 | 11.76 | 0.60 | 0.43 | 2.48 | 3 | 47 |
| 12-31-2018 | 13.03 | | 0.32 | (0.78) | | (0.46) | | (0.34) | (0.16) | (0.50) | 12.07 | (3.54) | 0.52 | 0.36 | 2.46 | 2 | 11 |
| 12-31-2017 | 12.58 | | 0.27 | 0.63 | | 0.90 | | (0.29) | (0.16) | (0.45) | 13.03 | 7.20 | 0.49 | 0.35 | 2.09 | 4 | 26 |
| 12-31-2016 | 12.40 | | 0.30 | 0.39 | | 0.69 | | (0.30) | (0.21) | (0.51) | 12.58 | 5.56 | 0.45 | 0.34 | 2.35 | 6 | 23 |
| Class R5 | |
| 06-30-20216 | 13.62 | | 0.13 | 0.25 | | 0.38 | | (0.13) | — | (0.13) | 13.87 | 2.787 | 0.318 | 0.228 | 1.938 | 3 | 25 |
| 12-31-2020 | 13.00 | | 0.29 | 0.94 | | 1.23 | | (0.35) | (0.26) | (0.61) | 13.62 | 9.74 | 0.31 | 0.23 | 2.24 | 3 | 20 |
| 12-31-2019 | 12.08 | | 0.34 | 1.10 | | 1.44 | | (0.28) | (0.24) | (0.52) | 13.00 | 11.97 | 0.30 | 0.23 | 2.63 | 4 | 47 |
| 12-31-2018 | 13.04 | | 0.36 | (0.79) | | (0.43) | | (0.37) | (0.16) | (0.53) | 12.08 | (3.34) | 0.22 | 0.16 | 2.80 | 4 | 11 |
| 12-31-2017 | 12.58 | | 0.30 | 0.64 | | 0.94 | | (0.32) | (0.16) | (0.48) | 13.04 | 7.49 | 0.20 | 0.16 | 2.33 | 5 | 26 |
| 12-31-2016 | 12.40 | | 0.32 | 0.40 | | 0.72 | | (0.33) | (0.21) | (0.54) | 12.58 | 5.77 | 0.15 | 0.13 | 2.53 | 7 | 23 |
| Class R6 | |
| 06-30-20216 | 13.61 | | 0.14 | 0.24 | | 0.38 | | (0.13) | — | (0.13) | 13.86 | 2.817 | 0.268 | 0.188 | 1.998 | 19 | 25 |
| 12-31-2020 | 12.99 | | 0.28 | 0.96 | | 1.24 | | (0.36) | (0.26) | (0.62) | 13.61 | 9.80 | 0.27 | 0.18 | 2.15 | 21 | 20 |
| 12-31-2019 | 12.07 | | 0.35 | 1.10 | | 1.45 | | (0.29) | (0.24) | (0.53) | 12.99 | 12.04 | 0.25 | 0.18 | 2.74 | 26 | 47 |
| 12-31-2018 | 13.03 | | 0.40 | (0.83) | | (0.43) | | (0.37) | (0.16) | (0.53) | 12.07 | (3.30) | 0.17 | 0.11 | 3.13 | 21 | 11 |
| 12-31-2017 | 12.57 | | 0.33 | 0.62 | | 0.95 | | (0.33) | (0.16) | (0.49) | 13.03 | 7.56 | 0.15 | 0.10 | 2.53 | 16 | 26 |
| 12-31-2016 | 12.39 | | 0.34 | 0.39 | | 0.73 | | (0.34) | (0.21) | (0.55) | 12.57 | 5.85 | 0.10 | 0.07 | 2.68 | 14 | 23 |
| 32 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Multimanager Lifestyle Conservative Portfolio (continued)
| Per share operating performance for a share outstanding throughout each period | | Ratios and supplemental data | |
| | | | Income (loss) from investment operations | | | | Less distributions | | | | Ratios to average net assets | | | |
| Period ended | Net asset
value,
beginning
of period ($) | | Net
investment
income
(loss) ($)1, 2 | Net realized and
unrealized
gain (loss)
on investments ($) | | Total from
investment
operations ($) | | From net
investment
income ($) | From net
realized
gain ($) | Total
distributions ($) | Net asset
value,
end of
period ($) | Total
return
(%)3, 4 | Expenses
before
reductions
(%)5 | Expenses
including
reductions
(%)5 | Net
investment
income
(loss) (%)2 | Net
assets,
end of
period
(in millions) | Portfolio
turnover
(%) |
| Class 1 | |
| 06-30-20216 | 13.62 | | 0.13 | 0.25 | | 0.38 | | (0.13) | — | (0.13) | 13.87 | 2.787 | 0.308 | 0.228 | 1.948 | 1,540 | 25 |
| 12-31-2020 | 12.99 | | 0.29 | 0.96 | | 1.25 | | (0.36) | (0.26) | (0.62) | 13.62 | 9.85 | 0.30 | 0.22 | 2.20 | 1,599 | 20 |
| 12-31-2019 | 12.07 | | 0.34 | 1.10 | | 1.44 | | (0.28) | (0.24) | (0.52) | 12.99 | 11.99 | 0.29 | 0.22 | 2.63 | 1,583 | 47 |
| 12-31-2018 | 13.03 | | 0.36 | (0.79) | | (0.43) | | (0.37) | (0.16) | (0.53) | 12.07 | (3.33) | 0.21 | 0.15 | 2.78 | 1,573 | 11 |
| 12-31-2017 | 12.58 | | 0.31 | 0.62 | | 0.93 | | (0.32) | (0.16) | (0.48) | 13.03 | 7.43 | 0.18 | 0.14 | 2.37 | 1,931 | 26 |
| 12-31-2016 | 12.39 | | 0.33 | 0.40 | | 0.73 | | (0.33) | (0.21) | (0.54) | 12.58 | 5.88 | 0.13 | 0.12 | 2.59 | 2,149 | 23 |
| 1 Based on average daily shares outstanding. |
| 2 Net investment income is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the portfolio invests. |
| 3 Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 4 Does not reflect the effect of sales charges, if any. |
| 5 Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the portfolio. |
| 6 Six months ended 6-30-21. Unaudited. |
| 7 Not annualized. |
| 8 Annualized. |
| SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 33 |
Notes to financial statements (unaudited)
Note 1—Organization
John Hancock Funds II (the Trust) is an open-end management investment company organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act). It is a series company with multiple investment series, five of which are presented in this report (collectively, Multimanager Lifestyle Portfolios, or the portfolios and individually, the portfolio). The portfolios operate as “funds of funds” that may invest in affiliated underlying funds of the Trust, other funds in the John Hancock group of funds complex, non-John Hancock funds and certain other permitted investments.
The portfolios may offer multiple classes of shares. The shares currently offered by the portfolios are detailed in the Statements of assets and liabilities. Class A and Class C shares are open to all investors. Class I shares are offered to institutions and certain investors. Class R2, Class R4 and Class R5 shares are available only to certain retirement plans. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class 1 shares are offered only to certain affiliates of Manulife Financial Corporation (MFC). Class 5 shares are available only to the John Hancock Freedom 529 plans. Class C shares convert to Class A shares eight years after purchase (certain exclusions may apply). Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ.
The investment objectives of portfolios are as follows:
Multimanager Lifestyle Aggressive Portfolio
To seek long-term growth of capital. Current income is not a consideration.
Multimanager Lifestyle Growth Portfolio
To seek long-term growth of capital. Current income is also a consideration.
Multimanager Lifestyle Balanced Portfolio
To seek a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.
Multimanager Lifestyle Moderate Portfolio
To seek a balance between a high level of current income and growth of capital, with a greater emphasis on income.
Multimanager Lifestyle Conservative Portfolio
To seek a high level of current income with some consideration given to growth of capital.
The accounting policies of the underlying funds in which the portfolios invest are outlined in the underlying funds’ shareholder reports, which include the underlying funds’ financial statements. These are available on the Securities and Exchange Commission (SEC) website at sec.gov. John Hancock underlying funds’ shareholder reports are also available without charge by calling 800-225-5291 or visiting jhinvestments.com. The underlying funds are not covered by this report.
Note 2—Significant accounting policies
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The portfolios qualify as investment companies under Topic 946 of Accounting Standards Codification of US GAAP.
Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the portfolios:
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the portfolios’ Valuation Policies and Procedures.
In order to value the securities, the portfolios use the following valuation techniques: Investments in affiliated underlying funds and other open-end mutual funds are valued at their respective NAVs each business day. Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.
In certain instances, the Pricing Committee may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.
Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the portfolios’ Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed. Trading in foreign securities may be completed before the scheduled daily close of trading on the NYSE. Significant events at the issuer or market level may affect the values of securities between the time when the valuation of the securities is generally determined and the close of the NYSE. If a significant event occurs, these securities may be fair
| 34 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
valued, as determined in good faith by the portfolios’ Pricing Committee, following procedures established by the Board of Trustees. The portfolios use fair value adjustment factors provided by an independent pricing vendor to value certain foreign securities in order to adjust for events that may occur between the close of foreign exchanges or markets and the close of the NYSE.
The portfolios use a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the portfolios’ own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the values by input classification of the portfolios’ investments as of June 30, 2021, by major security category or type:
| | Total
value at
6-30-21 | Level 1
quoted price | Level 2
significant
observable
inputs | Level 3
significant
unobservable
inputs |
| Multimanager Lifestyle Aggressive Portfolio | | | | |
| Investments in securities: | | | | |
| Assets | | | | |
| Affiliated investment companies | $4,091,173,665 | $4,091,173,665 | — | — |
| Common stocks | 137,901 | — | — | $137,901 |
| U.S. Government and Agency obligations | 42,736,595 | — | $42,736,595 | — |
| Short-term investments | 1,023 | 1,023 | — | — |
| Total investments in securities | $4,134,049,184 | $4,091,174,688 | $42,736,595 | $137,901 |
| |
| Multimanager Lifestyle Growth Portfolio | | | | |
| Investments in securities: | | | | |
| Assets | | | | |
| Affiliated investment companies | $11,129,439,137 | $11,129,439,137 | — | — |
| Common stocks | 313,293 | — | — | $313,293 |
| U.S. Government and Agency obligations | 470,949,214 | — | $470,949,214 | — |
| Short-term investments | 1,023 | 1,023 | — | — |
| Total investments in securities | $11,600,702,667 | $11,129,440,160 | $470,949,214 | $313,293 |
| |
| Multimanager Lifestyle Balanced Portfolio | | | | |
| Investments in securities: | | | | |
| Assets | | | | |
| Affiliated investment companies | $9,919,136,584 | $9,919,136,584 | — | — |
| Common stocks | 194,130 | — | — | $194,130 |
| U.S. Government and Agency obligations | 887,407,759 | — | $887,407,759 | — |
| Short-term investments | 1,023 | 1,023 | — | — |
| Total investments in securities | $10,806,739,496 | $9,919,137,607 | $887,407,759 | $194,130 |
| |
| Multimanager Lifestyle Moderate Portfolio | | | | |
| Investments in securities: | | | | |
| Assets | | | | |
| Affiliated investment companies | $2,871,543,463 | $2,871,543,463 | — | — |
| Common stocks | 32,556 | — | — | $32,556 |
| U.S. Government and Agency obligations | 265,224,931 | — | $265,224,931 | — |
| Short-term investments | 1,023 | 1,023 | — | — |
| Total investments in securities | $3,136,801,973 | $2,871,544,486 | $265,224,931 | $32,556 |
| |
| Multimanager Lifestyle Conservative Portfolio | | | | |
| Investments in securities: | | | | |
| Assets | | | | |
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 35 |
| | Total
value at
6-30-21 | Level 1
quoted price | Level 2
significant
observable
inputs | Level 3
significant
unobservable
inputs |
| Multimanager Lifestyle Conservative Portfolio (continued) | | | | |
| Affiliated investment companies | $2,267,675,650 | $2,267,675,650 | — | — |
| U.S. Government and Agency obligations | 223,764,024 | — | $223,764,024 | — |
| Short-term investments | 1,023 | 1,023 | — | — |
| Total investments in securities | $2,491,440,697 | $2,267,676,673 | $223,764,024 | — |
Stripped securities. Stripped securities are financial instruments structured to separate principal and interest cash flows so that one class receives principal payments from the underlying assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped security. If the underlying assets experience greater than anticipated prepayments of principal, the portfolios may fail to fully recover its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates or prepayments on the underlying securities. In addition, these securities present additional credit risk such that the portfolios may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.
Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Capital gain distributions from underlying funds are recorded on ex-date. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the portfolio becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Return of capital distributions from underlying funds, if any, are treated as a reduction of cost.
Foreign investing. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments. Foreign investments are subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.
Portfolios that invest internationally generally carry more risk than portfolios that invest strictly in U.S. securities. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.
Overdraft. The portfolios may have the ability to borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the portfolios’ custodian agreement, the custodian may loan money to the portfolios to make properly authorized payments. The portfolios are obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any portfolio property that is not otherwise segregated or pledged, to the extent of any overdraft, and to the maximum extent permitted by law. Overdrafts at period end, if any, are presented under the caption Due to custodian in the Statements of assets and liabilities.
Line of credit. The portfolios and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit. Excluding commitments designated for a certain fund and subject to the needs of all other affiliated funds, a portfolio can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement. Prior to June 24, 2021, a portfolio could borrow up to an aggregate commitment amount of $850 million. A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of each line of credit, is charged to each participating portfolio based on a combination of fixed and asset-based allocations and is reflected in Other expenses on the Statements of operations. For the six months ended June 30, 2021, the portfolios had no borrowings under the line of credit.
Commitment fees for the six months ended June 30, 2021 were as follows:
| Portfolio | Commitment fee |
| Multimanager Lifestyle Aggressive Portfolio | $13,356 |
| Multimanager Lifestyle Growth Portfolio | 32,622 |
| Multimanager Lifestyle Balanced Portfolio | 30,812 |
| Multimanager Lifestyle Moderate Portfolio | 11,013 |
| Multimanager Lifestyle Conservative Portfolio | 9,415 |
Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual portfolio are allocated to such portfolio. Expenses that are not readily attributable to a specific portfolio are allocated among all portfolios in an equitable manner, taking into consideration, among other things, the nature and type of expense and the portfolio’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
| 36 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the portfolio level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, and transfer agent fees, for all classes, are charged daily at the class level based on the net assets of each class and the specific expense rates applicable to each class.
Federal income taxes. Each portfolio intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.
As of December 31, 2020, the portfolios had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The portfolios’ federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.
For federal income tax purposes, the costs of investments owned on June 30, 2021, including short-term investments, were as follows:
| Portfolio | Aggregate
cost | Unrealized
appreciation | Unrealized
(depreciation) | Net unrealized
appreciation/
(depreciation) |
| Multimanager Lifestyle Aggressive Portfolio | $2,740,476,016 | $1,394,383,030 | $(809,862) | $1,393,573,168 |
| Multimanager Lifestyle Growth Portfolio | 8,315,420,799 | 3,290,001,443 | (4,719,575) | 3,285,281,868 |
| Multimanager Lifestyle Balanced Portfolio | 8,414,596,710 | 2,397,687,183 | (5,544,397) | 2,392,142,786 |
| Multimanager Lifestyle Moderate Portfolio | 2,670,282,069 | 468,317,372 | (1,797,468) | 466,519,904 |
| Multimanager Lifestyle Conservative Portfolio | 2,298,789,890 | 195,037,483 | (2,386,676) | 192,650,807 |
Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Multimanager Lifestyle Aggressive Portfolio and Multimanager Lifestyle Growth Portfolio generally declare and pay dividends and capital gain distributions, if any, at least annually. The Multimanager Lifestyle Balanced Portfolio, Multimanager Lifestyle Moderate Portfolio and Multimanager Lifestyle Conservative Portfolio generally declare and pay dividends quarterly and capital gain distributions, if any, at least annually.
Distributions paid by the portfolios with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class.
Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the portfolios’ financial statements as a return of capital. The final determination of tax characteristics of the portfolio’s distribution will occur at the end of the year and will subsequently be reported to shareholders. Short-term gains from underlying funds are treated as ordinary income for tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to wash sale loss deferrals.
Note 3—Guarantees and indemnifications
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including the portfolios. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss from such claims is considered remote.
Note 4—Fees and transactions with affiliates
John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the portfolios. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the portfolios. The Advisor and the Distributor are indirect, principally owned subsidiaries of Manulife Financial Corporation.
Management fee. The portfolios have an investment management agreement with the Advisor under which the portfolios pay a daily management fee to the Advisor as detailed below. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirect, wholly owned subsidiary of MFC and an affiliate of the Advisor. The portfolios are not responsible for payment of the subadvisory fees.
The management fee has two components: (1) a fee on assets invested in a fund of John Hancock Funds II (JHF II) or John Hancock Funds III (JHF III); and (2) a fee on assets invested in investments other than a fund of JHF II or JHF III (Other assets). Aggregate net assets include the net assets of the portfolios, similar portfolios of John Hancock Variable Insurance Trust (JHVIT), and similar portfolios of the Trust. JHVIT funds are advised by an affiliate of the Advisor, John Hancock Variable Trust Advisers LLC and are distributed by an affiliate of the Advisor, John Hancock Distributors, LLC.
Management fees are determined in accordance with the following schedule:
| | First $7.5 billion of aggregate net assets | Excess over $7.5 billion of aggregate net assets |
| JHF II or JHF III fund assets | 0.050% | 0.040% |
| Other assets | 0.500% | 0.490% |
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 37 |
The Advisor has contractually agreed to waive and/or reimburse all class-specific expenses for Class A and Class I shares of the portfolios to the extent they exceed 0.41% and 0.11%, respectively, of average net assets on an annualized basis attributable to the class (the class expense waiver). The class expense waiver expires on April 30, 2022, unless renewed by mutual agreement of the portfolios and the Advisor based upon a determination that this is appropriate under the circumstances at that time.
The Advisor has contractually agreed to reduce its management fee and/or make payment to each portfolio in an amount equal to the amount by which “Other expenses” of a portfolio exceed 0.05% of the average annual net assets (on an annualized basis) of the portfolio. “Other expenses” means all of the expenses of a portfolio, excluding certain expenses such as management fees, taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the portfolio’s business, class-specific expenses, underlying fund expenses (acquired fund fees), and short dividend expense. The current expense limitation agreement expires on April 30, 2022, unless renewed by mutual agreement of a portfolio and the Advisor based upon a determination that this is appropriate under the circumstances at that time.
Additionally, the Advisor voluntarily agreed to waive its advisory fee for each portfolio so that the aggregate advisory fee retained by the Advisor with respect to both the portfolio and its underlying investments (after payment of subadvisory fees) does not exceed 0.50% of the portfolio’s first $7.5 billion of average net assets and 0.49% of the portfolio’s average net assets in excess of $7.5 billion. This voluntary waiver may be amended or terminated at any time by the Advisor upon notice to the Trust.
For the six months ended June 30, 2021, the expense reductions under these agreements amounted to the following and are reflected as a reduction of total expenses in the Statements of operations:
| | Expense reimbursement by class |
| Portfolio | Class A | Class C | Class I | Class R2 | Class R4 | Class R5 | Class R6 | Class 1 | Class 5 | Total |
| Multimanager Lifestyle Aggressive Portfolio | $434,628 | $41,090 | $6,087 | $8,152 | $1,803 | $1,597 | $34,502 | $2,133,242 | — | $2,661,101 |
| Multimanager Lifestyle Growth Portfolio | 1,265,399 | 133,139 | 23,009 | 15,880 | 2,865 | 3,761 | 73,072 | 4,883,989 | $228,897 | 6,630,011 |
| Multimanager Lifestyle Balanced Portfolio | 1,185,402 | 114,320 | 21,101 | 12,180 | 4,072 | 8,954 | 53,480 | 4,112,228 | 92,150 | 5,603,887 |
| Multimanager Lifestyle Moderate Portfolio | 366,528 | 39,802 | 5,460 | 3,822 | 1,306 | 3,695 | 15,013 | 890,039 | 28,971 | 1,354,636 |
| Multimanager Lifestyle Conservative Portfolio | 366,973 | 33,114 | 9,044 | 3,906 | 1,212 | 1,249 | 8,078 | 695,409 | — | 1,118,985 |
Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the six months ended June 30, 2021, were equivalent to a net annual effective rate of the portfolios’ average daily net assets as follows:
| Portfolio | Net Annual Effective Rate |
| Multimanager Lifestyle Aggressive Portfolio | 0.06% |
| Multimanager Lifestyle Growth Portfolio | 0.07% |
| Multimanager Lifestyle Balanced Portfolio | 0.09% |
| Portfolio | Net Annual Effective Rate |
| Multimanager Lifestyle Moderate Portfolio | 0.11% |
| Multimanager Lifestyle Conservative Portfolio | 0.13% |
Accounting and legal services. Pursuant to a service agreement, the portfolios reimburse the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the portfolios, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred, for the six months ended June 30, 2021, amounted to an annual rate of 0.01% of the portfolios’ average daily net assets.
Distribution and service plans. The portfolios have a distribution agreement with the Distributor. The portfolios have adopted distribution and service plans for certain classes as detailed below pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the portfolios. In addition, under a service plan for certain classes as detailed below, the portfolios pay for certain other services. The portfolios may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the portfolios’ shares:
| Class | Rule 12b-1 Fee | Service fee |
| Class A | 0.30% | — |
| Class C | 1.00% | — |
| Class R2 | 0.25% | 0.25% |
| Class R4 | 0.25% | 0.10% |
| Class R5 | — | 0.05% |
| Class 1 | 0.05% | — |
The portfolios’ Distributor has contractually agreed to waive 0.10% of Rule12b-1 fees for Class R4 shares. The current waiver agreement expires on April 30, 2022, unless renewed by mutual agreement of the portfolios and the Distributor based upon a determination that this is appropriate under the circumstances at the time. This contractual waiver amounted to the following for Class R4 shares for the six months ended June 30, 2021:
| Portfolio | Class R4 |
| Multimanager Lifestyle Aggressive Portfolio | $1,385 |
| Portfolio | Class R4 |
| Multimanager Lifestyle Growth Portfolio | $2,477 |
| 38 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
| Portfolio | Class R4 |
| Multimanager Lifestyle Balanced Portfolio | $3,891 |
| Multimanager Lifestyle Moderate Portfolio | 1,507 |
| Portfolio | Class R4 |
| Multimanager Lifestyle Conservative Portfolio | $1,368 |
Sales charges. Class A shares are assessed up-front sales charges of up to 4.50% of net asset value for such shares. The following table summarizes the net up-front sales charges received by the Distributor during the six months ended June 30, 2021:
| | Multimanager Lifestyle Aggressive Portfolio | Multimanager Lifestyle Growth Portfolio | Multimanager Lifestyle Balanced Portfolio | Multimanager Lifestyle Moderate Portfolio | Multimanager Lifestyle Conservative Portfolio |
| Total sales charges | $155,796 | $500,225 | $392,489 | $202,127 | $190,984 |
| Retained for printing prospectus, advertising and sales literature | 16,547 | 55,365 | 42,157 | 15,632 | 20,727 |
| Sales commission to unrelated broker-dealers | 139,249 | 444,860 | 350,332 | 186,495 | 170,257 |
Class A and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares purchased, including those that are acquired through purchases of $250,000 or more, and redeemed within one year of purchase are subject to a 1.00% sales charge. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the six months ended June 30, 2021, CDSCs received by the Distributor for Class A and Class C shares were as follows:
| Portfolio | Class A | Class C |
| Multimanager Lifestyle Aggressive Portfolio | $1,459 | $2,098 |
| Multimanager Lifestyle Growth Portfolio | 14,365 | 6,496 |
| Multimanager Lifestyle Balanced Portfolio | 12,981 | 3,960 |
| Multimanager Lifestyle Moderate Portfolio | 6,585 | 1,748 |
| Multimanager Lifestyle Conservative Portfolio | 33,618 | 1,129 |
Transfer agent fees. The John Hancock group of funds has a complex-wide transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Advisor. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. It also includes out-of-pocket expenses, including payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to five categories of share classes: Retail Share and Institutional Share Classes of Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes and Municipal Bond Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.
Class level expenses. Class level expenses for the six months ended June 30, 2021 were as follows:
| Portfolio | Class | Distribution and service fees | Transfer agent fees |
| Multimanager Lifestyle Aggressive Portfolio | Class A | $958,195 | $365,091 |
| | Class C | 312,516 | 35,633 |
| | Class I | — | 5,104 |
| | Class R2 | 30,268 | 618 |
| | Class R4 | 4,830 | 137 |
| | Class R5 | 592 | 121 |
| | Class R6 | — | 2,606 |
| | Class 1 | 810,249 | — |
| | Total | $2,116,650 | $409,310 |
| Multimanager Lifestyle Growth Portfolio | Class A | $3,153,690 | $1,201,233 |
| | Class C | 1,150,064 | 131,019 |
| | Class I | — | 21,818 |
| | Class R2 | 67,855 | 1,365 |
| | Class R4 | 8,573 | 246 |
| | Class R5 | 1,613 | 321 |
| | Class R6 | — | 6,272 |
| | Class 1 | 2,105,860 | — |
| | Total | $6,487,655 | $1,362,274 |
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 39 |
| Portfolio | Class | Distribution and service fees | Transfer agent fees |
| Multimanager Lifestyle Balanced Portfolio | Class A | $3,258,089 | $1,240,609 |
| | Class C | 1,094,394 | 124,525 |
| | Class I | — | 22,077 |
| | Class R2 | 56,013 | 1,157 |
| | Class R4 | 13,627 | 388 |
| | Class R5 | 4,123 | 853 |
| | Class R6 | — | 5,062 |
| | Class 1 | 1,962,150 | — |
| | Total | $6,388,396 | $1,394,671 |
| Multimanager Lifestyle Moderate Portfolio | Class A | $1,207,744 | $459,770 |
| | Class C | 460,749 | 52,396 |
| | Class I | — | 6,840 |
| | Class R2 | 22,169 | 439 |
| | Class R4 | 5,266 | 150 |
| | Class R5 | 2,036 | 424 |
| | Class R6 | — | 1,723 |
| | Class 1 | 513,245 | — |
| | Total | $2,211,209 | $521,742 |
| Multimanager Lifestyle Conservative Portfolio | Class A | $1,182,039 | $449,963 |
| | Class C | 373,082 | 42,429 |
| | Class I | — | 11,082 |
| | Class R2 | 19,451 | 437 |
| | Class R4 | 4,702 | 136 |
| | Class R5 | 699 | 139 |
| | Class R6 | — | 905 |
| | Class 1 | 391,293 | — |
| | Total | $1,971,266 | $505,091 |
Trustee expenses. The portfolios compensate each Trustee who is not an employee of the Advisor or its affiliates. The costs of paying Trustee compensation and expenses are allocated to each portfolio based on their net assets relative to other funds within the John Hancock group of funds complex.
Note 5—Portfolio share transactions
Transactions in portfolios’ shares for the six months ended June 30, 2021 and for the year ended December 31, 2020 were as follows:
| Multimanager Lifestyle Aggressive Portfolio | Six Months Ended 6-30-21 | Year Ended 12-31-20 |
| | Shares | Amount | Shares | Amount |
| Class A shares | | | | |
| Sold | 2,497,378 | $43,565,753 | 6,086,715 | $85,704,177 |
| Distributions reinvested | — | — | 2,024,949 | 32,479,983 |
| Repurchased | (3,030,669) | (52,750,585) | (7,267,080) | (100,404,825) |
| Net increase (decrease) | (533,291) | $(9,184,832) | 844,584 | $17,779,335 |
| Class B shares | | | | |
| Sold | — | — | 2,473 | $26,621 |
| Repurchased | — | — | (241,424) | (3,373,144) |
| Net decrease | — | — | (238,951) | $(3,346,523) |
| Class C shares | | | | |
| Sold | 223,354 | $3,903,782 | 537,503 | $7,230,838 |
| Distributions reinvested | — | — | 197,540 | 3,176,435 |
| Repurchased | (838,376) | (14,573,805) | (2,894,100) | (42,118,060) |
| Net decrease | (615,022) | $(10,670,023) | (2,159,057) | $(31,710,787) |
| 40 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
| Multimanager Lifestyle Aggressive Portfolio , Cont’d | Six Months Ended 6-30-21 | Year Ended 12-31-20 |
| | Shares | Amount | Shares | Amount |
| Class I shares | | | | |
| Sold | 195,977 | $3,440,292 | 272,837 | $3,861,658 |
| Distributions reinvested | — | — | 24,976 | 399,117 |
| Repurchased | (112,632) | (1,985,006) | (602,711) | (8,226,902) |
| Net increase (decrease) | 83,345 | $1,455,286 | (304,898) | $(3,966,127) |
| Class R1 shares | | | | |
| Sold | — | — | 39,411 | $533,386 |
| Repurchased | — | — | (366,818) | (5,479,027) |
| Net decrease | — | — | (327,407) | $(4,945,641) |
| Class R2 shares | | | | |
| Sold | 64,217 | $1,106,053 | 560,266 | $8,472,180 |
| Distributions reinvested | — | — | 35,455 | 563,739 |
| Repurchased | (74,267) | (1,290,096) | (222,982) | (3,241,296) |
| Net increase (decrease) | (10,050) | $(184,043) | 372,739 | $5,794,623 |
| Class R3 shares | | | | |
| Sold | — | — | 110,013 | $1,490,697 |
| Repurchased | — | — | (696,983) | (8,697,718) |
| Net decrease | — | — | (586,970) | $(7,207,021) |
| Class R4 shares | | | | |
| Sold | 14,170 | $244,197 | 109,807 | $1,545,287 |
| Distributions reinvested | — | — | 14,201 | 226,503 |
| Repurchased | (13,768) | (239,959) | (304,257) | (4,474,787) |
| Net increase (decrease) | 402 | $4,238 | (180,249) | $(2,702,997) |
| Class R5 shares | | | | |
| Sold | 6,442 | $112,161 | 93,372 | $1,249,256 |
| Distributions reinvested | — | — | 9,378 | 149,960 |
| Repurchased | (40,496) | (689,227) | (117,354) | (1,536,515) |
| Net decrease | (34,054) | $(577,066) | (14,604) | $(137,299) |
| Class R6 shares | | | | |
| Sold | 716,487 | $12,528,189 | 1,105,352 | $15,585,767 |
| Distributions reinvested | — | — | 184,821 | 2,953,440 |
| Repurchased | (753,826) | (12,694,597) | (1,538,381) | (23,034,395) |
| Net decrease | (37,339) | $(166,408) | (248,208) | $(4,495,188) |
| Class 1 shares | | | | |
| Sold | 771,735 | $13,401,387 | 1,992,399 | $25,313,596 |
| Distributions reinvested | — | — | 11,331,504 | 180,624,181 |
| Repurchased | (13,315,213) | (232,579,189) | (29,428,069) | (415,344,219) |
| Net decrease | (12,543,478) | $(219,177,802) | (16,104,166) | $(209,406,442) |
| Total net decrease | (13,689,487) | $(238,500,650) | (18,947,187) | $(244,344,067) |
| Multimanager Lifestyle Growth Portfolio | Six Months Ended 6-30-21 | Year Ended 12-31-20 |
| | Shares | Amount | Shares | Amount |
| Class A shares | | | | |
| Sold | 8,047,060 | $136,590,715 | 20,358,969 | $295,912,809 |
| Distributions reinvested | — | — | 7,066,372 | 111,719,426 |
| Repurchased | (8,582,744) | (145,340,654) | (21,235,684) | (299,054,108) |
| Net increase (decrease) | (535,684) | $(8,749,939) | 6,189,657 | $108,578,127 |
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 41 |
| Multimanager Lifestyle Growth Portfolio , Cont’d | Six Months Ended 6-30-21 | Year Ended 12-31-20 |
| | Shares | Amount | Shares | Amount |
| Class B shares | | | | |
| Sold | — | — | 4,630 | $61,457 |
| Repurchased | — | — | (966,647) | (13,549,599) |
| Net decrease | — | — | (962,017) | $(13,488,142) |
| Class C shares | | | | |
| Sold | 625,371 | $10,602,216 | 1,312,187 | $18,278,392 |
| Distributions reinvested | — | — | 795,003 | 12,576,118 |
| Repurchased | (3,565,663) | (60,174,436) | (13,295,611) | (194,693,844) |
| Net decrease | (2,940,292) | $(49,572,220) | (11,188,421) | $(163,839,334) |
| Class I shares | | | | |
| Sold | 614,379 | $10,405,668 | 1,242,338 | $17,646,647 |
| Distributions reinvested | — | — | 125,089 | 1,963,899 |
| Repurchased | (491,903) | (8,317,176) | (1,438,527) | (20,109,083) |
| Net increase (decrease) | 122,476 | $2,088,492 | (71,100) | $(498,537) |
| Class R1 shares | | | | |
| Sold | — | — | 51,066 | $720,942 |
| Repurchased | — | — | (976,934) | (14,548,178) |
| Net decrease | — | — | (925,868) | $(13,827,236) |
| Class R2 shares | | | | |
| Sold | 76,222 | $1,282,418 | 1,169,880 | $17,597,129 |
| Distributions reinvested | — | — | 89,270 | 1,398,866 |
| Repurchased | (162,500) | (2,707,909) | (353,908) | (4,993,345) |
| Net increase (decrease) | (86,278) | $(1,425,491) | 905,242 | $14,002,650 |
| Class R3 shares | | | | |
| Sold | — | — | 76,339 | $1,005,047 |
| Repurchased | — | — | (907,250) | (12,291,606) |
| Net decrease | — | — | (830,911) | $(11,286,559) |
| Class R4 shares | | | | |
| Sold | 11,891 | $201,093 | 31,752 | $445,481 |
| Distributions reinvested | — | — | 20,498 | 323,461 |
| Repurchased | (8,871) | (147,928) | (164,890) | (2,514,990) |
| Net increase (decrease) | 3,020 | $53,165 | (112,640) | $(1,746,048) |
| Class R5 shares | | | | |
| Sold | 31,107 | $528,265 | 73,255 | $1,079,425 |
| Distributions reinvested | — | — | 28,713 | 454,533 |
| Repurchased | (121,781) | (1,987,151) | (202,220) | (3,010,093) |
| Net decrease | (90,674) | $(1,458,886) | (100,252) | $(1,476,135) |
| Class R6 shares | | | | |
| Sold | 1,009,463 | $16,952,942 | 3,154,048 | $44,348,877 |
| Distributions reinvested | — | — | 451,327 | 7,094,853 |
| Repurchased | (1,613,079) | (26,387,315) | (4,297,731) | (62,987,243) |
| Net decrease | (603,616) | $(9,434,373) | (692,356) | $(11,543,513) |
| Class 1 shares | | | | |
| Sold | 640,552 | $10,816,275 | 1,376,173 | $19,126,698 |
| Distributions reinvested | — | — | 31,501,085 | 495,197,048 |
| Repurchased | (37,056,232) | (626,846,389) | (84,565,466) | (1,200,817,960) |
| Net decrease | (36,415,680) | $(616,030,114) | (51,688,208) | $(686,494,214) |
| 42 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
| Multimanager Lifestyle Growth Portfolio , Cont’d | Six Months Ended 6-30-21 | Year Ended 12-31-20 |
| | Shares | Amount | Shares | Amount |
| Class 5 shares | | | | |
| Sold | 409,272 | $6,912,415 | 531,380 | $7,337,172 |
| Distributions reinvested | — | — | 1,434,709 | 22,510,588 |
| Repurchased | (476,352) | (7,981,420) | (1,759,595) | (25,244,643) |
| Net increase (decrease) | (67,080) | $(1,069,005) | 206,494 | $4,603,117 |
| Total net decrease | (40,613,808) | $(685,598,371) | (59,270,380) | $(777,015,824) |
| Multimanager Lifestyle Balanced Portfolio | Six Months Ended 6-30-21 | Year Ended 12-31-20 |
| | Shares | Amount | Shares | Amount |
| Class A shares | | | | |
| Sold | 10,212,435 | $165,141,739 | 24,299,951 | $349,843,636 |
| Distributions reinvested | 431,417 | 7,067,929 | 7,231,570 | 109,771,249 |
| Repurchased | (9,855,352) | (159,217,248) | (23,591,061) | (330,237,925) |
| Net increase | 788,500 | $12,992,420 | 7,940,460 | $129,376,960 |
| Class B shares | | | | |
| Sold | — | — | 6,737 | $92,800 |
| Distributions reinvested | — | — | 133 | 1,892 |
| Repurchased | — | — | (1,046,587) | (14,559,808) |
| Net decrease | — | — | (1,039,717) | $(14,465,116) |
| Class C shares | | | | |
| Sold | 401,601 | $6,487,205 | 982,496 | $13,650,873 |
| Distributions reinvested | 925 | 15,342 | 755,164 | 11,590,741 |
| Repurchased | (4,008,665) | (64,529,867) | (15,291,770) | (220,829,022) |
| Net decrease | (3,606,139) | $(58,027,320) | (13,554,110) | $(195,587,408) |
| Class I shares | | | | |
| Sold | 614,660 | $9,921,373 | 968,377 | $13,616,537 |
| Distributions reinvested | 10,924 | 177,680 | 131,630 | 1,972,681 |
| Repurchased | (485,132) | (7,794,684) | (1,596,542) | (22,115,621) |
| Net increase (decrease) | 140,452 | $2,304,369 | (496,535) | $(6,526,403) |
| Class R1 shares | | | | |
| Sold | — | — | 30,893 | $423,672 |
| Distributions reinvested | — | — | 1,447 | 19,435 |
| Repurchased | — | — | (638,082) | (9,237,984) |
| Net decrease | — | — | (605,742) | $(8,794,877) |
| Class R2 shares | | | | |
| Sold | 77,506 | $1,239,565 | 1,205,477 | $17,926,311 |
| Distributions reinvested | 3,689 | 60,028 | 65,726 | 1,001,253 |
| Repurchased | (164,757) | (2,631,733) | (485,261) | (6,759,643) |
| Net increase (decrease) | (83,562) | $(1,332,140) | 785,942 | $12,167,921 |
| Class R3 shares | | | | |
| Sold | — | — | 125,779 | $1,724,711 |
| Distributions reinvested | — | — | 3,189 | 42,253 |
| Repurchased | — | — | (1,408,170) | (19,358,923) |
| Net decrease | — | — | (1,279,202) | $(17,591,959) |
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 43 |
| Multimanager Lifestyle Balanced Portfolio , Cont’d | Six Months Ended 6-30-21 | Year Ended 12-31-20 |
| | Shares | Amount | Shares | Amount |
| Class R4 shares | | | | |
| Sold | 24,084 | $390,519 | 53,055 | $742,487 |
| Distributions reinvested | 1,884 | 30,716 | 28,567 | 431,209 |
| Repurchased | (93,297) | (1,529,204) | (100,824) | (1,391,254) |
| Net decrease | (67,329) | $(1,107,969) | (19,202) | $(217,558) |
| Class R5 shares | | | | |
| Sold | 87,263 | $1,393,142 | 242,367 | $3,400,120 |
| Distributions reinvested | 5,302 | 86,739 | 60,074 | 906,860 |
| Repurchased | (62,011) | (987,280) | (249,797) | (3,438,301) |
| Net increase | 30,554 | $492,601 | 52,644 | $868,679 |
| Class R6 shares | | | | |
| Sold | 1,636,969 | $26,144,655 | 4,090,616 | $57,193,226 |
| Distributions reinvested | 31,498 | 512,169 | 468,812 | 6,984,457 |
| Repurchased | (3,234,037) | (50,504,311) | (5,515,427) | (80,672,438) |
| Net decrease | (1,565,570) | $(23,847,487) | (955,999) | $(16,494,755) |
| Class 1 shares | | | | |
| Sold | 916,676 | $14,759,605 | 2,359,124 | $32,096,135 |
| Distributions reinvested | 2,438,084 | 39,557,084 | 29,964,589 | 448,254,151 |
| Repurchased | (33,737,006) | (540,929,131) | (85,815,722) | (1,198,083,171) |
| Net decrease | (30,382,246) | $(486,612,442) | (53,492,009) | $(717,732,885) |
| Class 5 shares | | | | |
| Sold | 384,636 | $6,201,718 | 471,283 | $6,491,845 |
| Distributions reinvested | 58,116 | 943,977 | 652,455 | 9,760,567 |
| Repurchased | (341,734) | (5,428,876) | (1,435,002) | (20,198,491) |
| Net increase (decrease) | 101,018 | $1,716,819 | (311,264) | $(3,946,079) |
| Total net decrease | (34,644,322) | $(553,421,149) | (62,974,734) | $(838,943,480) |
| Multimanager Lifestyle Moderate Portfolio | Six Months Ended 6-30-21 | Year Ended 12-31-20 |
| | Shares | Amount | Shares | Amount |
| Class A shares | | | | |
| Sold | 6,267,336 | $91,262,523 | 12,677,036 | $170,088,947 |
| Distributions reinvested | 287,863 | 4,228,853 | 2,511,977 | 34,876,204 |
| Repurchased | (4,476,136) | (65,075,161) | (10,037,105) | (131,970,595) |
| Net increase | 2,079,063 | $30,416,215 | 5,151,908 | $72,994,556 |
| Class B shares | | | | |
| Sold | — | — | 3,321 | $36,755 |
| Distributions reinvested | — | — | 772 | 9,837 |
| Repurchased | — | — | (430,315) | (5,718,499) |
| Net decrease | — | — | (426,222) | $(5,671,907) |
| Class C shares | | | | |
| Sold | 339,792 | $4,978,321 | 684,948 | $9,227,609 |
| Distributions reinvested | 10,602 | 157,358 | 308,673 | 4,331,462 |
| Repurchased | (1,972,708) | (28,768,861) | (6,815,481) | (92,603,221) |
| Net decrease | (1,622,314) | $(23,633,182) | (5,821,860) | $(79,044,150) |
| 44 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
| Multimanager Lifestyle Moderate Portfolio , Cont’d | Six Months Ended 6-30-21 | Year Ended 12-31-20 |
| | Shares | Amount | Shares | Amount |
| Class I shares | | | | |
| Sold | 225,044 | $3,243,115 | 384,470 | $5,122,725 |
| Distributions reinvested | 5,458 | 79,546 | 37,729 | 517,056 |
| Repurchased | (132,656) | (1,917,763) | (598,558) | (7,796,518) |
| Net increase (decrease) | 97,846 | $1,404,898 | (176,359) | $(2,156,737) |
| Class R1 shares | | | | |
| Sold | — | — | 22,017 | $288,305 |
| Distributions reinvested | — | — | 1,737 | 22,221 |
| Repurchased | — | — | (346,166) | (4,721,370) |
| Net decrease | — | — | (322,412) | $(4,410,844) |
| Class R2 shares | | | | |
| Sold | 51,765 | $746,516 | 527,144 | $7,275,988 |
| Distributions reinvested | 2,672 | 39,117 | 23,467 | 328,824 |
| Repurchased | (95,280) | (1,383,060) | (103,941) | (1,409,115) |
| Net increase (decrease) | (40,843) | $(597,427) | 446,670 | $6,195,697 |
| Class R3 shares | | | | |
| Sold | — | — | 42,092 | $538,025 |
| Distributions reinvested | — | — | 2,450 | 30,889 |
| Repurchased | — | — | (519,232) | (6,747,319) |
| Net decrease | — | — | (474,690) | $(6,178,405) |
| Class R4 shares | | | | |
| Sold | 20,843 | $299,819 | 59,890 | $806,258 |
| Distributions reinvested | 1,273 | 18,580 | 11,406 | 156,719 |
| Repurchased | (27,505) | (392,148) | (98,238) | (1,317,813) |
| Net decrease | (5,389) | $(73,749) | (26,942) | $(354,836) |
| Class R5 shares | | | | |
| Sold | 47,086 | $678,106 | 297,174 | $3,943,214 |
| Distributions reinvested | 4,125 | 60,106 | 30,613 | 421,145 |
| Repurchased | (81,201) | (1,165,758) | (177,623) | (2,366,943) |
| Net increase (decrease) | (29,990) | $(427,546) | 150,164 | $1,997,416 |
| Class R6 shares | | | | |
| Sold | 801,620 | $11,415,696 | 1,292,098 | $16,697,725 |
| Distributions reinvested | 16,445 | 239,123 | 115,302 | 1,576,143 |
| Repurchased | (1,133,806) | (16,167,936) | (1,322,419) | (17,791,096) |
| Net increase (decrease) | (315,741) | $(4,513,117) | 84,981 | $482,772 |
| Class 1 shares | | | | |
| Sold | 1,569,913 | $22,736,452 | 2,606,193 | $34,300,215 |
| Distributions reinvested | 994,507 | 14,491,817 | 7,601,568 | 104,269,552 |
| Repurchased | (9,273,740) | (134,617,022) | (24,037,423) | (313,709,998) |
| Net decrease | (6,709,320) | $(97,388,753) | (13,829,662) | $(175,140,231) |
| Class 5 shares | | | | |
| Sold | 198,601 | $2,863,455 | 540,064 | $7,075,084 |
| Distributions reinvested | 34,146 | 496,842 | 241,052 | 3,299,848 |
| Repurchased | (160,352) | (2,309,497) | (718,444) | (9,561,256) |
| Net increase | 72,395 | $1,050,800 | 62,672 | $813,676 |
| Total net decrease | (6,474,293) | $(93,761,861) | (15,181,752) | $(190,472,993) |
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 45 |
| Multimanager Lifestyle Conservative Portfolio | Six Months Ended 6-30-21 | Year Ended 12-31-20 |
| | Shares | Amount | Shares | Amount |
| Class A shares | | | | |
| Sold | 9,652,050 | $132,734,133 | 23,990,678 | $316,532,440 |
| Distributions reinvested | 417,002 | 5,743,818 | 2,146,288 | 28,380,722 |
| Repurchased | (6,830,811) | (93,866,433) | (14,707,724) | (192,080,180) |
| Net increase | 3,238,241 | $44,611,518 | 11,429,242 | $152,832,982 |
| Class B shares | | | | |
| Sold | — | — | 4,612 | $57,678 |
| Distributions reinvested | — | — | 2,569 | 31,608 |
| Repurchased | — | — | (396,676) | (5,156,676) |
| Net decrease | — | — | (389,495) | $(5,067,390) |
| Class C shares | | | | |
| Sold | 347,375 | $4,767,905 | 1,055,730 | $13,735,646 |
| Distributions reinvested | 20,485 | 282,717 | 251,510 | 3,298,036 |
| Repurchased | (1,492,801) | (20,518,878) | (7,135,990) | (94,484,536) |
| Net decrease | (1,124,941) | $(15,468,256) | (5,828,750) | $(77,450,854) |
| Class I shares | | | | |
| Sold | 451,980 | $6,219,014 | 664,063 | $8,786,630 |
| Distributions reinvested | 12,422 | 170,729 | 51,924 | 686,069 |
| Repurchased | (290,493) | (3,989,695) | (460,241) | (5,952,395) |
| Net increase | 173,909 | $2,400,048 | 255,746 | $3,520,304 |
| Class R1 shares | | | | |
| Sold | — | — | 92,959 | $1,219,083 |
| Distributions reinvested | — | — | 5,121 | 63,842 |
| Repurchased | — | — | (481,357) | (6,375,608) |
| Net decrease | — | — | (383,277) | $(5,092,683) |
| Class R2 shares | | | | |
| Sold | 62,106 | $851,851 | 614,770 | $8,237,467 |
| Distributions reinvested | 4,298 | 59,100 | 17,628 | 238,499 |
| Repurchased | (125,749) | (1,726,902) | (154,786) | (2,027,840) |
| Net increase (decrease) | (59,345) | $(815,951) | 477,612 | $6,448,126 |
| Class R3 shares | | | | |
| Sold | — | — | 57,730 | $734,832 |
| Distributions reinvested | — | — | 3,960 | 49,589 |
| Repurchased | — | — | (341,692) | (4,461,237) |
| Net decrease | — | — | (280,002) | $(3,676,816) |
| Class R4 shares | | | | |
| Sold | 14,389 | $196,429 | 62,886 | $820,685 |
| Distributions reinvested | 1,650 | 22,672 | 10,337 | 135,331 |
| Repurchased | (7,684) | (104,828) | (101,371) | (1,348,439) |
| Net increase (decrease) | 8,355 | $114,273 | (28,148) | $(392,423) |
| Class R5 shares | | | | |
| Sold | 8,492 | $116,428 | 141,491 | $1,846,801 |
| Distributions reinvested | 1,865 | 25,624 | 11,087 | 146,174 |
| Repurchased | (62,164) | (848,398) | (182,231) | (2,396,186) |
| Net decrease | (51,807) | $(706,346) | (29,653) | $(403,211) |
| 46 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
| Multimanager Lifestyle Conservative Portfolio , Cont’d | Six Months Ended 6-30-21 | Year Ended 12-31-20 |
| | Shares | Amount | Shares | Amount |
| Class R6 shares | | | | |
| Sold | 238,252 | $3,269,100 | 694,714 | $9,052,102 |
| Distributions reinvested | 11,767 | 161,577 | 73,878 | 962,696 |
| Repurchased | (422,893) | (5,780,648) | (1,222,616) | (16,167,780) |
| Net decrease | (172,874) | $(2,349,971) | (454,024) | $(6,152,982) |
| Class 1 shares | | | | |
| Sold | 2,087,933 | $28,617,335 | 9,668,795 | $126,606,472 |
| Distributions reinvested | 1,048,011 | 14,390,124 | 5,463,722 | 71,703,124 |
| Repurchased | (9,471,830) | (130,107,391) | (19,518,559) | (254,610,241) |
| Net decrease | (6,335,886) | $(87,099,932) | (4,386,042) | $(56,300,645) |
| Total net increase (decrease) | (4,324,348) | $(59,314,617) | 383,209 | $8,264,408 |
Affiliates of the Trust owned shares of the following classes of the portfolios on June 30, 2021. Such concentration of shareholders’ capital could have a material effect on the portfolios if such shareholders redeem from the portfolios.
| Portfolio | Class | % by Class |
| Multimanager Lifestyle Aggressive Portfolio | Class R6 | 2% |
| Multimanager Lifestyle Aggressive Portfolio | Class 1 | 100% |
| Multimanager Lifestyle Growth Portfolio | Class 1 | 100% |
| Multimanager Lifestyle Growth Portfolio | Class 5 | 100% |
| Multimanager Lifestyle Balanced Portfolio | Class 1 | 100% |
| Multimanager Lifestyle Balanced Portfolio | Class 5 | 100% |
| Multimanager Lifestyle Moderate Portfolio | Class 1 | 100% |
| Multimanager Lifestyle Moderate Portfolio | Class 5 | 100% |
| Multimanager Lifestyle Conservative Portfolio | Class 1 | 100% |
On June 25, 2020, the Board of Trustees approved redesignations of certain share classes. As a result of the redesignations, Class B, Class R1, and Class R3 were terminated, and shareholders in these classes became shareholders of the respective classes identified below, in each case with the same or lower total net expenses. The following amounts are included in the amount repurchased of the terminated classes and the amount sold of the redesignated classes.
| Redesignation | Effective date | Multimanager Lifestyle Aggressive Portfolio Amount | Multimanager Lifestyle Growth Portfolio Amount | Multimanager Lifestyle Balanced Portfolio Amount | Multimanager Lifestyle Moderate Portfolio Amount | Multimanager Lifestyle Conservative Portfolio Amount |
| Class R3 shares as Class R2 shares | October 9, 2020 | $3,017,450 | $6,201,685 | $10,183,188 | $3,650,239 | $3,493,263 |
| Class B shares as Class A shares | October 14, 2020 | $1,453,049 | $4,675,112 | $4,551,534 | $1,936,872 | $1,610,552 |
| Class R1 shares as Class R2 shares | October 23, 2020 | $4,533,878 | $10,081,744 | $6,509,654 | $3,181,165 | $4,463,202 |
Note 6—Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to the following for the six months ended June 30, 2021:
| | Purchases | Sales |
| Portfolio | U.S. Government | Other issuers | U.S. Government | Other issuers |
| Multimanager Lifestyle Aggressive Portfolio | $43,341,320 | $301,614,788 | $3,501,055 | $582,151,247 |
| Multimanager Lifestyle Growth Portfolio | 475,354,896 | 954,108,961 | 22,087,717 | 2,077,214,847 |
| Multimanager Lifestyle Balanced Portfolio | 896,684,227 | 1,145,156,934 | 43,038,369 | 2,558,046,141 |
| Multimanager Lifestyle Moderate Portfolio | 267,431,342 | 419,271,831 | 8,637,966 | 772,782,843 |
| Multimanager Lifestyle Conservative Portfolio | 224,054,169 | 399,297,950 | — | 683,697,143 |
Note 7—Investment in affiliated underlying funds
The portfolios invest primarily in affiliated underlying funds that are managed by the Advisor and its affiliates. The portfolios do not invest in the affiliated underlying funds for the purpose of exercising management or control; however, the portfolios’ investment may represent a significant portion of each underlying funds’ net assets. At June 30, 2021, the following portfolios held 5% or more of the net assets of the underlying funds shown below:
| Portfolio | Affiliated Class NAV | Percentage of
underlying fund
net assets |
| Multimanager Lifestyle Aggressive Portfolio | JHF Global Thematic Opportunities Fund | 23.2% |
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 47 |
| Portfolio | Affiliated Class NAV | Percentage of
underlying fund
net assets |
| | JHF II International Strategic Equity Allocation Fund | 19.0% |
| | JHF II U.S. Sector Rotation Fund | 17.6% |
| | JHF International Dynamic Growth Fund | 16.4% |
| | JHF Diversified Real Assets Fund | 16.1% |
| | JHF II Mid Value Fund | 15.8% |
| | JHF II Health Sciences Fund | 14.8% |
| | JHF II Small Cap Growth Fund | 14.2% |
| | JHF II Small Cap Value Fund | 13.9% |
| | JHF II International Small Company Fund | 13.7% |
| | JHF II Science & Technology Fund | 13.5% |
| | JHF II Equity Income Fund | 13.4% |
| | JHF Emerging Markets Equity Fund | 12.2% |
| | JHF II Mid Cap Stock Fund | 11.1% |
| | JHF Disciplined Value International Fund | 9.2% |
| | JHF Small Cap Core Fund | 9.1% |
| | JHF Diversified Macro Fund | 8.8% |
| | JHF Financial Industries Fund | 8.1% |
| | JHF II Capital Appreciation Fund | 6.1% |
| | JHF II Capital Appreciation Value Fund | 5.9% |
| Multimanager Lifestyle Growth Portfolio | | |
| | JHF Global Thematic Opportunities Fund | 50.0% |
| | JHF II International Strategic Equity Allocation Fund | 43.6% |
| | JHF II U.S. Sector Rotation Fund | 38.6% |
| | JHF International Dynamic Growth Fund | 36.9% |
| | JHF Diversified Real Assets Fund | 36.2% |
| | JHF II Mid Value Fund | 36.1% |
| | JHF II Health Sciences Fund | 34.4% |
| | JHF II Science & Technology Fund | 32.6% |
| | JHF II Equity Income Fund | 31.3% |
| | JHF II International Small Company Fund | 31.2% |
| | JHF II Small Cap Value Fund | 30.0% |
| | JHF II Capital Appreciation Value | 29.4% |
| | JHF II Small Cap Growth Fund | 28.2% |
| | JHF II Fundamental Global Franchise Fund | 28.1% |
| | JHF II Mid Cap Stock Fund | 25.0% |
| | JHF Emerging Markets Equity Fund | 22.3% |
| | JHF Small Cap Core Fund | 21.8% |
| | JHF Disciplined Value International Fund | 20.9% |
| | JHF II Global Equity Fund | 19.8% |
| | JHF II Emerging Markets Debt Fund | 19.5% |
| | JHF Financial Industries Fund | 18.9% |
| | JHF Diversified Macro Fund | 18.6% |
| | JHF II Capital Appreciation Fund | 15.7% |
| | JHF II Absolute Return Currency Fund | 14.0% |
| | JHF II Floating Rate Income Fund | 13.0% |
| | JHF High Yield Fund | 12.6% |
| | JHF II Blue Chip Growth Fund | 11.3% |
| | JHF Fundamental Large Cap Core Fund | 8.9% |
| | JHF II Strategic Income Opportunities Fund | 7.2% |
| Multimanager Lifestyle Balanced Portfolio | | |
| | JHF II U.S. Sector Rotation Fund | 35.0% |
| | JHF II Multi-Asset High Income Fund | 34.5% |
| | JHF Short Duration Bond Fund | 33.7% |
| | JHF II Emerging Markets Debt Fund | 32.6% |
| | JHF II Capital Appreciation Value | 31.2% |
| | JHF International Dynamic Growth Fund | 27.4% |
| 48 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
| Portfolio | Affiliated Class NAV | Percentage of
underlying fund
net assets |
| | JHF II International Strategic Equity Allocation Fund | 27.4% |
| | JHF Global Thematic Opportunities Fund | 26.2% |
| | JHF II Fundamental Global Franchise Fund | 26.1% |
| | JHF II Health Sciences Fund | 25.7% |
| | JHF Diversified Real Assets Fund | 25.4% |
| | JHF II Mid Value Fund | 24.8% |
| | JHF II Science & Technology Fund | 23.2% |
| | JHF High Yield Fund | 23.1% |
| | JHF II Floating Rate Income Fund | 22.3% |
| | JHF II Global Equity Fund | 22.2% |
| | JHF Diversified Macro Fund | 22.1% |
| | JHF II Small Cap Value Fund | 21.6% |
| | JHF II Small Cap Growth Fund | 20.0% |
| | JHF II Equity Income Fund | 19.5% |
| | JHF II Absolute Return Currency Fund | 17.1% |
| | JHF II International Small Company Fund | 16.9% |
| | JHF II Mid Cap Stock Fund | 16.3% |
| | JHF II Strategic Income Opportunities Fund | 16.1% |
| | JHF Disciplined Value International Fund | 16.0% |
| | JHF Financial Industries Fund | 14.1% |
| | JHF Small Cap Core Fund | 14.1% |
| | JHF Emerging Markets Equity Fund | 13.0% |
| | JHF II Capital Appreciation Fund | 8.7% |
| | JHF II Blue Chip Growth Fund | 7.2% |
| | JHF II Core Bond Fund | 6.1% |
| | JHF Fundamental Large Cap Core Fund | 5.2% |
| Multimanager Lifestyle Moderate Portfolio | | |
| | JHF II Multi-Asset High Income Fund | 30.0% |
| | JHF Short Duration Bond Fund | 19.9% |
| | JHF II Core Bond Fund | 13.9% |
| | JHF II Emerging Markets Debt Fund | 13.6% |
| | JHF High Yield Fund | 10.0% |
| | JHF II Floating Rate Income Fund | 9.5% |
| | JHF II Capital Appreciation Value | 9.3% |
| | JHF Diversified Macro Fund | 8.4% |
| | JHF II Fundamental Global Franchise Fund | 7.6% |
| | JHF II Global Equity Fund | 7.3% |
| | JHF II Absolute Return Currency Fund | 6.5% |
| | JHF II U.S. Sector Rotation Fund | 6.3% |
| | JHF II International Strategic Equity Allocation Fund | 6.3% |
| | JHF II Strategic Income Opportunities Fund | 5.5% |
| Multimanager Lifestyle Conservative Portfolio | | |
| | JHF II Multi-Asset High Income Fund | 31.6% |
| | JHF Short Duration Bond Fund | 21.9% |
| | JHF II Core Bond Fund | 18.1% |
| | JHF II Emerging Markets Debt Fund | 14.7% |
| | JHF II Absolute Return Currency Fund | 11.4% |
| | JHF High Yield Fund | 10.5% |
| | JHF II Floating Rate Income Fund | 10.2% |
| | JHF Infrastructure Fund | 7.0% |
| | JHF II Strategic Income Opportunities Fund | 5.1% |
Information regarding the portfolios’ fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the portfolios, if any, is as follows:
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 49 |
| | | | | | | | Dividends and distributions |
| Affiliate | Ending
share
amount | Beginning
value | Cost of
purchases | Proceeds
from shares
sold | Realized
gain
(loss) | Change in
unrealized
appreciation
(depreciation) | Income
distributions
received | Capital gain
distributions
received | Ending
value |
| Multimanager Lifestyle Aggressive Portfolio |
| Blue Chip Growth | 4,256,876 | $241,435,972 | $7,007,146 | $(9,930,071) | $602,740 | $29,663,384 | — | — | $268,779,171 |
| Capital Appreciation | 5,694,945 | 140,710,394 | 713,247 | (24,824,676) | 2,725,853 | 10,178,223 | — | — | 129,503,041 |
| Capital Appreciation Value | 6,933,478 | 145,578,445 | 8,091,531 | (83,771,444) | 10,394,840 | 3,324,378 | — | — | 83,617,750 |
| Disciplined Value | 7,557,305 | 154,064,763 | 19,667,178 | (16,328,908) | 1,468,655 | 31,647,970 | — | — | 190,519,658 |
| Disciplined Value International | 14,191,040 | 186,899,252 | 22,096,293 | (27,165,404) | 1,679,474 | 21,409,006 | — | — | 204,918,621 |
| Diversified Macro | 4,307,423 | 36,346,348 | 4,092,101 | — | — | 783,591 | — | — | 41,222,040 |
| Diversified Real Assets | 16,087,684 | 110,630,304 | 44,449,351 | — | — | 25,102,411 | — | — | 180,182,066 |
| Emerging Markets Debt | 2,121,860 | — | 20,529,677 | (856,502) | 5,895 | 181,544 | $94,062 | — | 19,860,614 |
| Emerging Markets Equity | 17,378,796 | 263,314,414 | 14,992,111 | (23,134,562) | 5,219,962 | 12,802,751 | — | — | 273,194,676 |
| Equity Income | 13,845,626 | 253,856,305 | 22,988,519 | (20,034,359) | 2,680,445 | 42,620,656 | 2,071,133 | — | 302,111,566 |
| Financial Industries | 2,749,984 | 56,126,273 | 2,667,141 | (8,703,374) | 1,981,351 | 7,960,755 | — | — | 60,032,146 |
| Fundamental Global Franchise | — | 30,957,680 | 683,831 | (34,929,834) | 9,144,840 | (5,856,517) | — | — | — |
| Fundamental Large Cap Core | 3,986,540 | 259,177,694 | 4,067,166 | (13,010,080) | 4,132,399 | 47,055,084 | — | — | 301,422,263 |
| Global Equity | 2,832,220 | 65,619,026 | 1,486,070 | (33,537,214) | 9,774,391 | (1,340,445) | — | — | 42,001,828 |
| Global Shareholder Yield | — | 37,199,522 | — | (38,506,562) | 8,689,374 | (7,382,334) | — | — | — |
| Global Thematic Opportunities | 6,163,791 | 86,536,417 | 104,165 | (2,889,946) | 284,051 | 11,010,964 | — | — | 95,045,651 |
| Health Sciences | 9,864,857 | 64,741,730 | 3,865,224 | (10,077,167) | 469,105 | 5,024,027 | — | — | 64,022,919 |
| High Yield | 2,873,596 | — | 10,129,054 | (245,122) | 1,131 | 115,051 | 13,283 | — | 10,000,114 |
| International Dynamic Growth | 3,207,780 | 43,785,768 | 8,965,441 | (6,031,423) | 324,333 | 5,306,848 | — | — | 52,350,967 |
| International Growth | 2,919,307 | 143,109,614 | — | (38,887,946) | 16,339,850 | (2,533,918) | — | — | 118,027,600 |
| International Small Company | 9,208,099 | 116,091,299 | — | (8,676,356) | 1,801,745 | 11,869,815 | — | — | 121,086,503 |
| International Strategic Equity Allocation | 28,541,162 | 311,341,384 | 646,290 | (10,046,479) | 1,010,426 | 24,986,334 | — | — | 327,937,955 |
| Mid Cap Stock | 8,365,348 | 200,257,491 | 34,755,807 | (11,461,291) | 148,925 | 17,053,790 | — | — | 240,754,722 |
| Mid Value | 14,511,194 | 215,038,872 | 40,823,967 | (14,031,613) | 278,012 | 41,874,838 | — | — | 283,984,076 |
| Multifactor Emerging Markets ETF | 2,511,808 | 77,903,352 | 1,962,188 | (6,815,248) | 959,329 | 5,578,020 | 613,685 | — | 79,587,641 |
| 50 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
| | | | | | | | Dividends and distributions |
| Affiliate | Ending
share
amount | Beginning
value | Cost of
purchases | Proceeds
from shares
sold | Realized
gain
(loss) | Change in
unrealized
appreciation
(depreciation) | Income
distributions
received | Capital gain
distributions
received | Ending
value |
| Multifactor Mid Cap ETF | — | $39,079,470 | $1,226 | $(41,895,156) | $10,431,242 | $(7,616,782) | — | — | — |
| Multifactor Small Cap ETF | — | 29,087,786 | 1,145 | (32,107,461) | 7,648,290 | (4,629,760) | — | — | — |
| Science & Technology | 5,929,235 | 49,911,519 | 1,059,458 | (22,653,142) | 3,808,365 | 128,839 | — | — | $32,255,039 |
| Small Cap Core | 7,453,119 | 99,517,037 | 24,798,343 | (7,037,765) | 414,960 | 22,724,192 | — | — | 140,416,767 |
| Small Cap Growth | 3,716,498 | 90,551,213 | 861,584 | (7,252,215) | 2,020,487 | 12,826,440 | — | — | 99,007,509 |
| Small Cap Value | 4,726,567 | 108,582,256 | 53,628 | (15,692,057) | 2,490,827 | 19,137,323 | — | — | 114,571,977 |
| U.S. Sector Rotation | 17,866,787 | 196,596,745 | 55,904 | (11,617,868) | 1,293,623 | 28,430,381 | — | — | 214,758,785 |
| | | | | | $108,224,920 | $409,436,859 | $2,792,163 | — | $4,091,173,665 |
| Multimanager Lifestyle Growth Portfolio |
| Absolute Return Currency | 8,113,783 | $52,116,377 | $33,102,049 | $(834,626) | $(13,457) | $(68,138) | — | — | $84,302,205 |
| Blue Chip Growth | 9,751,551 | 588,825,566 | 4,168,030 | (48,873,504) | 7,141,977 | 64,450,870 | — | — | 615,712,939 |
| Bond | 36,509,124 | 432,795,788 | 176,839,648 | — | — | (7,599,977) | $8,011,469 | — | 602,035,459 |
| Capital Appreciation | 14,579,253 | 351,624,404 | 7,370,609 | (60,621,552) | 3,840,410 | 29,318,341 | — | — | 331,532,212 |
| Capital Appreciation Value | 34,414,383 | 446,043,343 | 15,233,498 | (90,122,725) | 7,083,004 | 36,800,337 | — | — | 415,037,457 |
| Core Bond | — | 310,245,640 | 41,997,081 | (343,457,501) | 2,211,321 | (10,996,541) | 112,845 | — | — |
| Disciplined Value | 18,001,416 | 391,279,444 | 13,254,270 | (33,863,303) | 4,723,594 | 78,421,701 | — | — | 453,815,706 |
| Disciplined Value International | 32,217,110 | 433,849,147 | 44,931,888 | (67,006,433) | 4,895,272 | 48,545,194 | — | — | 465,215,068 |
| Diversified Macro | 9,104,769 | 79,957,657 | 5,560,775 | (148,301) | (7,320) | 1,769,824 | — | — | 87,132,635 |
| Diversified Real Assets | 36,144,817 | 280,515,171 | 66,598,145 | (4,484,345) | (285,985) | 62,478,967 | — | — | 404,821,953 |
| Emerging Markets Debt | 24,302,188 | 223,545,800 | 20,528,346 | (11,025,806) | (664,888) | (4,914,968) | 4,672,916 | — | 227,468,484 |
| Emerging Markets Equity | 31,800,479 | 482,773,036 | 34,147,095 | (50,827,269) | 15,357,259 | 18,453,416 | — | — | 499,903,537 |
| Equity Income | 32,220,401 | 624,156,090 | 18,952,229 | (50,917,234) | 6,704,700 | 104,153,356 | 4,756,112 | — | 703,049,141 |
| Financial Industries | 6,382,407 | 136,776,946 | 647,222 | (22,167,175) | 4,946,391 | 19,124,570 | — | — | 139,327,954 |
| Floating Rate Income | 26,233,057 | 127,989,497 | 86,917,964 | — | — | 2,826,911 | 2,569,339 | — | 217,734,372 |
| Fundamental Global Franchise | 10,354,480 | 106,122,740 | 30,748,181 | (6,290,143) | 296,687 | 15,431,336 | — | — | 146,308,801 |
| Fundamental Large Cap Core | 7,205,837 | 485,352,680 | 5,116,388 | (39,556,575) | 12,322,837 | 81,597,992 | — | — | 544,833,322 |
| Global Equity | 12,266,099 | 194,444,822 | 7,361,347 | (45,389,012) | 10,140,808 | 15,348,289 | — | — | 181,906,254 |
| Global Shareholder Yield | — | 133,527,265 | — | (138,205,488) | 30,907,215 | (26,228,992) | — | — | — |
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 51 |
| | | | | | | | Dividends and distributions |
| Affiliate | Ending
share
amount | Beginning
value | Cost of
purchases | Proceeds
from shares
sold | Realized
gain
(loss) | Change in
unrealized
appreciation
(depreciation) | Income
distributions
received | Capital gain
distributions
received | Ending
value |
| Global Thematic Opportunities | 13,271,597 | $188,928,182 | $2,676,554 | $(11,237,910) | $727,626 | $23,553,579 | — | — | $204,648,031 |
| Health Sciences | 22,976,345 | 172,460,729 | 7,617,534 | (44,158,098) | 4,172,694 | 9,023,622 | — | — | 149,116,481 |
| High Yield | 54,050,988 | 183,504,014 | 49,830,203 | (47,953,962) | (99,202) | 2,816,385 | $5,481,906 | — | 188,097,438 |
| International Dynamic Growth | 7,226,604 | 87,540,372 | 32,266,975 | (13,691,830) | 1,514,349 | 10,308,306 | — | — | 117,938,172 |
| International Growth | 5,931,912 | 312,795,742 | 305,085 | (103,439,135) | 46,619,242 | (16,453,712) | — | — | 239,827,222 |
| International Small Company | 21,002,997 | 268,014,917 | 92,898 | (23,088,490) | 4,520,955 | 26,649,131 | — | — | 276,189,411 |
| International Strategic Equity Allocation | 65,556,774 | 777,109,249 | 453,261 | (87,723,748) | 9,625,791 | 53,782,778 | — | — | 753,247,331 |
| Mid Cap Stock | 18,878,429 | 485,777,037 | 67,708,373 | (50,520,332) | 632,926 | 39,723,180 | — | — | 543,321,184 |
| Mid Value | 33,236,338 | 513,676,960 | 67,742,105 | (30,516,803) | 885,989 | 98,646,880 | — | — | 650,435,131 |
| Multifactor Emerging Markets ETF | 6,648,133 | 203,091,928 | 6,359,540 | (15,664,039) | 2,821,331 | 14,039,993 | 1,624,272 | — | 210,648,753 |
| Multifactor Mid Cap ETF | — | 85,149,076 | 6,884 | (91,243,220) | 22,516,077 | (16,428,817) | — | — | — |
| Multifactor Small Cap ETF | — | 72,531,534 | 17,299 | (80,067,637) | 19,180,496 | (11,661,692) | — | — | — |
| Science & Technology | 14,365,644 | 118,138,742 | 1,206,855 | (50,530,120) | 7,363,534 | 1,970,090 | — | — | 78,149,101 |
| Short Duration Credit Opportunities | — | 87,735,193 | 337,196 | (87,997,217) | 2,221,149 | (2,296,321) | 337,196 | — | — |
| Small Cap Core | 17,822,307 | 237,748,294 | 58,811,446 | (16,180,626) | 1,223,841 | 54,169,302 | — | — | 335,772,257 |
| Small Cap Growth | 7,404,711 | 185,365,817 | 2,257,487 | (20,462,819) | 6,321,065 | 23,779,939 | — | — | 197,261,489 |
| Small Cap Value | 10,188,632 | 234,612,335 | 506,554 | (35,138,463) | 5,716,478 | 41,275,531 | — | — | 246,972,435 |
| Strategic Income Opportunities | 30,515,155 | 320,346,735 | 30,851,976 | (3,902,640) | (44,898) | 11,289 | 4,929,008 | — | 347,262,462 |
| U.S. High Yield Bond | — | 36,109,268 | 146,764 | (36,559,606) | 5,928,443 | (5,624,869) | 146,764 | — | — |
| U.S. Sector Rotation | 39,136,002 | 494,733,202 | — | (95,399,106) | 10,739,745 | 60,340,899 | — | — | 470,414,740 |
| | | | | | $262,187,456 | $936,537,981 | $32,641,827 | — | $11,129,439,137 |
| Multimanager Lifestyle Balanced Portfolio |
| Absolute Return Currency | 9,906,234 | $50,392,278 | $53,641,976 | $(977,707) | $(13,702) | $(117,075) | — | — | $102,925,770 |
| Asia Pacific Total Return Bond | — | 86,137,167 | — | (85,445,931) | 5,985,826 | (6,677,062) | — | — | — |
| Blue Chip Growth | 6,171,816 | 421,375,291 | 10,001 | (79,212,743) | 24,373,033 | 23,142,864 | — | — | 389,688,446 |
| Bond | 57,062,213 | 895,539,428 | 68,197,084 | (5,555,921) | (121,352) | (17,103,351) | $14,158,246 | — | 940,955,888 |
| 52 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
| | | | | | | | Dividends and distributions |
| Affiliate | Ending
share
amount | Beginning
value | Cost of
purchases | Proceeds
from shares
sold | Realized
gain
(loss) | Change in
unrealized
appreciation
(depreciation) | Income
distributions
received | Capital gain
distributions
received | Ending
value |
| Capital Appreciation | 8,064,184 | $236,039,135 | $10,000 | $(71,496,308) | $25,165,927 | $(6,339,215) | — | — | $183,379,539 |
| Capital Appreciation Value | 36,527,835 | 450,889,439 | 9,895,295 | (64,409,595) | 4,929,859 | 39,220,694 | — | — | 440,525,692 |
| Core Bond | 8,426,217 | 634,988,865 | 44,669,446 | (552,802,776) | 6,684,303 | (23,577,705) | $585,584 | — | 109,962,133 |
| Disciplined Value | 11,254,566 | 271,604,213 | 2,350,246 | (47,091,481) | 12,634,858 | 44,229,769 | — | — | 283,727,605 |
| Disciplined Value International | 24,653,896 | 294,961,646 | 37,609,029 | (10,718,897) | 337,505 | 33,812,977 | — | — | 356,002,260 |
| Diversified Macro | 10,808,389 | 52,401,800 | 50,080,736 | (626,599) | (32,910) | 1,613,254 | — | — | 103,436,281 |
| Diversified Real Assets | 25,390,665 | 219,049,178 | 20,571,106 | (3,903,357) | (269,328) | 48,927,850 | — | — | 284,375,449 |
| Emerging Markets Debt | 40,657,054 | 392,180,680 | 45,253,600 | (46,916,717) | (2,694,657) | (7,272,876) | 8,234,374 | — | 380,550,030 |
| Emerging Markets Equity | 18,575,762 | 282,489,538 | 23,466,622 | (33,872,765) | 11,765,858 | 8,161,730 | — | — | 292,010,983 |
| Equity Income | 20,132,673 | 437,764,830 | 3,081,360 | (78,755,640) | 18,334,140 | 58,870,241 | 3,081,359 | — | 439,294,931 |
| Financial Industries | 4,762,712 | 97,819,831 | 6,611,071 | (17,312,001) | 3,705,677 | 13,145,429 | — | — | 103,970,007 |
| Floating Rate Income | 44,982,210 | 229,653,216 | 138,555,219 | — | — | 5,143,909 | 4,930,354 | — | 373,352,344 |
| Fundamental Global Franchise | 9,620,599 | 114,047,323 | 23,516,305 | (18,426,564) | 1,176,190 | 15,625,805 | — | — | 135,939,059 |
| Fundamental Large Cap Core | 4,176,729 | 337,191,208 | — | (83,868,018) | 28,211,718 | 34,267,554 | — | — | 315,802,462 |
| Global Equity | 13,802,591 | 171,584,044 | 26,689,811 | (17,688,483) | 1,103,663 | 23,003,387 | — | — | 204,692,422 |
| Global Shareholder Yield | 4,375,190 | 120,045,359 | 920,178 | (75,093,977) | 16,282,061 | (8,601,299) | 920,178 | — | 53,552,322 |
| Global Thematic Opportunities | 6,953,604 | 99,068,099 | 2,580,726 | (7,031,757) | 967,675 | 11,639,830 | — | — | 107,224,573 |
| Health Sciences | 17,152,872 | 129,169,642 | 1,838,737 | (29,722,222) | 3,961,482 | 6,074,502 | — | — | 111,322,141 |
| High Yield | 99,252,790 | 333,070,843 | 108,292,768 | (101,089,529) | (731,649) | 5,857,276 | 10,304,857 | — | 345,399,709 |
| International Dynamic Growth | 5,365,393 | 72,346,688 | 17,546,750 | (11,875,593) | 2,043,734 | 7,501,639 | — | — | 87,563,218 |
| International Growth | 4,676,947 | 222,625,537 | — | (53,509,721) | 23,229,128 | (3,255,958) | — | — | 189,088,986 |
| International Small Company | 11,365,267 | 148,099,668 | — | (15,632,543) | 3,245,220 | 13,740,914 | — | — | 149,453,259 |
| International Strategic Equity Allocation | 41,145,839 | 496,863,808 | 784,506 | (65,026,481) | 6,861,032 | 33,282,830 | — | — | 472,765,695 |
| Mid Cap Stock | 12,289,541 | 300,617,443 | 71,899,906 | (45,543,738) | 356,144 | 26,363,239 | — | — | 353,692,994 |
| Mid Value | 22,805,189 | 322,054,109 | 88,217,775 | (25,830,926) | 690,268 | 61,166,330 | — | — | 446,297,556 |
| Multi-Asset High Income | 4,987,011 | 52,451,443 | 2,354,455 | (1,640,837) | 5,273 | 1,287,821 | 1,121,401 | — | 54,458,155 |
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 53 |
| | | | | | | | Dividends and distributions |
| Affiliate | Ending
share
amount | Beginning
value | Cost of
purchases | Proceeds
from shares
sold | Realized
gain
(loss) | Change in
unrealized
appreciation
(depreciation) | Income
distributions
received | Capital gain
distributions
received | Ending
value |
| Multifactor Emerging Markets ETF | 3,891,963 | $120,972,359 | $3,174,825 | $(10,808,630) | $1,947,086 | $8,032,764 | $950,884 | — | $123,318,404 |
| Multifactor Mid Cap ETF | — | 68,969,680 | 1,633 | (73,904,514) | 18,625,991 | (13,692,790) | — | — | — |
| Multifactor Small Cap ETF | — | 51,838,180 | 2,567 | (57,199,110) | 14,210,715 | (8,852,352) | — | — | — |
| Science & Technology | 10,210,424 | 79,994,978 | 301,978 | (31,176,886) | 4,959,112 | 1,465,524 | — | — | 55,544,706 |
| Short Duration Bond | 19,009,320 | — | 191,314,177 | — | — | (270,513) | 1,427,827 | — | 191,043,664 |
| Short Duration Credit Opportunities | — | 227,641,588 | 877,972 | (228,314,072) | 2,363,769 | (2,569,257) | 877,972 | — | — |
| Small Cap Core | 11,505,149 | 152,855,198 | 40,583,598 | (12,367,240) | 804,811 | 34,880,634 | — | — | 216,757,001 |
| Small Cap Growth | 5,231,678 | 133,289,701 | 1,337,086 | (16,687,168) | 5,167,472 | 16,264,823 | — | — | 139,371,914 |
| Small Cap Value | 7,344,312 | 174,280,718 | 182,835 | (30,497,473) | 4,653,431 | 29,406,617 | — | — | 178,026,128 |
| Strategic Income Opportunities | 68,328,822 | 751,291,801 | 34,907,017 | (8,568,859) | (72,102) | 24,139 | 11,133,886 | — | 777,581,996 |
| U.S. High Yield Bond | — | 66,851,401 | 273,355 | (67,686,380) | 10,248,076 | (9,686,452) | 273,354 | — | — |
| U.S. Sector Rotation | 35,447,825 | 444,785,617 | — | (82,307,157) | 8,895,130 | 54,709,272 | — | — | 426,082,862 |
| | | | | | $269,990,467 | $552,847,712 | $58,000,276 | — | $9,919,136,584 |
| Multimanager Lifestyle Moderate Portfolio |
| Absolute Return Currency | 3,756,583 | $23,323,640 | $15,744,092 | — | — | $(36,830) | — | — | $39,030,902 |
| Alternative Risk Premia | — | 25,084,783 | — | $(25,274,608) | $(5,140,588) | 5,330,413 | $8,530 | — | — |
| Asia Pacific Total Return Bond | — | 53,534,256 | — | (53,107,046) | 3,761,539 | (4,188,749) | — | — | — |
| Blue Chip Growth | 1,031,761 | 82,171,678 | 10,881 | (25,613,825) | 7,448,626 | 1,128,014 | — | — | 65,145,374 |
| Bond | 23,431,243 | 372,621,266 | 22,172,894 | (1,392,386) | (48,452) | (6,972,133) | 5,806,672 | — | 386,381,189 |
| Capital Appreciation | 1,348,088 | 43,215,941 | 153,436 | (16,159,129) | 6,242,174 | (2,796,894) | — | — | 30,655,528 |
| Capital Appreciation Value | 10,911,012 | 138,039,616 | 9,281,066 | (29,610,320) | 2,200,852 | 11,675,597 | — | — | 131,586,811 |
| Core Bond | 19,337,222 | 388,354,018 | 20,771,437 | (147,687,599) | (895,904) | (8,191,207) | 970,811 | — | 252,350,745 |
| Disciplined Value | 2,090,280 | 55,155,100 | 293,544 | (14,156,247) | 3,231,813 | 8,171,748 | — | — | 52,695,958 |
| Disciplined Value International | 4,317,388 | 48,200,277 | 10,913,940 | (2,254,878) | 196,775 | 5,286,962 | — | — | 62,343,076 |
| Diversified Macro | 4,092,755 | — | 39,447,972 | (728,698) | 9,182 | 439,209 | — | — | 39,167,665 |
| Diversified Real Assets | 4,968,706 | 50,723,105 | 1,138,843 | (7,561,639) | 744,951 | 10,604,242 | — | — | 55,649,502 |
| Emerging Markets Debt | 17,011,461 | 145,484,129 | 42,893,744 | (25,162,861) | (1,432,657) | (2,555,079) | 3,502,605 | — | 159,227,276 |
| 54 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
| | | | | | | | Dividends and distributions |
| Affiliate | Ending
share
amount | Beginning
value | Cost of
purchases | Proceeds
from shares
sold | Realized
gain
(loss) | Change in
unrealized
appreciation
(depreciation) | Income
distributions
received | Capital gain
distributions
received | Ending
value |
| Emerging Markets Equity | 2,004,763 | $29,908,222 | $3,167,203 | $(3,710,769) | $1,476,822 | $673,394 | — | — | $31,514,872 |
| Equity Income | 3,774,280 | 88,279,879 | 869,075 | (22,274,114) | 3,872,224 | 11,607,730 | $588,748 | — | 82,354,794 |
| Floating Rate Income | 19,123,666 | 102,219,166 | 54,330,765 | (27,800) | (1,974) | 2,206,272 | 2,044,263 | — | 158,726,429 |
| Fundamental Global Franchise | 2,788,299 | 34,777,219 | 4,884,418 | (5,140,291) | 318,052 | 4,559,268 | — | — | 39,398,666 |
| Fundamental Large Cap Core | 786,158 | 66,703,083 | — | (19,528,980) | 6,633,647 | 5,633,680 | — | — | 59,441,430 |
| Global Equity | 4,531,897 | 49,669,344 | 21,035,091 | (9,450,569) | 2,198,013 | 3,756,154 | — | — | 67,208,033 |
| Global Shareholder Yield | 3,046,009 | 35,765,771 | 1,709,322 | (3,948,579) | 881,102 | 2,875,534 | 644,616 | — | 37,283,150 |
| High Yield | 42,938,874 | 123,242,484 | 36,203,690 | (12,159,271) | (582,304) | 2,722,684 | 3,870,998 | — | 149,427,283 |
| Infrastructure | 1,052,801 | 15,415,906 | 326,741 | (1,748,496) | 445,938 | 909,744 | 144,613 | — | 15,349,833 |
| International Dynamic Growth | — | 15,105,977 | 1,228,187 | (17,528,935) | 5,902,803 | (4,708,032) | — | — | — |
| International Growth | 1,371,613 | 37,743,246 | 20,154,975 | (6,257,186) | 2,696,736 | 1,116,554 | — | — | 55,454,325 |
| International Small Company | 2,002,464 | 26,344,030 | 41,448 | (3,052,203) | 635,121 | 2,364,001 | — | — | 26,332,397 |
| International Strategic Equity Allocation | 9,459,972 | 115,833,149 | 49,558 | (16,458,457) | 2,149,004 | 7,121,823 | — | — | 108,695,077 |
| Mid Cap Stock | 2,559,970 | 58,421,698 | 17,590,063 | (8,390,365) | 396,353 | 5,658,190 | — | — | 73,675,939 |
| Mid Value | 4,215,961 | 65,085,250 | 16,207,556 | (10,281,631) | 2,885,389 | 8,609,799 | — | — | 82,506,363 |
| Multi-Asset High Income | 4,336,682 | 46,489,464 | 1,061,003 | (1,334,943) | 22,237 | 1,118,803 | 981,857 | — | 47,356,564 |
| Multifactor Emerging Markets ETF | 785,124 | 24,260,353 | 792,297 | (2,215,385) | 422,524 | 1,617,179 | 191,822 | — | 24,876,968 |
| Short Duration Bond | 11,190,269 | 51,646,395 | 61,110,528 | — | — | (294,718) | 1,216,487 | — | 112,462,205 |
| Short Duration Credit Opportunities | — | 71,727,267 | 275,852 | (71,941,052) | 759,589 | (821,656) | 275,852 | — | — |
| Small Cap Core | 666,751 | 8,018,018 | 3,696,611 | (1,395,817) | 93,752 | 2,149,020 | — | — | 12,561,584 |
| Small Cap Growth | 1,304,494 | 34,092,274 | 1,284,490 | (6,163,369) | 1,636,627 | 3,901,689 | — | — | 34,751,711 |
| Small Cap Value | 1,521,767 | 41,855,870 | 654,898 | (12,888,055) | 2,172,197 | 5,092,729 | — | — | 36,887,639 |
| Strategic Income Opportunities | 23,203,305 | 258,567,798 | 6,425,199 | (947,158) | (5,491) | 13,263 | 3,788,362 | — | 264,053,611 |
| U.S. High Yield Bond | — | 25,070,917 | 98,376 | (25,379,339) | 3,618,823 | (3,408,777) | 98,376 | — | — |
| U.S. Sector Rotation | 6,405,205 | 85,218,287 | — | (20,083,911) | 2,163,799 | 9,692,389 | — | — | 76,990,564 |
| | | | | | $57,109,294 | $92,062,009 | $24,134,612 | — | $2,871,543,463 |
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 55 |
| | | | | | | | Dividends and distributions |
| Affiliate | Ending
share
amount | Beginning
value | Cost of
purchases | Proceeds
from shares
sold | Realized
gain
(loss) | Change in
unrealized
appreciation
(depreciation) | Income
distributions
received | Capital gain
distributions
received | Ending
value |
| Multimanager Lifestyle Conservative Portfolio |
| Absolute Return Currency | 6,609,053 | $24,838,236 | $45,471,623 | $(1,816,970) | $(13,843) | $189,012 | — | — | $68,668,058 |
| Alternative Risk Premia | — | 26,087,771 | — | (26,285,186) | (5,283,627) | 5,481,042 | $8,871 | — | — |
| Asia Pacific Total Return Bond | — | 45,552,542 | — | (45,188,789) | 2,859,196 | (3,222,949) | — | — | — |
| Blue Chip Growth | 374,607 | 16,706,036 | 8,395,962 | (3,885,585) | 297,201 | 2,139,049 | — | — | 23,652,663 |
| Bond | 27,190,933 | 450,530,627 | 16,764,749 | (10,298,094) | (304,941) | (8,313,851) | 6,867,668 | — | 448,378,490 |
| Capital Appreciation | — | 7,186,037 | 861,866 | (8,185,267) | 2,130,203 | (1,992,839) | — | — | — |
| Capital Appreciation Value | 4,350,439 | 72,044,623 | 691,325 | (26,063,862) | 2,500,966 | 3,293,244 | — | — | 52,466,296 |
| Core Bond | 25,130,323 | 464,617,634 | 12,588,883 | (138,617,272) | (1,914,785) | (8,723,749) | 1,245,730 | — | 327,950,711 |
| Disciplined Value | 530,868 | 14,217,582 | 726,729 | (4,449,126) | 890,633 | 1,997,375 | — | — | 13,383,193 |
| Disciplined Value International | 1,627,594 | 9,986,458 | 13,659,763 | (1,567,645) | 49,458 | 1,374,426 | — | — | 23,502,460 |
| Diversified Real Assets | — | 37,178,651 | 167,484 | (44,994,413) | 6,961,652 | 686,626 | — | — | — |
| Emerging Markets Debt | 18,284,083 | 132,063,813 | 53,781,505 | (11,068,624) | (566,691) | (3,070,990) | 3,516,896 | — | 171,139,013 |
| Emerging Markets Equity | 1,411,909 | 15,643,860 | 9,264,708 | (3,742,148) | 568,943 | 459,852 | — | — | 22,195,215 |
| Equity Income | 958,741 | 20,475,127 | 2,031,135 | (5,071,121) | 871,446 | 2,613,141 | 138,439 | — | 20,919,728 |
| Floating Rate Income | 20,600,972 | 110,046,900 | 60,455,478 | (1,823,325) | (160,686) | 2,469,703 | 2,070,412 | — | 170,988,070 |
| Fundamental Global Franchise | 1,316,092 | 16,662,713 | 2,184,886 | (2,448,089) | 102,292 | 2,094,573 | — | — | 18,596,375 |
| Fundamental Large Cap Core | 164,985 | 10,581,578 | 2,126,461 | (2,260,330) | 587,001 | 1,439,777 | — | — | 12,474,487 |
| Global Equity | 1,673,632 | 22,699,920 | 3,844,347 | (4,453,749) | 1,182,915 | 1,546,532 | — | — | 24,819,965 |
| Global Shareholder Yield | 1,317,241 | 16,271,624 | 1,043,644 | (2,820,660) | 885,071 | 743,354 | 275,068 | — | 16,123,033 |
| High Yield | 45,241,820 | 127,303,553 | 34,997,812 | (7,076,655) | (3,039) | 2,219,861 | 3,778,831 | — | 157,441,532 |
| Infrastructure | 2,938,770 | 43,619,502 | 2,217,482 | (6,749,717) | 1,385,932 | 2,374,070 | 399,916 | — | 42,847,269 |
| International Dynamic Growth | — | 5,205,413 | 631,349 | (6,320,849) | 2,124,955 | (1,640,868) | — | — | — |
| International Growth | 528,918 | 14,071,941 | 10,481,331 | (4,508,505) | 1,269,261 | 70,133 | — | — | 21,384,161 |
| International Strategic Equity Allocation | 5,752,038 | 69,937,850 | 1,866,938 | (11,348,397) | 1,328,710 | 4,305,810 | — | — | 66,090,911 |
| Mid Cap Stock | 975,697 | 21,261,097 | 9,885,326 | (5,523,201) | 259,001 | 2,198,334 | — | — | 28,080,557 |
| Mid Value | 1,742,287 | 23,855,004 | 11,191,754 | (5,035,610) | 1,050,645 | 3,034,772 | — | — | 34,096,565 |
| Multi-Asset High Income | 4,562,296 | 50,221,061 | 1,135,769 | (2,746,199) | 88,668 | 1,120,975 | 1,043,027 | — | 49,820,274 |
| 56 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
| | | | | | | | Dividends and distributions |
| Affiliate | Ending
share
amount | Beginning
value | Cost of
purchases | Proceeds
from shares
sold | Realized
gain
(loss) | Change in
unrealized
appreciation
(depreciation) | Income
distributions
received | Capital gain
distributions
received | Ending
value |
| Multifactor Emerging Markets ETF | — | $33,230 | $90 | $(36,643) | $16,549 | $(13,226) | — | — | — |
| Short Duration Bond | 12,369,725 | 64,031,853 | 61,303,011 | (672,793) | (1,999) | (344,332) | $1,382,731 | — | $124,315,740 |
| Short Duration Credit Opportunities | — | 74,262,810 | 283,682 | (74,487,614) | 640,553 | (699,431) | 283,682 | — | — |
| Small Cap Growth | 893,669 | 15,068,829 | 10,670,534 | (4,951,598) | 915,292 | 2,104,284 | — | — | 23,807,341 |
| Small Cap Value | 1,064,777 | 16,324,356 | 10,543,126 | (3,994,713) | 704,844 | 2,232,586 | — | — | 25,810,199 |
| Strategic Income Opportunities | 21,800,793 | 250,477,541 | 6,362,233 | (8,756,428) | 204,468 | (194,793) | 3,614,941 | — | 248,093,021 |
| U.S. High Yield Bond | — | 20,587,773 | 78,688 | (20,840,272) | 3,592,318 | (3,418,507) | 78,688 | — | — |
| U.S. Sector Rotation | 2,548,280 | 33,294,052 | 648,557 | (7,989,617) | 840,225 | 3,837,106 | — | — | 30,630,323 |
| | | | | | $26,058,787 | $18,390,102 | $24,704,900 | — | $2,267,675,650 |
Note 8—Coronavirus (COVID-19) pandemic
The novel COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect portfolio performance.
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 57 |
CONTINUATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS
Evaluation of Advisory and Subadvisory Agreements by the Board of Trustees
This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Funds II (the Trust) of the Advisory Agreement (the Advisory Agreement) and the Subadvisory Agreement (the Subadvisory Agreement) with respect to each of the portfolios of the Trust included in this report (the Funds). The Advisory and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 22-24, 2021 telephonic1 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a telephonic meeting held on May 25-26, 2021. The Trustees who are not "interested persons" of the Trust as defined by the Investment Company Act of 1940, as amended (the"1940 Act") (the "Independent Trustees") also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.
Approval of Advisory and Subadvisory Agreements
At telephonic meetings held on June 22-24, 2021, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the the 1940 Act (the Independent Trustees), reapproved for an annual period, the continuation of the Advisory Agreement between the Trust and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor ( with respect to each of the Funds in this report.
In considering the Advisory Agreement and the Subadvisory Agreement with respect to each Fund, the Board received in advance of the meetings a variety of materials relating to each Fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for peer groups of similar funds prepared by an independent third-party provider of fund data; performance information for the Funds’ benchmark indices; and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable; and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor’s revenues and costs of providing services to the Funds and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning Fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the Funds, including quarterly performance reports prepared by management containing reviews of investment results, and periodic presentations from the Subadvisor with respect to the Funds they manage. The information received and considered by the Board both in conjunction with the May and June meetings and throughout the year was both written and oral. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of the non-advisory services, if any, to be provided to the Funds by the Advisor’s affiliates, including distribution services. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and the Subadvisor in providing services to the Funds. In addition, although the Board approved the renewal of the Agreements for all of the Funds at the June meeting, the Board considered each Fund separately.
Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.
Approval of Advisory Agreement
In approving the Advisory Agreement with respect to each Fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board’s conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board’s ongoing regular review of Fund performance and operations throughout the year.
Nature, Extent, and Quality of Services. Among the information received by the Board from the Advisor relating to the nature, extent and quality of services provided to the Funds, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor’s compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust’s Chief Compliance Officer (CCO) regarding the Funds’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the Fund’s compliance programs, risk management programs, liquidity management programs and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the Funds, including but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the Funds including entrepreneurial risk in sponsoring new Funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks with respect to all Funds.
1On June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the “Order”) pursuant to Sections 6(c) and 38(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the Board’s May and June meetings were held telephonically in reliance on the Order. This exemptive order supersedes, in part, a similar, earlier exemptive order issued by the SEC.
| 58 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor’s management and the quality of the performance of the Advisor’s duties, through Board meetings, discussions and reports during the preceding year and through each Trustee’s experience as a Trustee of the Trust and of the other trusts in the complex.
In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:
(a)the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues;
(b)the background, qualifications and skills of the Advisor’s personnel;
(c)the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
(d)the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Funds, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the Funds, and bringing loss recovery actions on behalf of the Funds;
(e)the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the Funds;
(f)the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the Funds;
(g)the Advisor’s initiatives intended to improve various aspects of the Trust’s operations and investor experience with the Funds; and
(h)the Advisor’s reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.
The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the Funds.
Investment Performance. In considering each Fund’s performance, the Board noted that it reviews at its regularly scheduled meetings information about the Funds’ performance results. In connection with the consideration of the Advisory Agreement, the Board:
(a)reviewed information prepared by management regarding the Funds’ performance;
(b)considered the comparative performance of each Fund’s respective benchmark;
(c)considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and
(d)took into account the Advisor’s analysis of each Fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally and with respect to particular Funds.
The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group. The Board reviewed each Fund’s performance and concluded that the performance of the Funds has generally been in line with or generally outperformed the historical performance of comparable funds based on the median percentile.
Fees and Expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data including, among other data, each Fund’s contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the Fund in light of the nature, extent and quality of the management and subadvisory services provided by the Advisor and the Subadvisor. The Board considered each Fund’s ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the Fund’s ranking within broader groups of funds. In comparing each Fund’s contractual and net management fees to that of comparable funds, the Board noted that such fee includes both advisory and administrative costs.
The Board took into account management’s discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to certain of the Funds. The Board also noted that the Advisor pays the subadvisory fee. In addition, the Board noted that the Advisor continued advisory and subadvisory fee reductions in the past year with respect to several Funds. The Board also took into account that management had agreed to implement an overall fee waiver across the complex, which is discussed below. The Board also noted management’s discussion of the Funds’ expenses, as well as certain actions taken over the past several years to reduce the Funds’ operating expenses. The Board reviewed information provided by the Advisor concerning investment advisory fees charged to other clients (including other funds in the complex) having similar investment mandates, if any. The Board considered any differences between the Advisor’s and Subadvisor’s services to a Fund and the services they provide to other such comparable clients or funds. The Board concluded that the advisory fee paid with respect to each of the Funds is reasonable in light of the nature, extent and quality of the services provided the Funds under the Advisory Agreement.
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 59 |
In addition, the Trustees reviewed the advisory fee to be paid to the Advisor for each Fund and concluded that the advisory fee to be paid to the Advisor with respect to each Fund is based on services provided that are in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying portfolios of the Fund and that the additional services are necessary because of the differences between the investment policies, strategies and techniques of a Fund and those of its underlying portfolios.
Profitability/Fall Out Benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor that is affiliated with the Advisor) from the Advisor’s relationship with the Trust, the Board:
(a)reviewed financial information of the Advisor;
(b)reviewed and considered (i) information presented by the Advisor regarding the net profitability to the Advisor and its affiliates, of each Fund;
(c)received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to each Fund;
(d)received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies;
(e)considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability information reviewed by the Board;
(f)considered that the Advisor also provides administrative services to the Funds on a cost basis pursuant to an administrative services agreement;
(g)noted that the Funds’ Subadvisor is an affiliate of the Advisor;
(h)noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the Funds;
(i)noted that the subadvisory fee for the Funds is paid by the Advisor;
(j)with respect to each Fund, the Board noted that the advisory fee is in addition to the fees received by the Advisor and its affiliates with regard to the underlying portfolios in which the Funds may invest;
(k)considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and
(l)considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to each Fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.
Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates (including the Subadvisor, which is affiliated with the Advisor), from their relationship with each Fund was reasonable and not excessive.
Economies of Scale. In considering the extent to which economies of scale would be realized as a Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund shareholders, the Board:
(a)considered that with respect to the John Hancock underlying portfolios in which the Funds invest, the Advisor has agreed to waive a portion of its management fee for such fund and for each of the other John Hancock funds in the complex (except as discussed below) (the Participating Portfolios) or otherwise reimburse the expenses of the Participating Portfolios (the Reimbursement). This waiver is based on upon the aggregate net assets of all the Participating Portfolios. The Board also noted that the Advisor had implemented additional breakpoints to the complex-wide fee waiver in recent years. (The Funds that are not Participating Portfolios as of the date of this annual report are each Fund and each other of the funds of funds of the Trust and John Hancock Variable Insurance Trust and John Hancock Collateral Trust. These funds of funds also benefit from such overall management fee waiver through their investment in underlying portfolios that include certain of the Participating Portfolios, which are subject to the Reimbursement;
(b)reviewed the Trust’s advisory fee structure and concluded that (i) the Funds’ fee structures contain breakpoints at the advisory fee level and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the Funds to benefit from economies of scale if those Funds grow. The Board also took into account management’s discussion of the Funds’ advisory fee structure; and
(c)the the Board also considered the effect of the Funds’ growth in size on their performance and fees. The Board also noted that if the Funds’ assets increase over time, the Funds may realize other economies of scale.
Approval of Subadvisory Agreement
In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:
(1)information relating to the Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock family of funds);
(2)the historical and current performance of each Fund and comparative performance information relating to the Fund’s benchmark and comparable funds; and
(3)the subadvisory fee for each Fund, and comparative fee information, where available, prepared by an independent third-party provider of fund data.
| 60 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
Nature, Extent, and Quality of Services. With respect to the services provided by the Subadvisor with respect to each Fund, the Board received information provided to the Board by the Subadvisor, including the Subadvisor’s Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor’s current level of staffing and its overall resources, as well as received information relating to the Subadvisor’s compensation program. The Board reviewed the Subadvisor’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Subadvisor’s investment and compliance personnel who provide services to the Funds. The Board also considered, among other things, the Subadvisor’s compliance program and any disciplinary history. The Board also considered the Subadvisor’s risk assessment and monitoring process. The Board reviewed the Subadvisor’s regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed by them to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.
The Board considered the Subadvisor’s investment process and philosophy. The Board took into account that the Subadvisor’s responsibilities include the development and maintenance of an investment program for the Funds which is consistent with the Fund’s investment objectives, the selection of investment securities and underlying funds and the placement of orders for the purchase and sale of such securities and underlying funds, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor’s brokerage policies and practices, including with respect to best execution and soft dollars.
Subadvisor Compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the Fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the Funds. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.
In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor’s relationship with the Funds, such as the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits.
Subadvisory Fees. The Board considered that the Fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. As noted above, the Board also considered, if available, each Fund’s sub-advisory fees as compared to similarly situated investment companies deemed to be comparable to the Fund as included in the report prepared by the independent third party provider of fund data. The Board also took into account the sub-advisory fees paid by the Advisor to fees charged by the Subadvisor to manage other sub-advised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.
Subadvisor Performance. As noted above, the Board considered each Fund’s performance as compared to the Fund’s respective peer group and benchmark and noted that the Board reviews information about the Fund’s performance results at its regularly scheduled meetings. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style, and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor’s focus on the Subadvisor’s performance. The Board also noted the Subadvisor’s long-term performance record for similar accounts, as applicable.
The Board’s decision to approve the Subadvisory Agreement with respect to each Fund was based on a number of determinations, including the following:
(1)the Subadvisor has extensive experience and demonstrated skills as a manager;
(2)the performance of each Fund managed by the Subadvisor has generally been in line with or generally outperformed the historical performance of comparable funds based on the median percentile;
(3)the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and
(4)subadvisory fees are paid by the Advisor not the Funds and the advisory fees for each Fund contains breakpoints that permit shareholders to benefit from economies of scale if those Funds grow.
In addition, in the case of each Fund, the Trustees reviewed the subadvisory fee to be paid to the Subadvisor for the Fund and concluded that the subadvisory fee to be paid to the Subadvisor with respect to each Fund is based on services provided that are in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements and subadvisory agreements for the underlying portfolios of the Fund and that the additional services are necessary because of the differences between the investment policies, strategies and techniques of a Fund and those of its underlying portfolios.
Additional information relating to each Fund’s fees and expenses and performance that the Board considered in approving the Advisory Agreement and Subadvisory Agreement for a particular Fund is set forth in Appendix A.
***
Based on their evaluation of all factors that they deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the Subadvisory Agreement with respect to each Fund would be in the best interest of each of the respective Funds and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement with respect to each Fund for an additional one-year period.
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 61 |
APPENDIX A
| Portfolio (subadviser) | Performance as of 12.31.2020 | Fees and expenses | 2021 comments |
| Multimanager Lifestyle Aggressive Portfolio(Manulife Investment Management (US)) | Benchmark Index – The Fund outperformed the benchmark index for the one-year period and underperformed the benchmark index for the three-, five- and ten-year periods.Broadridge Category – The Fund outperformed the peer group median for the one-, three-, five- and ten-year periods. | Limited comparative subadviser fee data was provided due to the limited number of Broadridge peer funds.Net management fees for this Fund are lower than the peer group median.Net total expenses for this Fund are lower than the peer group median. | The Board took into account management’s discussion of the factors that contributed to the Fund’s performance relative to the benchmark index for the three-, five- and ten-year periods.The Board noted the Fund’s favorable performance relative to the benchmark index for the one-year period and to the peer group median for the one-, three-, five- and ten-year periods.The Board noted that the Fund outperformed its Morningstar peer group and benchmark index for the year-to-date period ended April 30, 2021.The Board noted the Fund’s net management fees and net total expenses are lower than the peer group median. |
| Multimanager Lifestyle Balanced Portfolio(Manulife Investment Management (US)) | Benchmark Index – The Fund outperformed the benchmark index for the one-year period and underperformed the benchmark index for the three-, five- and ten-year periods.Broadridge Category – The Fund outperformed the peer group median for the one-, three- and five-year periods and underperformed the peer group median for the ten-year period. | Limited comparative subadviser fee data was provided due to the limited number of Broadridge peer funds.Net management fees for this Fund are higher than the peer group median.Net total expenses for this Fund are lower than the peer group median. | The Board took into account management’s discussion of the factors that contributed to the Fund’s performance for the three-, five- and ten-year periods relative to the benchmark index and to the peer group median for the ten-year period.The Board noted the Fund’s favorable performance relative to the benchmark index for the one-year period and to the peer group median for the one-, three- and five-year periods.The Board noted that the Fund outperformed its benchmark index for the year-to-date period ended April 30, 2021.The Board took into account management’s discussion of the Fund’s expenses. The Board noted the Fund’s net total expenses are lower than the peer group median. |
| 62 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
| Portfolio (subadviser) | Performance as of 12.31.2020 | Fees and expenses | 2021 comments |
| Multimanager Lifestyle Conservative Portfolio(Manulife Investment Management (US)) | Benchmark Index – The Fund underperformed the benchmark index for the one-, three-, five- and ten-year periods.Broadridge Category – The Fund outperformed the peer group median for the one-, three-, five- and ten-year periods. | Limited comparative subadviser fee data was provided due to the limited number of Broadridge peer funds.Net management fees for this Fund are higher than the peer group median.Net total expenses for this Fund are lower than the peer group median. | The Board took into account management’s discussion of the factors that contributed to the Fund’s performance for the one-, three-, five- and ten-year periods relative to the benchmark index.The Board noted the Fund’s favorable performance relative to the peer group median for the one-, three-, five- and ten-year periods.The Board noted that the Fund outperformed its benchmark index for the year-to-date period ended April 30, 2021.The Board took into account management’s discussion of the Fund’s expenses. The Board noted the Fund’s net total expenses are lower than the peer group median. |
| Multimanager Lifestyle Growth Portfolio(Manulife Investment Management (US)) | Benchmark Index – The Fund outperformed the benchmark index for the one-year period and underperfromed the benchmark indix for the three-, five- and ten-year periods.Broadridge Category – The Fund outperformed the peer group median for the one-, three-, five- and ten-year periods. | Limited comparative subadviser fee data was provided due to the limited number of Broadridge peer funds.Net management fees for this Fund are lower than the peer group median.Net total expenses for this Fund are lower than the peer group median. | The Board took into account management’s discussion of the factors that contributed to the Fund’s performance for the three-, five- and ten-year periods relative to the benchmark index.The Board noted the Fund’s favorable performance relative to the benchmark index for the one-year period and to the peer group median for the one-, three-, five- and ten-year periods.The Board noted that the Fund outperformed its Morningstar peer group and benchmark index for the year-to-date period ended April 30, 2021.The Board noted the Fund’s net management fees and net total expenses are lower than the peer group median. |
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 63 |
| Portfolio (subadviser) | Performance as of 12.31.2020 | Fees and expenses | 2021 comments |
| Multimanager Lifestyle Moderate Portfolio(Manulife Investment Management (US)) | Benchmark Index – The Fund outperformed the benchmark index for the one-year period and underperformed the benchmark index for the three-, five- and ten-year periods.Broadridge Category – The Fund outperformed the peer group median for the one-, three-, five- and ten-year periods. | Limited comparative subadviser fee data was provided due to the limited number of Broadridge peer funds.Net management fees for this Fund are higher than the peer group median.Net total expenses for this Fund are lower than the peer group median. | The Board took into account management’s discussion of the factors that contributed to the Fund’s performance for the three-, five- and ten-year periods relative to the benchmark index.The Board noted the Fund’s favorable performance relative to the benchmark index for the one-year period and to the peer group median for the one-, three-, five- and ten-year periods.The Board noted that the Fund outperformed its benchmark index for the year-to-date period ended April 30, 2021.The Board took into account management’s discussion of the Fund’s expenses. The Board noted the Fund’s net total expenses are lower than the peer group median. |
| 64 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT
Operation of the Liquidity Risk Management Program
This section describes operation and effectiveness of the Liquidity Risk Management Program (LRMP) established in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the Liquidity Rule). The Board of Trustees (the Board) of each Fund in the John Hancock Group of Funds (each a Fund and collectively, the Funds) that is subject to the requirements of the Liquidity Rule has appointed John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (together, the Advisor) to serve as Administrator of the LRMP with respect to each of the Funds, including John Hancock Multimanager Lifestyle Aggressive Portfolio, John Hancock Multimanager Lifestyle Balanced Portfolio, John Hancock Multimanager Lifestyle Conservative Portfolio, John Hancock Multimanager Lifestyle Growth Portfolio, John Hancock Multimanager Lifestyle Moderate Portfolio, subject to the oversight of the Board. In order to provide a mechanism and process to perform the functions necessary to administer the LRMP, the Advisor established the Liquidity Risk Management Committee (the Committee). The Portfolios’ subadvisor(s), Manulife Investment Management (US) LLC (the Subadvisor) executes the day-to-day investment management and security-level activities of the Fund in accordance with the requirements of the LRMP, subject to the supervision of the Advisor and the Board.
The Committee holds monthly meetings to: (1) review the day-to-day operations of the LRMP; (2) review and approve month end liquidity classifications; (3) review quarterly testing and determinations, as applicable; and (4) review other LRMP related material. The Advisor also conducts daily, monthly, quarterly, and annual quantitative and qualitative assessments of each subadvisor to a Fund that is subject to the requirements of the Liquidity Rule and is a part of the LRMP to monitor investment performance issues, risks and trends. In addition, the Advisor may conduct ad-hoc reviews and meetings with subadvisors as issues and trends are identified, including potential liquidity and valuation issues. The Committee also monitors global events, such as the COVID-19 Coronavirus, that could impact the markets and liquidity of portfolio investments and their classifications.
The Committee provided the Board at a meeting held by videoconference on March 23-25, 2021 with a written report which addressed the Committee’s assessment of the adequacy and effectiveness of the implementation and operation of the LRMP and any material changes to the LRMP. The report, which covered the period January 1, 2020 through December 31, 2020, included an assessment of important aspects of the LRMP including, but not limited to: (1) Highly Liquid Investment Minimum (HLIM) determination; (2) Compliance with the 15% limit on illiquid investments; (3) Reasonably Anticipated Trade Size (RATS) determination; (4) Security-level liquidity classifications; (5) Liquidity risk assessment; and (6) Operation of the Fund’s Redemption-In-Kind Procedures. Additionally, the report included a discussion of notable changes and enhancements to the LRMP implemented during 2020.
The report also covered material liquidity matters which occurred or were reported during this period applicable to the Fund, if any, and the Committee’s actions to address such matters.
The report stated, in relevant part, that during the period covered by the report:
| • | The Fund’s investment strategy remained appropriate for an open-end fund structure; |
| • | The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund; |
| • | The Fund did not report any breaches of the 15% limit on illiquid investments that would require reporting to the Securities and Exchange Commission; |
| • | The Fund continued to qualify as a Primarily Highly Liquid Fund under the Liquidity Rule and therefore is not required to establish a HLIM; and |
| • | The Chief Compliance Officer’s office performed audit testing of the LRMP which resulted in an assessment that the LRMP’s control environment was deemed to be operating effectively and in compliance with the Board approved procedures. |
Adequacy and Effectiveness
Based on the review and assessment conducted by the Committee, the Committee has determined that the LRMP has been implemented, and is operating in a manner that is adequate and effective at assessing and managing the liquidity risk of each Fund.
| | SEMIANNUAL REPORT | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | 65 |
Trustees
Hassell H. McClellan, Chairperson
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott†
Charles L. Bardelis*
James R. Boyle
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Marianne Harrison†
Deborah C. Jackson
Frances G. Rathke*,1
Gregory A. Russo
Officers
Andrew G. Arnott
President
Charles A. Rizzo
Chief Financial Officer
Salvatore Schiavone
Treasurer
Christopher (Kit) Sechler
Secretary and Chief Legal Officer
Trevor Swanberg2
Chief Compliance Officer
* Member of the Audit Committee
† Non-Independent Trustee
1 Appointed as Independent Trustee effective as of September 15, 2020
2 Effective July 31, 2020
Investment advisor
John Hancock Investment Management LLC
Subadvisor
Manulife Investment Management (US) LLC
Portfolio Managers
Robert E. Sykes, CFA
Nathan W. Thooft, CFA
Principal distributor
John Hancock Investment Management Distributors LLC
Custodian
State Street Bank and Trust Company
Transfer agent
John Hancock Signature Services, Inc.
Legal counsel
K&L Gates LLP
The portfolios’ proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.
All of the portfolios’ holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The portfolios’ Form N-PORT filings are available on our website and the SEC’s website, sec.gov.
We make this information on your fund, as well as monthly portfolio holdings, and other portfolio details available on our website at jhinvestments.com or by calling 800-225-5291.
| You can also contact us: | | |
| 800-225-5291 | Regular mail: | Express mail: |
| jhinvestments.com | John Hancock Signature Services, Inc.
P.O. Box 219909
Kansas City, MO 64121-9909 | John Hancock Signature Services, Inc.
430 W 7th Street
Suite 219909
Kansas City, MO 64105-1407 |
| 66 | JOHN HANCOCK MULTIMANAGER LIFESTYLE PORTFOLIOS | SEMIANNUAL REPORT | |
John Hancock family of funds
U.S. EQUITY FUNDS
Blue Chip Growth
Classic Value
Disciplined Value
Disciplined Value Mid Cap
Equity Income
Financial Industries
Fundamental All Cap Core
Fundamental Large Cap Core
New Opportunities
Regional Bank
Small Cap Core
Small Cap Growth
Small Cap Value
U.S. Global Leaders Growth
U.S. Growth
INTERNATIONAL EQUITY FUNDS
Disciplined Value International
Emerging Markets
Emerging Markets Equity
Fundamental Global Franchise
Global Environmental Opportunities
Global Equity
Global Shareholder Yield
Global Thematic Opportunities
International Dynamic Growth
International Growth
International Small Company
FIXED-INCOME FUNDS
Bond
California Tax-Free Income
Emerging Markets Debt
Floating Rate Income
Government Income
High Yield
High Yield Municipal Bond
Income
Investment Grade Bond
Money Market
Opportunistic Fixed Income
Short Duration Bond
Short Duration Credit Opportunities
Strategic Income Opportunities
Tax-Free Bond
ALTERNATIVE FUNDS
Absolute Return Currency
Alternative Asset Allocation
Diversified Macro
Infrastructure
Multi-Asset Absolute Return
Real Estate Securities
Seaport Long/Short
A fund’s investment objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial professional, call John Hancock Investments at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.
ASSET ALLOCATION/TARGET DATE FUNDS
Balanced
Multi-Asset High Income
Multi-Index Lifetime Portfolios
Multi-Index Preservation Portfolios
Multimanager Lifestyle Portfolios
Multimanager Lifetime Portfolios
Retirement Income 2040
EXCHANGE-TRADED FUNDS
John Hancock Corporate Bond ETF
John Hancock Multifactor Consumer Discretionary ETF
John Hancock Multifactor Consumer Staples ETF
John Hancock Multifactor Developed International ETF
John Hancock Multifactor Emerging Markets ETF
John Hancock Multifactor Energy ETF
John Hancock Multifactor Financials ETF
John Hancock Multifactor Healthcare ETF
John Hancock Multifactor Industrials ETF
John Hancock Multifactor Large Cap ETF
John Hancock Multifactor Materials ETF
John Hancock Multifactor Media and
Communications ETF
John Hancock Multifactor Mid Cap ETF
John Hancock Multifactor Small Cap ETF
John Hancock Multifactor Technology ETF
John Hancock Multifactor Utilities ETF
ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS
ESG Core Bond
ESG International Equity
ESG Large Cap Core
CLOSED-END FUNDS
Financial Opportunities
Hedged Equity & Income
Income Securities Trust
Investors Trust
Preferred Income
Preferred Income II
Preferred Income III
Premium Dividend
Tax-Advantaged Dividend Income
Tax-Advantaged Global Shareholder Yield
John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.
John Hancock ETFs are distributed by Foreside Fund Services, LLC, and are subadvised by Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP. Foreside is not affiliated with John Hancock Investment Management Distributors LLC, Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP.
Dimensional Fund Advisors LP receives compensation from John Hancock in connection with licensing rights to the John Hancock Dimensional indexes. Dimensional Fund Advisors LP does not sponsor, endorse, or sell, and makes no representation as to the advisability of investing in, John Hancock Multifactor ETFs.
A trusted brand
John Hancock Investment Management is a premier asset manager
with a heritage of financial stewardship dating back to 1862. Helping
our shareholders pursue their financial goals is at the core of everything
we do. It’s why we support the role of professional financial advice
and operate with the highest standards of conduct and integrity.
A better way to invest
We serve investors globally through a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.
Results for investors
Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.
“A trusted brand” is based on a survey of 6,651 respondents conducted by Medallia between 3/18/20 and 5/13/20.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
This report is for the information of the shareholders of John Hancock Multimanager Lifestyle Portfolios. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
8/2021
ITEM 2. CODE OF ETHICS.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not Applicable
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not Applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not Applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not Applicable.
ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS.
Not Applicable.
ITEM 10. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS.
The registrant has adopted procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached “John Hancock Funds – Nominating, Governance and Administration Committee Charter.”
ITEM 11. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.:
Not applicable.
ITEM 13. EXHIBITS.
(a)(1) Not applicable
(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(b) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.
(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached “John Hancock Funds – Nominating and Governance Committee Charter”.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
JOHN HANCOCK FUNDS II
By: /s/ Andrew Arnott
_______________________________
Andrew Arnott
President
Date: August 10, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Andrew Arnott
________________________________
Andrew Arnott
President
Date: August 10, 2021
By: /s/ Charles Rizzo
_________________________________
Charles A. Rizzo
Chief Financial Officer
Date: August 10, 2021
