John Hancock Funds II (0001331971) (Filer)
SEC · EDGAR 财务披露 · October 29, 2026 at 10:46 AM ET
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
(Address of principal executive offices) (Zip code)
SALVATORE SCHIAVONE
TREASURER
200 BERKELEY STREET
BOSTON, MA 02116
(Name and address of agent for service)
Registrant's telephone number, including area code:
(617) 543-9634
Date of fiscal year end:
August 31
Date of reporting period:
August 31, 2026
ITEM 1. REPORTS TO STOCKHOLDERS
The Registrant prepared the following annual reports to shareholders for the year ended August 31, 2026:
-
John Hancock Alternative Asset Allocation Fund
-
John Hancock Blue Chip Growth Fund
-
John Hancock Real Estate Securities Fund
-
John Hancock Small Cap Dynamic Growth Fund
John Hancock Alternative Asset Allocation Fund
Class A/JAAAX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Alternative Asset Allocation Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Alternative Asset Allocation Fund (Class A/JAAAX) |
$83 | 0.79% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Alternative Asset Allocation Fund (Class A/JAAAX) returned 10.58% (excluding sales charges) for the year ended August 31, 2026. The world financial markets produced positive total returns in the reporting period, as the combination of positive global growth, robust corporate earnings, and generally accommodative central bank policies helped buoy investor sentiment. In this environment, all of the fund’s individual holdings posted gains.
TOP PERFORMANCE CONTRIBUTORS
Absolute return funds | This segment of the fund made the largest contribution to absolute performance due to its strong return and sizable portfolio weighting. Virtus AlphaSimplex Managed Futures Strategy Fund, Victory Market Neutral Income Fund, and BlackRock Tactical Opportunities Fund each finished among the leading contributors.
Funds that use alternative investment approaches | Disciplined Global Long/Short Fund (Boston Partners) was the top individual contributor in both the category and the fund as a whole.
Commodity-related funds | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF performed well, as commodity prices rose sharply following the start of the conflict in Iran. Invesco DB Precious Metals Fund, which invests in gold, silver, and platinum, also delivered a strong return amid concerns about elevated inflation and rising global government debt.
TOP PERFORMANCE DETRACTORS
No detractors | At a time of positive performance for the fund and the asset classes in which it invests, none of the fund's holdings detracted.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Alternative Asset Allocation Fund (Class A/JAAAX) | 5.03% | 3.52% | 3.78% |
| Alternative Asset Allocation Fund (Class A/JAAAX)—excluding sales charge | 10.58% | 4.59% | 4.31% |
| Bloomberg U.S. Aggregate Bond Index | 1.89% | (0.29)% | 1.40% |
| HFRX Global Hedge Fund Index | 7.41% | 2.96% | 3.45% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Figures reflect maximum sales charge on Class A shares of 5.00%. Past performance does not guarantee future results. 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 and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $1,750,670,493 |
| Total number of portfolio holdings | 15 |
| Total advisory fees paid (net) | $4,568,204 |
| Portfolio turnover rate | 30% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 58.8% |
| Absolute return strategies | 39.2% |
| Alternative investment approaches | 12.8% |
| Alternative markets | 6.8% |
| Unaffiliated investment companies | 37.8% |
| Absolute return strategies | 24.5% |
| Alternative investment approaches | 11.5% |
| Alternative markets | 1.8% |
| Short-term investments and other | 3.4% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889476
345A-A
8/26
10/26
John Hancock Alternative Asset Allocation Fund
John Hancock Alternative Asset Allocation Fund
Class C/JAACX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Alternative Asset Allocation Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Alternative Asset Allocation Fund (Class C/JAACX) |
$156 | 1.49% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Alternative Asset Allocation Fund (Class C/JAACX) returned 9.77% (excluding sales charges) for the year ended August 31, 2026. The world financial markets produced positive total returns in the reporting period, as the combination of positive global growth, robust corporate earnings, and generally accommodative central bank policies helped buoy investor sentiment. In this environment, all of the fund’s individual holdings posted gains.
TOP PERFORMANCE CONTRIBUTORS
Absolute return funds | This segment of the fund made the largest contribution to absolute performance due to its strong return and sizable portfolio weighting. Virtus AlphaSimplex Managed Futures Strategy Fund, Victory Market Neutral Income Fund, and BlackRock Tactical Opportunities Fund each finished among the leading contributors.
Funds that use alternative investment approaches | Disciplined Global Long/Short Fund (Boston Partners) was the top individual contributor in both the category and the fund as a whole.
Commodity-related funds | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF performed well, as commodity prices rose sharply following the start of the conflict in Iran. Invesco DB Precious Metals Fund, which invests in gold, silver, and platinum, also delivered a strong return amid concerns about elevated inflation and rising global government debt.
TOP PERFORMANCE DETRACTORS
No detractors | At a time of positive performance for the fund and the asset classes in which it invests, none of the fund's holdings detracted.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Alternative Asset Allocation Fund (Class C/JAACX) | 8.77% | 3.86% | 3.58% |
| Alternative Asset Allocation Fund (Class C/JAACX)—excluding sales charge | 9.77% | 3.86% | 3.58% |
| Bloomberg U.S. Aggregate Bond Index | 1.89% | (0.29)% | 1.40% |
| HFRX Global Hedge Fund Index | 7.41% | 2.96% | 3.45% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Class C shares sold within one year of purchase are subject to a 1.00% contingent deferred sales charge. Past performance does not guarantee future results. 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 and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $1,750,670,493 |
| Total number of portfolio holdings | 15 |
| Total advisory fees paid (net) | $4,568,204 |
| Portfolio turnover rate | 30% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 58.8% |
| Absolute return strategies | 39.2% |
| Alternative investment approaches | 12.8% |
| Alternative markets | 6.8% |
| Unaffiliated investment companies | 37.8% |
| Absolute return strategies | 24.5% |
| Alternative investment approaches | 11.5% |
| Alternative markets | 1.8% |
| Short-term investments and other | 3.4% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889476
345A-C
8/26
10/26
John Hancock Alternative Asset Allocation Fund
John Hancock Alternative Asset Allocation Fund
Class I/JAAIX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Alternative Asset Allocation Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Alternative Asset Allocation Fund (Class I/JAAIX) |
$52 | 0.49% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Alternative Asset Allocation Fund (Class I/JAAIX) returned 10.87% for the year ended August 31, 2026. The world financial markets produced positive total returns in the reporting period, as the combination of positive global growth, robust corporate earnings, and generally accommodative central bank policies helped buoy investor sentiment. In this environment, all of the fund’s individual holdings posted gains.
TOP PERFORMANCE CONTRIBUTORS
Absolute return funds | This segment of the fund made the largest contribution to absolute performance due to its strong return and sizable portfolio weighting. Virtus AlphaSimplex Managed Futures Strategy Fund, Victory Market Neutral Income Fund, and BlackRock Tactical Opportunities Fund each finished among the leading contributors.
Funds that use alternative investment approaches | Disciplined Global Long/Short Fund (Boston Partners) was the top individual contributor in both the category and the fund as a whole.
Commodity-related funds | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF performed well, as commodity prices rose sharply following the start of the conflict in Iran. Invesco DB Precious Metals Fund, which invests in gold, silver, and platinum, also delivered a strong return amid concerns about elevated inflation and rising global government debt.
TOP PERFORMANCE DETRACTORS
No detractors | At a time of positive performance for the fund and the asset classes in which it invests, none of the fund's holdings detracted.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $250,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $250,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Alternative Asset Allocation Fund (Class I/JAAIX) | 10.87% | 4.91% | 4.62% |
| Bloomberg U.S. Aggregate Bond Index | 1.89% | (0.29)% | 1.40% |
| HFRX Global Hedge Fund Index | 7.41% | 2.96% | 3.45% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. 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 and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $1,750,670,493 |
| Total number of portfolio holdings | 15 |
| Total advisory fees paid (net) | $4,568,204 |
| Portfolio turnover rate | 30% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 58.8% |
| Absolute return strategies | 39.2% |
| Alternative investment approaches | 12.8% |
| Alternative markets | 6.8% |
| Unaffiliated investment companies | 37.8% |
| Absolute return strategies | 24.5% |
| Alternative investment approaches | 11.5% |
| Alternative markets | 1.8% |
| Short-term investments and other | 3.4% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889476
345A-I
8/26
10/26
John Hancock Alternative Asset Allocation Fund
John Hancock Alternative Asset Allocation Fund
Class R2/JAAPX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Alternative Asset Allocation Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Alternative Asset Allocation Fund (Class R2/JAAPX) |
$94 | 0.89% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Alternative Asset Allocation Fund (Class R2/JAAPX) returned 10.38% for the year ended August 31, 2026. The world financial markets produced positive total returns in the reporting period, as the combination of positive global growth, robust corporate earnings, and generally accommodative central bank policies helped buoy investor sentiment. In this environment, all of the fund’s individual holdings posted gains.
TOP PERFORMANCE CONTRIBUTORS
Absolute return funds | This segment of the fund made the largest contribution to absolute performance due to its strong return and sizable portfolio weighting. Virtus AlphaSimplex Managed Futures Strategy Fund, Victory Market Neutral Income Fund, and BlackRock Tactical Opportunities Fund each finished among the leading contributors.
Funds that use alternative investment approaches | Disciplined Global Long/Short Fund (Boston Partners) was the top individual contributor in both the category and the fund as a whole.
Commodity-related funds | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF performed well, as commodity prices rose sharply following the start of the conflict in Iran. Invesco DB Precious Metals Fund, which invests in gold, silver, and platinum, also delivered a strong return amid concerns about elevated inflation and rising global government debt.
TOP PERFORMANCE DETRACTORS
No detractors | At a time of positive performance for the fund and the asset classes in which it invests, none of the fund's holdings detracted.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Alternative Asset Allocation Fund (Class R2/JAAPX) | 10.38% | 4.49% | 4.20% |
| Bloomberg U.S. Aggregate Bond Index | 1.89% | (0.29)% | 1.40% |
| HFRX Global Hedge Fund Index | 7.41% | 2.96% | 3.45% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. 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 and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $1,750,670,493 |
| Total number of portfolio holdings | 15 |
| Total advisory fees paid (net) | $4,568,204 |
| Portfolio turnover rate | 30% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 58.8% |
| Absolute return strategies | 39.2% |
| Alternative investment approaches | 12.8% |
| Alternative markets | 6.8% |
| Unaffiliated investment companies | 37.8% |
| Absolute return strategies | 24.5% |
| Alternative investment approaches | 11.5% |
| Alternative markets | 1.8% |
| Short-term investments and other | 3.4% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889476
345A-R2
8/26
10/26
John Hancock Alternative Asset Allocation Fund
John Hancock Alternative Asset Allocation Fund
Class R4/JAASX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Alternative Asset Allocation Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Alternative Asset Allocation Fund (Class R4/JAASX) |
$67 | 0.64% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Alternative Asset Allocation Fund (Class R4/JAASX) returned 10.71% for the year ended August 31, 2026. The world financial markets produced positive total returns in the reporting period, as the combination of positive global growth, robust corporate earnings, and generally accommodative central bank policies helped buoy investor sentiment. In this environment, all of the fund’s individual holdings posted gains.
TOP PERFORMANCE CONTRIBUTORS
Absolute return funds | This segment of the fund made the largest contribution to absolute performance due to its strong return and sizable portfolio weighting. Virtus AlphaSimplex Managed Futures Strategy Fund, Victory Market Neutral Income Fund, and BlackRock Tactical Opportunities Fund each finished among the leading contributors.
Funds that use alternative investment approaches | Disciplined Global Long/Short Fund (Boston Partners) was the top individual contributor in both the category and the fund as a whole.
Commodity-related funds | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF performed well, as commodity prices rose sharply following the start of the conflict in Iran. Invesco DB Precious Metals Fund, which invests in gold, silver, and platinum, also delivered a strong return amid concerns about elevated inflation and rising global government debt.
TOP PERFORMANCE DETRACTORS
No detractors | At a time of positive performance for the fund and the asset classes in which it invests, none of the fund's holdings detracted.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Alternative Asset Allocation Fund (Class R4/JAASX) | 10.71% | 4.77% | 4.48% |
| Bloomberg U.S. Aggregate Bond Index | 1.89% | (0.29)% | 1.40% |
| HFRX Global Hedge Fund Index | 7.41% | 2.96% | 3.45% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. 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 and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $1,750,670,493 |
| Total number of portfolio holdings | 15 |
| Total advisory fees paid (net) | $4,568,204 |
| Portfolio turnover rate | 30% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 58.8% |
| Absolute return strategies | 39.2% |
| Alternative investment approaches | 12.8% |
| Alternative markets | 6.8% |
| Unaffiliated investment companies | 37.8% |
| Absolute return strategies | 24.5% |
| Alternative investment approaches | 11.5% |
| Alternative markets | 1.8% |
| Short-term investments and other | 3.4% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889476
345A-R4
8/26
10/26
John Hancock Alternative Asset Allocation Fund
John Hancock Alternative Asset Allocation Fund
Class R6/JAARX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Alternative Asset Allocation Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Alternative Asset Allocation Fund (Class R6/JAARX) |
$41 | 0.39% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Alternative Asset Allocation Fund (Class R6/JAARX) returned 11.04% for the year ended August 31, 2026. The world financial markets produced positive total returns in the reporting period, as the combination of positive global growth, robust corporate earnings, and generally accommodative central bank policies helped buoy investor sentiment. In this environment, all of the fund’s individual holdings posted gains.
TOP PERFORMANCE CONTRIBUTORS
Absolute return funds | This segment of the fund made the largest contribution to absolute performance due to its strong return and sizable portfolio weighting. Virtus AlphaSimplex Managed Futures Strategy Fund, Victory Market Neutral Income Fund, and BlackRock Tactical Opportunities Fund each finished among the leading contributors.
Funds that use alternative investment approaches | Disciplined Global Long/Short Fund (Boston Partners) was the top individual contributor in both the category and the fund as a whole.
Commodity-related funds | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF performed well, as commodity prices rose sharply following the start of the conflict in Iran. Invesco DB Precious Metals Fund, which invests in gold, silver, and platinum, also delivered a strong return amid concerns about elevated inflation and rising global government debt.
TOP PERFORMANCE DETRACTORS
No detractors | At a time of positive performance for the fund and the asset classes in which it invests, none of the fund's holdings detracted.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $1,000,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Alternative Asset Allocation Fund (Class R6/JAARX) | 11.04% | 5.02% | 4.74% |
| Bloomberg U.S. Aggregate Bond Index | 1.89% | (0.29)% | 1.40% |
| HFRX Global Hedge Fund Index | 7.41% | 2.96% | 3.45% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. 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 and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $1,750,670,493 |
| Total number of portfolio holdings | 15 |
| Total advisory fees paid (net) | $4,568,204 |
| Portfolio turnover rate | 30% |
Graphical Representation of Holdings
The table below shows the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Asset Allocation
| Affiliated investment companies | 58.8% |
| Absolute return strategies | 39.2% |
| Alternative investment approaches | 12.8% |
| Alternative markets | 6.8% |
| Unaffiliated investment companies | 37.8% |
| Absolute return strategies | 24.5% |
| Alternative investment approaches | 11.5% |
| Alternative markets | 1.8% |
| Short-term investments and other | 3.4% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889476
345A-R6
8/26
10/26
John Hancock Alternative Asset Allocation Fund
John Hancock Blue Chip Growth Fund
Class 1/JIBCX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Blue Chip Growth Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/underlying-funds. You can also request this information by contacting us at 800-344-1029.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Blue Chip Growth Fund (Class 1/JIBCX) |
$79 | 0.76% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Blue Chip Growth Fund (Class 1/JIBCX) returned 7.28% for the year ended August 31, 2026. U.S. equities delivered a robust gain in the annual period, albeit with a brief stretch of weakness in March following the start of the conflict in Iran. Investors were encouraged by the highly favorable backdrop of healthy economic growth trends, strong corporate earnings, and supportive U.S. Federal Reserve policy, as well as optimism about artificial intelligence (AI). However, growth stocks underperformed the broader market.
TOP PERFORMANCE CONTRIBUTORS
Information technology | Stocks in this sector made the largest contribution to absolute performance due to the combination of their return and sizable portfolio weighting. The semiconductor stocks NVIDIA Corp., Broadcom, Inc., and ASML Holding NV all performed well, as did Apple, Inc.
Health care | Eli Lilly & Company, which continued to benefit from strong demand for its weight loss drugs, accounted for the majority of the fund’s positive return in the sector.
Communication services | A large position in Google parent Alphabet, Inc., which rallied on the strength of several favorable earnings reports, was a key contributor.
TOP PERFORMANCE DETRACTORS
Certain software stocks | Although the fund’s information technology holdings performed well overall, certain software stocks—including Microsoft Corp., Oracle Corp., and ServiceNow, Inc.—were notable detractors.
Specific individual holdings | Shares of Meta Platforms, Inc. came under pressure on concerns that the company’s significant investments in AI were reducing its free cash flow. Netflix, Inc., which lagged due to slower subscriber growth and declining viewer engagement, was another key detractor.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Blue Chip Growth Fund (Class 1/JIBCX) | 7.28% | 8.19% | 15.76% |
| S&P 500 Index | 20.38% | 12.79% | 15.37% |
| Russell 1000 Growth Index | 10.82% | 11.88% | 17.95% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. 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. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $5,466,462,690 |
| Total number of portfolio holdings | 67 |
| Total advisory fees paid (net) | $38,603,720 |
| Portfolio turnover rate | 40% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| NVIDIA Corp. | 17.4% |
| Alphabet, Inc., Class C | 5.9% |
| Microsoft Corp. | 5.9% |
| Broadcom, Inc. | 5.8% |
| Alphabet, Inc., Class A | 5.5% |
| Apple, Inc. | 4.9% |
| Carvana Company | 3.6% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 3.6% |
| Eli Lilly & Company | 3.1% |
Sector Composition
| Information technology | 51.5% |
| Communication services | 17.6% |
| Consumer discretionary | 12.4% |
| Financials | 7.4% |
| Health care | 5.8% |
| Industrials | 4.2% |
| Utilities | 0.4% |
| Materials | 0.4% |
| Short-term investments and other | 0.3% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/underlying-funds, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889455
457A-1
8/26
10/26
John Hancock Blue Chip Growth Fund
John Hancock Blue Chip Growth Fund
Class A/JBGAX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Blue Chip Growth Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Blue Chip Growth Fund (Class A/JBGAX) |
$116 | 1.12% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Blue Chip Growth Fund (Class A/JBGAX) returned 6.90% (excluding sales charges) for the year ended August 31, 2026. U.S. equities delivered a robust gain in the annual period, albeit with a brief stretch of weakness in March following the start of the conflict in Iran. Investors were encouraged by the highly favorable backdrop of healthy economic growth trends, strong corporate earnings, and supportive U.S. Federal Reserve policy, as well as optimism about artificial intelligence (AI). However, growth stocks underperformed the broader market.
TOP PERFORMANCE CONTRIBUTORS
Information technology | Stocks in this sector made the largest contribution to absolute performance due to the combination of their return and sizable portfolio weighting. The semiconductor stocks NVIDIA Corp., Broadcom, Inc., and ASML Holding NV all performed well, as did Apple, Inc.
Health care | Eli Lilly & Company, which continued to benefit from strong demand for its weight loss drugs, accounted for the majority of the fund’s positive return in the sector.
Communication services | A large position in Google parent Alphabet, Inc., which rallied on the strength of several favorable earnings reports, was a key contributor.
TOP PERFORMANCE DETRACTORS
Certain software stocks | Although the fund’s information technology holdings performed well overall, certain software stocks—including Microsoft Corp., Oracle Corp., and ServiceNow, Inc.—were notable detractors.
Specific individual holdings | Shares of Meta Platforms, Inc. came under pressure on concerns that the company’s significant investments in AI were reducing its free cash flow. Netflix, Inc., which lagged due to slower subscriber growth and declining viewer engagement, was another key detractor.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Blue Chip Growth Fund (Class A/JBGAX) | 1.56% | 6.70% | 14.78% |
| Blue Chip Growth Fund (Class A/JBGAX)—excluding sales charge | 6.90% | 7.80% | 15.37% |
| S&P 500 Index | 20.38% | 12.79% | 15.37% |
| Russell 1000 Growth Index | 10.82% | 11.88% | 17.95% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Figures reflect maximum sales charge on Class A shares of 5.00%. Past performance does not guarantee future results. 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 and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $5,466,462,690 |
| Total number of portfolio holdings | 67 |
| Total advisory fees paid (net) | $38,603,720 |
| Portfolio turnover rate | 40% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| NVIDIA Corp. | 17.4% |
| Alphabet, Inc., Class C | 5.9% |
| Microsoft Corp. | 5.9% |
| Broadcom, Inc. | 5.8% |
| Alphabet, Inc., Class A | 5.5% |
| Apple, Inc. | 4.9% |
| Carvana Company | 3.6% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 3.6% |
| Eli Lilly & Company | 3.1% |
Sector Composition
| Information technology | 51.5% |
| Communication services | 17.6% |
| Consumer discretionary | 12.4% |
| Financials | 7.4% |
| Health care | 5.8% |
| Industrials | 4.2% |
| Utilities | 0.4% |
| Materials | 0.4% |
| Short-term investments and other | 0.3% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889455
457A-A
8/26
10/26
John Hancock Blue Chip Growth Fund
John Hancock Blue Chip Growth Fund
Class C/JBGCX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Blue Chip Growth Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Blue Chip Growth Fund (Class C/JBGCX) |
$188 | 1.82% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Blue Chip Growth Fund (Class C/JBGCX) returned 6.14% (excluding sales charges) for the year ended August 31, 2026. U.S. equities delivered a robust gain in the annual period, albeit with a brief stretch of weakness in March following the start of the conflict in Iran. Investors were encouraged by the highly favorable backdrop of healthy economic growth trends, strong corporate earnings, and supportive U.S. Federal Reserve policy, as well as optimism about artificial intelligence (AI). However, growth stocks underperformed the broader market.
TOP PERFORMANCE CONTRIBUTORS
Information technology | Stocks in this sector made the largest contribution to absolute performance due to the combination of their return and sizable portfolio weighting. The semiconductor stocks NVIDIA Corp., Broadcom, Inc., and ASML Holding NV all performed well, as did Apple, Inc.
Health care | Eli Lilly & Company, which continued to benefit from strong demand for its weight loss drugs, accounted for the majority of the fund’s positive return in the sector.
Communication services | A large position in Google parent Alphabet, Inc., which rallied on the strength of several favorable earnings reports, was a key contributor.
TOP PERFORMANCE DETRACTORS
Certain software stocks | Although the fund’s information technology holdings performed well overall, certain software stocks—including Microsoft Corp., Oracle Corp., and ServiceNow, Inc.—were notable detractors.
Specific individual holdings | Shares of Meta Platforms, Inc. came under pressure on concerns that the company’s significant investments in AI were reducing its free cash flow. Netflix, Inc., which lagged due to slower subscriber growth and declining viewer engagement, was another key detractor.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Blue Chip Growth Fund (Class C/JBGCX) | 5.18% | 7.04% | 14.53% |
| Blue Chip Growth Fund (Class C/JBGCX)—excluding sales charge | 6.14% | 7.04% | 14.53% |
| S&P 500 Index | 20.38% | 12.79% | 15.37% |
| Russell 1000 Growth Index | 10.82% | 11.88% | 17.95% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Class C shares sold within one year of purchase are subject to a 1.00% contingent deferred sales charge. Past performance does not guarantee future results. 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 and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $5,466,462,690 |
| Total number of portfolio holdings | 67 |
| Total advisory fees paid (net) | $38,603,720 |
| Portfolio turnover rate | 40% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| NVIDIA Corp. | 17.4% |
| Alphabet, Inc., Class C | 5.9% |
| Microsoft Corp. | 5.9% |
| Broadcom, Inc. | 5.8% |
| Alphabet, Inc., Class A | 5.5% |
| Apple, Inc. | 4.9% |
| Carvana Company | 3.6% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 3.6% |
| Eli Lilly & Company | 3.1% |
Sector Composition
| Information technology | 51.5% |
| Communication services | 17.6% |
| Consumer discretionary | 12.4% |
| Financials | 7.4% |
| Health care | 5.8% |
| Industrials | 4.2% |
| Utilities | 0.4% |
| Materials | 0.4% |
| Short-term investments and other | 0.3% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889455
457A-C
8/26
10/26
John Hancock Blue Chip Growth Fund
John Hancock Blue Chip Growth Fund
Class NAV/JHBCDX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Blue Chip Growth Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/underlying-funds. You can also request this information by contacting us at 800-344-1029.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Blue Chip Growth Fund (Class NAV/JHBCDX) |
$74 | 0.71% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Blue Chip Growth Fund (Class NAV/JHBCDX) returned 7.34% for the year ended August 31, 2026. U.S. equities delivered a robust gain in the annual period, albeit with a brief stretch of weakness in March following the start of the conflict in Iran. Investors were encouraged by the highly favorable backdrop of healthy economic growth trends, strong corporate earnings, and supportive U.S. Federal Reserve policy, as well as optimism about artificial intelligence (AI). However, growth stocks underperformed the broader market.
TOP PERFORMANCE CONTRIBUTORS
Information technology | Stocks in this sector made the largest contribution to absolute performance due to the combination of their return and sizable portfolio weighting. The semiconductor stocks NVIDIA Corp., Broadcom, Inc., and ASML Holding NV all performed well, as did Apple, Inc.
Health care | Eli Lilly & Company, which continued to benefit from strong demand for its weight loss drugs, accounted for the majority of the fund’s positive return in the sector.
Communication services | A large position in Google parent Alphabet, Inc., which rallied on the strength of several favorable earnings reports, was a key contributor.
TOP PERFORMANCE DETRACTORS
Certain software stocks | Although the fund’s information technology holdings performed well overall, certain software stocks—including Microsoft Corp., Oracle Corp., and ServiceNow, Inc.—were notable detractors.
Specific individual holdings | Shares of Meta Platforms, Inc. came under pressure on concerns that the company’s significant investments in AI were reducing its free cash flow. Netflix, Inc., which lagged due to slower subscriber growth and declining viewer engagement, was another key detractor.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Blue Chip Growth Fund (Class NAV/JHBCDX) | 7.34% | 8.24% | 15.82% |
| S&P 500 Index | 20.38% | 12.79% | 15.37% |
| Russell 1000 Growth Index | 10.82% | 11.88% | 17.95% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. 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. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $5,466,462,690 |
| Total number of portfolio holdings | 67 |
| Total advisory fees paid (net) | $38,603,720 |
| Portfolio turnover rate | 40% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| NVIDIA Corp. | 17.4% |
| Alphabet, Inc., Class C | 5.9% |
| Microsoft Corp. | 5.9% |
| Broadcom, Inc. | 5.8% |
| Alphabet, Inc., Class A | 5.5% |
| Apple, Inc. | 4.9% |
| Carvana Company | 3.6% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 3.6% |
| Eli Lilly & Company | 3.1% |
Sector Composition
| Information technology | 51.5% |
| Communication services | 17.6% |
| Consumer discretionary | 12.4% |
| Financials | 7.4% |
| Health care | 5.8% |
| Industrials | 4.2% |
| Utilities | 0.4% |
| Materials | 0.4% |
| Short-term investments and other | 0.3% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/underlying-funds, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889455
457A-NAV
8/26
10/26
John Hancock Blue Chip Growth Fund
John Hancock Real Estate Securities Fund
Class 1/JIREX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Real Estate Securities Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/underlying-funds. You can also request this information by contacting us at 800-344-1029.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Real Estate Securities Fund (Class 1/JIREX) |
$90 | 0.84% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Real Estate Securities Fund (Class 1/JIREX) returned 13.92% for the year ended August 31, 2026. The broad U.S. equity market rose during the period, supported by resilient economic growth, strong corporate earnings, and continued investment in artificial intelligence (AI), despite intermittent volatility due to uncertainty surrounding inflation, interest rates, tariffs and geopolitical turmoil.
TOP PERFORMANCE CONTRIBUTORS
Welltower, Inc. | Shares of health care REIT Welltower, Inc. trended higher during the period as strong quarterly financial results reflected year-over-year growth in net operating income for the company’s senior housing portfolio due to higher occupancy and revenue per occupied room.
Prologis, Inc. | The stock of industrial REIT Prologis, Inc. rose amid improving operating fundamentals, record leasing activity, growth in net operating income, and multiple increases to its financial outlook for 2026.
TOP PERFORMANCE DETRACTORS
SL Green Realty Corp. | A position in SL Green Realty Corp. detracted, as the office REIT’s shares trended lower during the period amid elevated interest rates and ongoing uncertainty surrounding fundamentals for the office real estate sector.
Iron Mountain, Inc. | A position in Iron Mountain, Inc. also detracted as shares fell during the fund’s holding period amid reports of data-center construction delays and concerns over the cost and financing of AI infrastructure.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Real Estate Securities Fund (Class 1/JIREX) | 13.92% | 2.47% | 5.86% |
| S&P 500 Index | 20.38% | 12.79% | 15.37% |
| Dow Jones U.S. Select REIT Index | 17.43% | 4.15% | 5.29% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. 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. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $316,957,430 |
| Total number of portfolio holdings | 40 |
| Total advisory fees paid (net) | $1,825,589 |
| Portfolio turnover rate | 110% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| Welltower, Inc. | 15.4% |
| Equinix, Inc. | 11.3% |
| Prologis, Inc. | 10.7% |
| Public Storage | 5.8% |
| Simon Property Group, Inc. | 5.8% |
| Essex Property Trust, Inc. | 4.3% |
| Ventas, Inc. | 3.5% |
| Invitation Homes, Inc. | 3.4% |
| Vivmark Residential | 3.0% |
| WP Carey, Inc. | 2.9% |
Industry Composition
| Health care REITs | 23.0% |
| Specialized REITs | 20.9% |
| Industrial REITs | 16.0% |
| Retail REITs | 13.8% |
| Residential REITs | 11.7% |
| Diversified REITs | 5.1% |
| Office REITs | 3.0% |
| Hotels, restaurants and leisure | 1.7% |
| Hotel and resort REITs | 1.7% |
| Health care providers and services | 1.1% |
| Software | 0.5% |
| IT services | 0.5% |
| Short-term investments and other | 1.0% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/underlying-funds, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889469
488A-1
8/26
10/26
John Hancock Real Estate Securities Fund
John Hancock Real Estate Securities Fund
Class A/JYEBX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Real Estate Securities Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Real Estate Securities Fund (Class A/JYEBX) |
$123 | 1.15% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Real Estate Securities Fund (Class A/JYEBX) returned 13.55% (excluding sales charges) for the year ended August 31, 2026. The broad U.S. equity market rose during the period, supported by resilient economic growth, strong corporate earnings, and continued investment in artificial intelligence (AI), despite intermittent volatility due to uncertainty surrounding inflation, interest rates, tariffs and geopolitical turmoil.
TOP PERFORMANCE CONTRIBUTORS
Welltower, Inc. | Shares of health care REIT Welltower, Inc. trended higher during the period as strong quarterly financial results reflected year-over-year growth in net operating income for the company’s senior housing portfolio due to higher occupancy and revenue per occupied room.
Prologis, Inc. | The stock of industrial REIT Prologis, Inc. rose amid improving operating fundamentals, record leasing activity, growth in net operating income, and multiple increases to its financial outlook for 2026.
TOP PERFORMANCE DETRACTORS
SL Green Realty Corp. | A position in SL Green Realty Corp. detracted, as the office REIT’s shares trended lower during the period amid elevated interest rates and ongoing uncertainty surrounding fundamentals for the office real estate sector.
Iron Mountain, Inc. | A position in Iron Mountain, Inc. also detracted as shares fell during the fund’s holding period amid reports of data-center construction delays and concerns over the cost and financing of AI infrastructure.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Real Estate Securities Fund (Class A/JYEBX) | 7.86% | 1.11% | 5.13% |
| Real Estate Securities Fund (Class A/JYEBX)—excluding sales charge | 13.55% | 2.15% | 5.67% |
| S&P 500 Index | 20.38% | 12.79% | 15.37% |
| Dow Jones U.S. Select REIT Index | 17.43% | 4.15% | 5.29% |
|
Class A shares were first offered 12-2-20. Returns prior to this date are those of Class 1 shares and have not been adjusted for class-specific expenses; otherwise, returns would vary. |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Figures reflect maximum sales charge on Class A shares of 5.00%. Past performance does not guarantee future results. 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 and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $316,957,430 |
| Total number of portfolio holdings | 40 |
| Total advisory fees paid (net) | $1,825,589 |
| Portfolio turnover rate | 110% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| Welltower, Inc. | 15.4% |
| Equinix, Inc. | 11.3% |
| Prologis, Inc. | 10.7% |
| Public Storage | 5.8% |
| Simon Property Group, Inc. | 5.8% |
| Essex Property Trust, Inc. | 4.3% |
| Ventas, Inc. | 3.5% |
| Invitation Homes, Inc. | 3.4% |
| Vivmark Residential | 3.0% |
| WP Carey, Inc. | 2.9% |
Industry Composition
| Health care REITs | 23.0% |
| Specialized REITs | 20.9% |
| Industrial REITs | 16.0% |
| Retail REITs | 13.8% |
| Residential REITs | 11.7% |
| Diversified REITs | 5.1% |
| Office REITs | 3.0% |
| Hotels, restaurants and leisure | 1.7% |
| Hotel and resort REITs | 1.7% |
| Health care providers and services | 1.1% |
| Software | 0.5% |
| IT services | 0.5% |
| Short-term investments and other | 1.0% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889469
488A-A
8/26
10/26
John Hancock Real Estate Securities Fund
John Hancock Real Estate Securities Fund
Class C/JABFX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Real Estate Securities Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Real Estate Securities Fund (Class C/JABFX) |
$202 | 1.90% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Real Estate Securities Fund (Class C/JABFX) returned 12.77% (excluding sales charges) for the year ended August 31, 2026. The broad U.S. equity market rose during the period, supported by resilient economic growth, strong corporate earnings, and continued investment in artificial intelligence (AI), despite intermittent volatility due to uncertainty surrounding inflation, interest rates, tariffs and geopolitical turmoil.
TOP PERFORMANCE CONTRIBUTORS
Welltower, Inc. | Shares of health care REIT Welltower, Inc. trended higher during the period as strong quarterly financial results reflected year-over-year growth in net operating income for the company’s senior housing portfolio due to higher occupancy and revenue per occupied room.
Prologis, Inc. | The stock of industrial REIT Prologis, Inc. rose amid improving operating fundamentals, record leasing activity, growth in net operating income, and multiple increases to its financial outlook for 2026.
TOP PERFORMANCE DETRACTORS
SL Green Realty Corp. | A position in SL Green Realty Corp. detracted, as the office REIT’s shares trended lower during the period amid elevated interest rates and ongoing uncertainty surrounding fundamentals for the office real estate sector.
Iron Mountain, Inc. | A position in Iron Mountain, Inc. also detracted as shares fell during the fund’s holding period amid reports of data-center construction delays and concerns over the cost and financing of AI infrastructure.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Real Estate Securities Fund (Class C/JABFX) | 11.77% | 1.39% | 5.22% |
| Real Estate Securities Fund (Class C/JABFX)—excluding sales charge | 12.77% | 1.39% | 5.22% |
| S&P 500 Index | 20.38% | 12.79% | 15.37% |
| Dow Jones U.S. Select REIT Index | 17.43% | 4.15% | 5.29% |
|
Class C shares were first offered 12-2-20. Returns prior to this date are those of Class 1 shares and have not been adjusted for class-specific expenses; otherwise, returns would vary. |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Class C shares sold within one year of purchase are subject to a 1.00% contingent deferred sales charge. Past performance does not guarantee future results. 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 and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $316,957,430 |
| Total number of portfolio holdings | 40 |
| Total advisory fees paid (net) | $1,825,589 |
| Portfolio turnover rate | 110% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| Welltower, Inc. | 15.4% |
| Equinix, Inc. | 11.3% |
| Prologis, Inc. | 10.7% |
| Public Storage | 5.8% |
| Simon Property Group, Inc. | 5.8% |
| Essex Property Trust, Inc. | 4.3% |
| Ventas, Inc. | 3.5% |
| Invitation Homes, Inc. | 3.4% |
| Vivmark Residential | 3.0% |
| WP Carey, Inc. | 2.9% |
Industry Composition
| Health care REITs | 23.0% |
| Specialized REITs | 20.9% |
| Industrial REITs | 16.0% |
| Retail REITs | 13.8% |
| Residential REITs | 11.7% |
| Diversified REITs | 5.1% |
| Office REITs | 3.0% |
| Hotels, restaurants and leisure | 1.7% |
| Hotel and resort REITs | 1.7% |
| Health care providers and services | 1.1% |
| Software | 0.5% |
| IT services | 0.5% |
| Short-term investments and other | 1.0% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889469
488A-C
8/26
10/26
John Hancock Real Estate Securities Fund
John Hancock Real Estate Securities Fund
Class I/JABGX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Real Estate Securities Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Real Estate Securities Fund (Class I/JABGX) |
$96 | 0.90% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Real Estate Securities Fund (Class I/JABGX) returned 13.99% for the year ended August 31, 2026. The broad U.S. equity market rose during the period, supported by resilient economic growth, strong corporate earnings, and continued investment in artificial intelligence (AI), despite intermittent volatility due to uncertainty surrounding inflation, interest rates, tariffs and geopolitical turmoil.
TOP PERFORMANCE CONTRIBUTORS
Welltower, Inc. | Shares of health care REIT Welltower, Inc. trended higher during the period as strong quarterly financial results reflected year-over-year growth in net operating income for the company’s senior housing portfolio due to higher occupancy and revenue per occupied room.
Prologis, Inc. | The stock of industrial REIT Prologis, Inc. rose amid improving operating fundamentals, record leasing activity, growth in net operating income, and multiple increases to its financial outlook for 2026.
TOP PERFORMANCE DETRACTORS
SL Green Realty Corp. | A position in SL Green Realty Corp. detracted, as the office REIT’s shares trended lower during the period amid elevated interest rates and ongoing uncertainty surrounding fundamentals for the office real estate sector.
Iron Mountain, Inc. | A position in Iron Mountain, Inc. also detracted as shares fell during the fund’s holding period amid reports of data-center construction delays and concerns over the cost and financing of AI infrastructure.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $250,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $250,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Real Estate Securities Fund (Class I/JABGX) | 13.99% | 2.43% | 5.84% |
| S&P 500 Index | 20.38% | 12.79% | 15.37% |
| Dow Jones U.S. Select REIT Index | 17.43% | 4.15% | 5.29% |
|
Class I shares were first offered 12-2-20. Returns prior to this date are those of Class 1 shares and have not been adjusted for class-specific expenses; otherwise, returns would vary. |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. 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 and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $316,957,430 |
| Total number of portfolio holdings | 40 |
| Total advisory fees paid (net) | $1,825,589 |
| Portfolio turnover rate | 110% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| Welltower, Inc. | 15.4% |
| Equinix, Inc. | 11.3% |
| Prologis, Inc. | 10.7% |
| Public Storage | 5.8% |
| Simon Property Group, Inc. | 5.8% |
| Essex Property Trust, Inc. | 4.3% |
| Ventas, Inc. | 3.5% |
| Invitation Homes, Inc. | 3.4% |
| Vivmark Residential | 3.0% |
| WP Carey, Inc. | 2.9% |
Industry Composition
| Health care REITs | 23.0% |
| Specialized REITs | 20.9% |
| Industrial REITs | 16.0% |
| Retail REITs | 13.8% |
| Residential REITs | 11.7% |
| Diversified REITs | 5.1% |
| Office REITs | 3.0% |
| Hotels, restaurants and leisure | 1.7% |
| Hotel and resort REITs | 1.7% |
| Health care providers and services | 1.1% |
| Software | 0.5% |
| IT services | 0.5% |
| Short-term investments and other | 1.0% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889469
488A-I
8/26
10/26
John Hancock Real Estate Securities Fund
John Hancock Real Estate Securities Fund
Class R6/JABIX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Real Estate Securities Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Real Estate Securities Fund (Class R6/JABIX) |
$86 | 0.80% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Real Estate Securities Fund (Class R6/JABIX) returned 14.07% for the year ended August 31, 2026. The broad U.S. equity market rose during the period, supported by resilient economic growth, strong corporate earnings, and continued investment in artificial intelligence (AI), despite intermittent volatility due to uncertainty surrounding inflation, interest rates, tariffs and geopolitical turmoil.
TOP PERFORMANCE CONTRIBUTORS
Welltower, Inc. | Shares of health care REIT Welltower, Inc. trended higher during the period as strong quarterly financial results reflected year-over-year growth in net operating income for the company’s senior housing portfolio due to higher occupancy and revenue per occupied room.
Prologis, Inc. | The stock of industrial REIT Prologis, Inc. rose amid improving operating fundamentals, record leasing activity, growth in net operating income, and multiple increases to its financial outlook for 2026.
TOP PERFORMANCE DETRACTORS
SL Green Realty Corp. | A position in SL Green Realty Corp. detracted, as the office REIT’s shares trended lower during the period amid elevated interest rates and ongoing uncertainty surrounding fundamentals for the office real estate sector.
Iron Mountain, Inc. | A position in Iron Mountain, Inc. also detracted as shares fell during the fund’s holding period amid reports of data-center construction delays and concerns over the cost and financing of AI infrastructure.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $1,000,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Real Estate Securities Fund (Class R6/JABIX) | 14.07% | 2.51% | 5.89% |
| S&P 500 Index | 20.38% | 12.79% | 15.37% |
| Dow Jones U.S. Select REIT Index | 17.43% | 4.15% | 5.29% |
|
Class R6 shares were first offered 12-2-20. Returns prior to this date are those of Class 1 shares and have not been adjusted for class-specific expenses; otherwise, returns would vary. |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. 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 and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $316,957,430 |
| Total number of portfolio holdings | 40 |
| Total advisory fees paid (net) | $1,825,589 |
| Portfolio turnover rate | 110% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| Welltower, Inc. | 15.4% |
| Equinix, Inc. | 11.3% |
| Prologis, Inc. | 10.7% |
| Public Storage | 5.8% |
| Simon Property Group, Inc. | 5.8% |
| Essex Property Trust, Inc. | 4.3% |
| Ventas, Inc. | 3.5% |
| Invitation Homes, Inc. | 3.4% |
| Vivmark Residential | 3.0% |
| WP Carey, Inc. | 2.9% |
Industry Composition
| Health care REITs | 23.0% |
| Specialized REITs | 20.9% |
| Industrial REITs | 16.0% |
| Retail REITs | 13.8% |
| Residential REITs | 11.7% |
| Diversified REITs | 5.1% |
| Office REITs | 3.0% |
| Hotels, restaurants and leisure | 1.7% |
| Hotel and resort REITs | 1.7% |
| Health care providers and services | 1.1% |
| Software | 0.5% |
| IT services | 0.5% |
| Short-term investments and other | 1.0% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889469
488A-R6
8/26
10/26
John Hancock Real Estate Securities Fund
John Hancock Small Cap Dynamic Growth Fund
Class A/JSJAX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Small Cap Dynamic Growth Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Small Cap Dynamic Growth Fund (Class A/JSJAX) |
$121 | 1.18% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Small Cap Dynamic Growth Fund (Class A/JSJAX) returned 5.20% (excluding sales charges) for the year ended August 31, 2026. Significant factors affecting fund performance during the period included market volatility and low-quality stock outperformance in the small-cap segment of the U.S. stock market, driven by shifting investor sentiment, elevated inflation, and uncertainty surrounding U.S. Federal Reserve policy.
TOP PERFORMANCE CONTRIBUTORS
Industrials stocks | Industrials stocks provided the greatest contribution to fund performance at the sector level.
Sterling Infrastructure, Inc. | This infrastructure company enjoyed strong earnings growth powered by robust demand for data center infrastructure.
Fabrinet | The optical manufacturing products and services provider benefited from increased demand for fiber optics due to the company's artificial intelligence (AI) build-out.
TOP PERFORMANCE DETRACTORS
Energy stocks | The fund’s holdings in the energy sector declined notably amid uncertainty in the sector due to the ongoing conflict in Iran.
Varonis Systems, Inc. | Concerns about competition from AI in the software-as-a-service industry weighed on the stock of this data security software company.
Commvault Systems, Inc. | The cybersecurity firm’s stock also came under pressure from perceived competitive threats from AI.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Small Cap Dynamic Growth Fund (Class A/JSJAX) | (0.04)% | (2.96)% | 6.66% |
| Small Cap Dynamic Growth Fund (Class A/JSJAX)—excluding sales charge | 5.20% | (1.96)% | 7.21% |
| Russell 3000 Index | 20.10% | 11.80% | 14.84% |
| Russell 2000 Growth Index | 23.25% | 5.04% | 10.66% |
|
Class A shares were first offered 3-27-18. Returns prior to this date are those of Class NAV shares and have not been adjusted for class-specific expenses; otherwise, returns would vary. |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Figures reflect maximum sales charge on Class A shares of 5.00%. Past performance does not guarantee future results. 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 and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $527,101,692 |
| Total number of portfolio holdings | 73 |
| Total advisory fees paid (net) | $3,813,520 |
| Portfolio turnover rate | 160% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| iShares Russell 2000 Growth ETF | 3.7% |
| Janus Living, Inc., Class A1 | 2.8% |
| Casey's General Stores, Inc. | 2.6% |
| Sensient Technologies Corp. | 2.5% |
| JFrog, Ltd. | 2.4% |
| BrightSpring Health Services, Inc. | 2.3% |
| IMAX Corp. | 2.3% |
| Casella Waste Systems, Inc., Class A | 2.1% |
| First Financial Bankshares, Inc. | 2.1% |
| FirstCash Holdings, Inc. | 2.1% |
Sector Composition
| Information technology | 20.4% |
| Health care | 18.2% |
| Industrials | 14.8% |
| Financials | 14.2% |
| Consumer discretionary | 9.3% |
| Consumer staples | 5.5% |
| Communication services | 5.0% |
| Energy | 3.4% |
| Real estate | 2.8% |
| Materials | 2.5% |
| Short-term investments and other | 3.9% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889462
470A-A
8/26
10/26
John Hancock Small Cap Dynamic Growth Fund
John Hancock Small Cap Dynamic Growth Fund
Class C/JSJCX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Small Cap Dynamic Growth Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Small Cap Dynamic Growth Fund (Class C/JSJCX) |
$197 | 1.93% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Small Cap Dynamic Growth Fund (Class C/JSJCX) returned 4.38% (excluding sales charges) for the year ended August 31, 2026. Significant factors affecting fund performance during the period included market volatility and low-quality stock outperformance in the small-cap segment of the U.S. stock market, driven by shifting investor sentiment, elevated inflation, and uncertainty surrounding U.S. Federal Reserve policy.
TOP PERFORMANCE CONTRIBUTORS
Industrials stocks | Industrials stocks provided the greatest contribution to fund performance at the sector level.
Sterling Infrastructure, Inc. | This infrastructure company enjoyed strong earnings growth powered by robust demand for data center infrastructure.
Fabrinet | The optical manufacturing products and services provider benefited from increased demand for fiber optics due to the company's artificial intelligence (AI) build-out.
TOP PERFORMANCE DETRACTORS
Energy stocks | The fund’s holdings in the energy sector declined notably amid uncertainty in the sector due to the ongoing conflict in Iran.
Varonis Systems, Inc. | Concerns about competition from AI in the software-as-a-service industry weighed on the stock of this data security software company.
Commvault Systems, Inc. | The cybersecurity firm’s stock also came under pressure from perceived competitive threats from AI.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Small Cap Dynamic Growth Fund (Class C/JSJCX) | 3.45% | (2.70)% | 6.53% |
| Small Cap Dynamic Growth Fund (Class C/JSJCX)—excluding sales charge | 4.38% | (2.70)% | 6.53% |
| Russell 3000 Index | 20.10% | 11.80% | 14.84% |
| Russell 2000 Growth Index | 23.25% | 5.04% | 10.66% |
|
Class C shares were first offered 3-27-18. Returns prior to this date are those of Class NAV shares and have not been adjusted for class-specific expenses; otherwise, returns would vary. |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Class C shares sold within one year of purchase are subject to a 1.00% contingent deferred sales charge. Past performance does not guarantee future results. 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 and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $527,101,692 |
| Total number of portfolio holdings | 73 |
| Total advisory fees paid (net) | $3,813,520 |
| Portfolio turnover rate | 160% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| iShares Russell 2000 Growth ETF | 3.7% |
| Janus Living, Inc., Class A1 | 2.8% |
| Casey's General Stores, Inc. | 2.6% |
| Sensient Technologies Corp. | 2.5% |
| JFrog, Ltd. | 2.4% |
| BrightSpring Health Services, Inc. | 2.3% |
| IMAX Corp. | 2.3% |
| Casella Waste Systems, Inc., Class A | 2.1% |
| First Financial Bankshares, Inc. | 2.1% |
| FirstCash Holdings, Inc. | 2.1% |
Sector Composition
| Information technology | 20.4% |
| Health care | 18.2% |
| Industrials | 14.8% |
| Financials | 14.2% |
| Consumer discretionary | 9.3% |
| Consumer staples | 5.5% |
| Communication services | 5.0% |
| Energy | 3.4% |
| Real estate | 2.8% |
| Materials | 2.5% |
| Short-term investments and other | 3.9% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889462
470A-C
8/26
10/26
John Hancock Small Cap Dynamic Growth Fund
John Hancock Small Cap Dynamic Growth Fund
Class I/JSJIX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Small Cap Dynamic Growth Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Small Cap Dynamic Growth Fund (Class I/JSJIX) |
$96 | 0.93% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Small Cap Dynamic Growth Fund (Class I/JSJIX) returned 5.48% for the year ended August 31, 2026. Significant factors affecting fund performance during the period included market volatility and low-quality stock outperformance in the small-cap segment of the U.S. stock market, driven by shifting investor sentiment, elevated inflation, and uncertainty surrounding U.S. Federal Reserve policy.
TOP PERFORMANCE CONTRIBUTORS
Industrials stocks | Industrials stocks provided the greatest contribution to fund performance at the sector level.
Sterling Infrastructure, Inc. | This infrastructure company enjoyed strong earnings growth powered by robust demand for data center infrastructure.
Fabrinet | The optical manufacturing products and services provider benefited from increased demand for fiber optics due to the company's artificial intelligence (AI) build-out.
TOP PERFORMANCE DETRACTORS
Energy stocks | The fund’s holdings in the energy sector declined notably amid uncertainty in the sector due to the ongoing conflict in Iran.
Varonis Systems, Inc. | Concerns about competition from AI in the software-as-a-service industry weighed on the stock of this data security software company.
Commvault Systems, Inc. | The cybersecurity firm’s stock also came under pressure from perceived competitive threats from AI.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $250,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $250,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Small Cap Dynamic Growth Fund (Class I/JSJIX) | 5.48% | (1.73)% | 7.42% |
| Russell 3000 Index | 20.10% | 11.80% | 14.84% |
| Russell 2000 Growth Index | 23.25% | 5.04% | 10.66% |
|
Class I shares were first offered 3-27-18. Returns prior to this date are those of Class NAV shares and have not been adjusted for class-specific expenses; otherwise, returns would vary. |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. 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 and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $527,101,692 |
| Total number of portfolio holdings | 73 |
| Total advisory fees paid (net) | $3,813,520 |
| Portfolio turnover rate | 160% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| iShares Russell 2000 Growth ETF | 3.7% |
| Janus Living, Inc., Class A1 | 2.8% |
| Casey's General Stores, Inc. | 2.6% |
| Sensient Technologies Corp. | 2.5% |
| JFrog, Ltd. | 2.4% |
| BrightSpring Health Services, Inc. | 2.3% |
| IMAX Corp. | 2.3% |
| Casella Waste Systems, Inc., Class A | 2.1% |
| First Financial Bankshares, Inc. | 2.1% |
| FirstCash Holdings, Inc. | 2.1% |
Sector Composition
| Information technology | 20.4% |
| Health care | 18.2% |
| Industrials | 14.8% |
| Financials | 14.2% |
| Consumer discretionary | 9.3% |
| Consumer staples | 5.5% |
| Communication services | 5.0% |
| Energy | 3.4% |
| Real estate | 2.8% |
| Materials | 2.5% |
| Short-term investments and other | 3.9% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889462
470A-I
8/26
10/26
John Hancock Small Cap Dynamic Growth Fund
John Hancock Small Cap Dynamic Growth Fund
Class NAV
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Small Cap Dynamic Growth Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/underlying-funds. You can also request this information by contacting us at 800-344-1029.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Small Cap Dynamic Growth Fund (Class NAV) |
$84 | 0.82% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Small Cap Dynamic Growth Fund (Class NAV) returned 5.54% for the year ended August 31, 2026. Significant factors affecting fund performance during the period included market volatility and low-quality stock outperformance in the small-cap segment of the U.S. stock market, driven by shifting investor sentiment, elevated inflation, and uncertainty surrounding U.S. Federal Reserve policy.
TOP PERFORMANCE CONTRIBUTORS
Industrials stocks | Industrials stocks provided the greatest contribution to fund performance at the sector level.
Sterling Infrastructure, Inc. | This infrastructure company enjoyed strong earnings growth powered by robust demand for data center infrastructure.
Fabrinet | The optical manufacturing products and services provider benefited from increased demand for fiber optics due to the company's artificial intelligence (AI) build-out.
TOP PERFORMANCE DETRACTORS
Energy stocks | The fund’s holdings in the energy sector declined notably amid uncertainty in the sector due to the ongoing conflict in Iran.
Varonis Systems, Inc. | Concerns about competition from AI in the software-as-a-service industry weighed on the stock of this data security software company.
Commvault Systems, Inc. | The cybersecurity firm’s stock also came under pressure from perceived competitive threats from AI.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Small Cap Dynamic Growth Fund (Class NAV) | 5.54% | (1.61)% | 7.54% |
| Russell 3000 Index | 20.10% | 11.80% | 14.84% |
| Russell 2000 Growth Index | 23.25% | 5.04% | 10.66% |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. 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. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $527,101,692 |
| Total number of portfolio holdings | 73 |
| Total advisory fees paid (net) | $3,813,520 |
| Portfolio turnover rate | 160% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| iShares Russell 2000 Growth ETF | 3.7% |
| Janus Living, Inc., Class A1 | 2.8% |
| Casey's General Stores, Inc. | 2.6% |
| Sensient Technologies Corp. | 2.5% |
| JFrog, Ltd. | 2.4% |
| BrightSpring Health Services, Inc. | 2.3% |
| IMAX Corp. | 2.3% |
| Casella Waste Systems, Inc., Class A | 2.1% |
| First Financial Bankshares, Inc. | 2.1% |
| FirstCash Holdings, Inc. | 2.1% |
Sector Composition
| Information technology | 20.4% |
| Health care | 18.2% |
| Industrials | 14.8% |
| Financials | 14.2% |
| Consumer discretionary | 9.3% |
| Consumer staples | 5.5% |
| Communication services | 5.0% |
| Energy | 3.4% |
| Real estate | 2.8% |
| Materials | 2.5% |
| Short-term investments and other | 3.9% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/underlying-funds, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889462
470A-NAV
8/26
10/26
John Hancock Small Cap Dynamic Growth Fund
John Hancock Small Cap Dynamic Growth Fund
Class R6/JSJFX
Annual SHAREHOLDER REPORT | August 31, 2026
This annual shareholder report contains important information about the John Hancock Small Cap Dynamic Growth Fund (the fund) for the period of September 1, 2025 to August 31, 2026. You can find additional information about the fund at jhinvestments.com/documents. You can also request this information by contacting us at 800-225-5291.
What were the fund costs during the last year ?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Small Cap Dynamic Growth Fund (Class R6/JSJFX) |
$85 | 0.83% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
Small Cap Dynamic Growth Fund (Class R6/JSJFX) returned 5.54% for the year ended August 31, 2026. Significant factors affecting fund performance during the period included market volatility and low-quality stock outperformance in the small-cap segment of the U.S. stock market, driven by shifting investor sentiment, elevated inflation, and uncertainty surrounding U.S. Federal Reserve policy.
TOP PERFORMANCE CONTRIBUTORS
Industrials stocks | Industrials stocks provided the greatest contribution to fund performance at the sector level.
Sterling Infrastructure, Inc. | This infrastructure company enjoyed strong earnings growth powered by robust demand for data center infrastructure.
Fabrinet | The optical manufacturing products and services provider benefited from increased demand for fiber optics due to the company's artificial intelligence (AI) build-out.
TOP PERFORMANCE DETRACTORS
Energy stocks | The fund’s holdings in the energy sector declined notably amid uncertainty in the sector due to the ongoing conflict in Iran.
Varonis Systems, Inc. | Concerns about competition from AI in the software-as-a-service industry weighed on the stock of this data security software company.
Commvault Systems, Inc. | The cybersecurity firm’s stock also came under pressure from perceived competitive threats from AI.
The views expressed in this report are those of the portfolio management team and are subject to change. They are not meant as investment advice.
Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $1,000,000 initial investment in the fund and in an appropriate, broad-based securities market index for the same period.
GROWTH OF $1,000,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| Small Cap Dynamic Growth Fund (Class R6/JSJFX) | 5.54% | (1.63)% | 7.53% |
| Russell 3000 Index | 20.10% | 11.80% | 14.84% |
| Russell 2000 Growth Index | 23.25% | 5.04% | 10.66% |
|
Class R6 shares were first offered 3-27-18. Returns prior to this date are those of Class NAV shares and have not been adjusted for class-specific expenses; otherwise, returns would vary. |
Performance figures assume all distributions have been reinvested and reflect the beneficial effect of any expense reductions. Past performance does not guarantee future results. 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 and can be found at jhinvestments.com/investments or by calling 800-225-5291. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. It is not possible to invest directly in an index.
Fund Statistics
| Fund net assets | $527,101,692 |
| Total number of portfolio holdings | 73 |
| Total advisory fees paid (net) | $3,813,520 |
| Portfolio turnover rate | 160% |
Graphical Representation of Holdings
The tables below show the investment makeup of the fund, representing a percentage of the total net assets of the fund.
Top Ten Holdings
| iShares Russell 2000 Growth ETF | 3.7% |
| Janus Living, Inc., Class A1 | 2.8% |
| Casey's General Stores, Inc. | 2.6% |
| Sensient Technologies Corp. | 2.5% |
| JFrog, Ltd. | 2.4% |
| BrightSpring Health Services, Inc. | 2.3% |
| IMAX Corp. | 2.3% |
| Casella Waste Systems, Inc., Class A | 2.1% |
| First Financial Bankshares, Inc. | 2.1% |
| FirstCash Holdings, Inc. | 2.1% |
Sector Composition
| Information technology | 20.4% |
| Health care | 18.2% |
| Industrials | 14.8% |
| Financials | 14.2% |
| Consumer discretionary | 9.3% |
| Consumer staples | 5.5% |
| Communication services | 5.0% |
| Energy | 3.4% |
| Real estate | 2.8% |
| Materials | 2.5% |
| Short-term investments and other | 3.9% |
Holdings may not have been held by the fund for the entire period and are subject to change without notice. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk and may change at any time.
The fund is subject to various risks as described in the fund's prospectus . For more information, please refer to the "Principal risks" section of the prospectus .
Availability of Additional Information
At jhinvestments.com/documents, you can find additional information about the fund, including the fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 800-225-5291.
This report is for the information of the shareholders in this fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by the fund's prospectus.
John Hancock Investment Management Distributors LLC, Member FINRA, SIPC, 200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.
MF5889462
470A-R6
8/26
10/26
John Hancock Small Cap Dynamic Growth Fund
ITEM 2. CODE OF ETHICS.
As of the end of the year, August 31, 2026, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the "Covered Officers"). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Frances G. Rathke and William K. Bacic are audit committee financial experts and are "independent", pursuant to general instructions on Form N-CSR Item 3.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The aggregate fees billed for professional services rendered by the principal accountant for the audits of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements amounted to $152,673 and $150,724 for the fiscal years ended August 31, 2026 and August 31, 2025, respectively. These fees were billed to the registrant and were approved by the registrant's audit committee.
(b) Audit-Related Services
Audit-related fees for assurance and related services by the principal accountant are billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser ("control affiliates") that provides ongoing services to the registrant. The nature of the services provided was affiliated service provider internal controls reviews, security counts pursuant to Rule 17f-2 under the Investment Company Act of 1940, reviews related to supplemental regulatory filings, and a software licensing fee. Amounts billed to the registrant were $10,069 and $17,163 for fiscal years ended August 31, 2026 and August 31, 2025, respectively.
Amounts billed to control affiliates were $137,100 and $137,100 for the fiscal years ended August 31, 2026 and August 31, 2025, respectively.
(c) Tax Fees
The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning ("tax fees") amounted to $10,609 and $3,090 for the fiscal years ended August 31, 2026 and August 31, 2025, respectively. The nature of the services comprising the tax fees was the review of the registrant's tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant's audit committee.
(d) All Other Fees
Other fees amounted to $2,712 and $0 for the fiscal years ended August 31, 2026 and August 31, 2025, respectively. The nature of the services comprising all other fees is advisory services provided to the investment manager. These fees were approved by the registrant's audit committee.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant's Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the "Auditor") relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The registrant's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per instance/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per instance/per fund are subject to specific pre-approval by the Audit Committee.
All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.
(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Audit-Related Fees, Tax Fees and All Other Fees
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
(f) According to the registrant's principal accountant for the fiscal year ended August 31, 2026, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.
(g) The aggregate non-audit fees billed by the registrant's principal accountant for non-audit services rendered to the registrant and rendered to the registrant's control affiliates were $1,069,544 for the fiscal year ended August 31, 2026 and $597,831 for the fiscal year ended August 31, 2025.
(h) The audit committee of the registrant has considered the non-audit services provided by the registrant's principal accountant to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant's independence.
(i) Not applicable.
(j) Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:
Frances G. Rathke – Chairperson
William H. Cunningham - retired effective December 31, 2025
William K. Bacic
Thomas R. Wright - effective January 1, 2026
ITEM 6. SCHEDULE OF INVESTMENTS.
(a) Refer to information included in Item 7.
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
The Registrant prepared financial statements and financial highlights for the year ended August 31, 2026 for the following funds:
-
John Hancock Alternative Asset Allocation Fund
-
John Hancock Blue Chip Growth Fund
-
John Hancock Real Estate Securities Fund
-
John Hancock Small Cap Dynamic Growth Fund
Annual Financial Statements & Other N-CSR Items
John Hancock
Alternative Asset Allocation Fund
Alternative
August 31, 2026
John Hancock
Alternative Asset Allocation Fund
Table of contents
| 1 | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND | |
Fund’s investments
AS OF 8-31-26
| Shares | Value | ||||
| Affiliated investment companies (A) 58.8% | $1,028,818,449 | ||||
| (Cost $931,460,406) | |||||
| Absolute return strategies 39.2% | 686,718,610 | ||||
| Diversified Macro, Class NAV, JHIT (Graham) | 14,013,736 | 131,729,121 | |||
| Multi-Asset Absolute Return, Class NAV, JHF II (NIMNAI) (B) | 12,273,233 | 135,864,691 | |||
| The Arbitrage Fund, Class I (C) | 10,349,107 | 148,716,668 | |||
| Victory Market Neutral Income Fund, Class I (C) | 18,827,113 | 176,598,320 | |||
| Virtus AlphaSimplex Managed Futures Strategy Fund, Class R6 (C) | 10,636,033 | 93,809,810 | |||
| Alternative investment approaches 12.8% | 223,323,874 | ||||
| Disciplined Global Long/Short, Class NAV, JHIT (Boston Partners) (D) | 6,402,875 | 118,645,266 | |||
| Hedged Equity ETF, JHETF (MIM US) (E) | 3,731,033 | 104,678,608 | |||
| Alternative markets 6.8% | 118,775,965 | ||||
| Infrastructure, Class NAV, JHIT (Wellington) | 4,479,358 | 88,019,394 | |||
| Invesco DB Precious Metals Fund (C) | 299,864 | 30,756,571 | |||
| Unaffiliated investment companies 37.8% | $661,521,361 | ||||
| (Cost $578,875,630) | |||||
| Absolute return strategies 24.5% | 428,078,052 | ||||
| BlackRock Tactical Opportunities Fund, Institutional Class (B) | 10,542,717 | 187,027,795 | |||
| Calamos Market Neutral Income Fund, Class I | 14,788,359 | 241,050,257 | |||
| Alternative investment approaches 11.5% | 201,605,670 | ||||
| JPMorgan Hedged Equity Fund, Class R6 | 5,645,636 | 201,605,670 | |||
| Alternative markets 1.8% | 31,837,639 | ||||
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (F) | 1,707,112 | 31,837,639 | |||
| Yield (%) | Shares | Value | |||
| Short-term investments 3.3% | $58,260,748 | ||||
| (Cost $58,262,093) | |||||
| Short-term funds 3.3% | 58,260,748 | ||||
| John Hancock Collateral Trust (G) | 3.6571(H) | 5,826,133 | 58,260,748 | ||
| Total investments (Cost $1,568,598,129) 99.9% | $1,748,600,558 | ||||
| Other assets and liabilities, net 0.1% | 2,069,935 | ||||
| Total net assets 100.0% | $1,750,670,493 | ||||
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND | 2 |
| Security Abbreviations and Legend | |
| JHETF | John Hancock Exchange-Traded Fund Trust |
| JHF II | John Hancock Funds II |
| JHIT | John Hancock Investment Trust |
| (A) | The underlying funds’ subadvisor is shown parenthetically. |
| (B) | Non-income producing. |
| (C) | The fund owns 5% or more of the outstanding voting shares of the issuer and the security is considered an affiliate of the fund. For more information on this security refer to the Notes to financial statements. |
| (D) | Formerly known as Disciplined Value Global Long/Short Fund. |
| (E) | The subadvisor is an affiliate of the advisor. |
| (F) | All or a portion of this security is on loan as of 8-31-26. |
| (G) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
| (H) | The rate shown is the annualized seven-day yield as of 8-31-26. |
| Subadvisors of Affiliated Underlying Funds | |
| Boston Partners Global Investors, Inc. | (Boston Partners) |
| Graham Capital Management, L.P. | (Graham) |
| Manulife Investment Management (US) LLC | (MIM US) |
| Nordea Investment Management North America, Inc. | (NIMNAI) |
| Wellington Management Company LLP | (Wellington) |
| 3 | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND | | SEE NOTES TO FINANCIAL STATEMENTS |
DERIVATIVES
SWAPS
| Total return swaps | ||||||||||
| Pay/ receive total return* | Reference entity | Floating/ fixed rate | Payment frequency | Currency | Notional amount | Maturity date | Counterparty (OTC) | Unamortized upfront payment paid (received) | Unrealized appreciation (depreciation) | Value |
| Receive | RBC US Equity Tail Risk Overlay Custom Strategy Series 2 Index (a) | Fixed 0.000% | Monthly | USD | 52,076,626 | May 2027 | RBC | — | — | — |
| — | — | — | ||||||||
| (a)The RBC US Equity Tail Risk Overlay Custom Strategy Series 2 Index is a custom strategy designed to benefit from intraday trend in equities and also monetize short term mean reversion/medium term downside trend by buying medium to long term put options funded by selling short term options linked to the S&P 500 Index. Details and components of the RBC US Equity Tail Risk Overlay Custom Strategy Series 2 Index are not publicly available. See below for the top 50 components of the index. | ||||||||||
* Fund will pay or receive the total return of the reference asset depending on whether the return is positive or negative. For contracts where the fund has elected to receive the total return of the reference asset if positive, it will be responsible for paying the floating rate and the total return of the reference asset if negative. If the fund has elected to pay the total return of the reference asset if positive, it will receive the floating rate and the total return of the reference asset if negative.
| RBC US Equity Tail Risk Overlay Custom Strategy Series 2 Index | |||
| Underlying Investment | Units | Value | Weighting |
| Equity Option - SPX Index_10/16/2026_P_6925 | 0.0012 | 0.0238 | 0.97% |
| Equity Option - SPX Index_10/16/2026_P_6800 | 0.0012 | 0.0184 | 0.93% |
| Equity Option - SPX Index_11/20/2026_P_6825 | 0.0012 | 0.0457 | 0.93% |
| Equity Option - SPX Index_9/18/2026_P_6725 | 0.0011 | 0.0033 | 0.89% |
| Equity Option - SPX Index_11/20/2026_P_6900 | 0.0010 | 0.0445 | 0.81% |
| Equity Option - SPX Index_9/18/2026_P_6700 | 0.0010 | 0.0028 | 0.78% |
| Equity Option - SPX Index_9/18/2026_P_6675 | 0.0010 | 0.0027 | 0.78% |
| Equity Option - SPX Index_2/19/2027_P_6900 | 0.0009 | 0.0966 | 0.74% |
| Equity Option - SPX Index_9/18/2026_P_6575 | 0.0009 | 0.0022 | 0.74% |
| Equity Option - SPX Index_12/18/2026_P_7325 | 0.0009 | 0.1024 | 0.72% |
| Equity Option - SPX Index_1/15/2027_P_6975 | 0.0009 | 0.0784 | 0.71% |
| Equity Option - SPX Index_11/20/2026_P_6850 | 0.0009 | 0.0362 | 0.71% |
| Equity Option - SPX Index_11/20/2026_P_6800 | 0.0008 | 0.0305 | 0.64% |
| Equity Option - SPX Index_10/16/2026_P_6975 | 0.0008 | 0.0166 | 0.62% |
| Equity Option - SPX Index_10/16/2026_P_6950 | 0.0008 | 0.0155 | 0.61% |
| Equity Option - SPX Index_9/18/2026_P_6900 | 0.0008 | 0.0030 | 0.59% |
| Equity Option - SPX Index_10/16/2026_P_7060 | 0.0007 | 0.0184 | 0.59% |
| Equity Option - SPX Index_10/16/2026_P_6725 | 0.0007 | 0.0101 | 0.57% |
| Equity Option - SPX Index_3/19/2027_P_7400 | 0.0007 | 0.1418 | 0.55% |
| Equity Option - SPX Index_11/20/2026_P_6725 | 0.0007 | 0.0225 | 0.52% |
| Equity Option - SPX Index_10/16/2026_P_6875 | 0.0006 | 0.0114 | 0.51% |
| Equity Option - SPX Index_10/16/2026_P_6550 | 0.0006 | 0.0068 | 0.50% |
| Equity Option - SPX Index_1/15/2027_P_7475 | 0.0006 | 0.1035 | 0.50% |
| Equity Option - SPX Index_2/19/2027_P_7675 | 0.0006 | 0.1581 | 0.50% |
| Equity Option - SPX Index_12/18/2026_P_6775 | 0.0006 | 0.0338 | 0.49% |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND | 4 |
| RBC US Equity Tail Risk Overlay Custom Strategy Series 2 Index | |||
| Underlying Investment | Units | Value | Weighting |
| Equity Option - SPX Index_11/20/2026_P_6875 | 0.0006 | 0.0259 | 0.49% |
| Equity Option - SPX Index_12/18/2026_P_6950 | 0.0006 | 0.0413 | 0.48% |
| Equity Option - SPX Index_10/16/2026_P_7090 | 0.0006 | 0.0160 | 0.48% |
| Equity Option - SPX Index_2/19/2027_P_7700 | 0.0006 | 0.1561 | 0.48% |
| Equity Option - SPX Index_4/16/2027_P_7550 | 0.0006 | 0.1560 | 0.47% |
| Equity Option - SPX Index_11/20/2026_P_7325 | 0.0006 | 0.0500 | 0.47% |
| Equity Option - SPX Index_1/15/2027_P_7025 | 0.0006 | 0.0540 | 0.46% |
| Equity Option - SPX Index_4/16/2027_P_7175 | 0.0006 | 0.1052 | 0.46% |
| Equity Option - SPX Index_1/15/2027_P_7100 | 0.0006 | 0.0582 | 0.46% |
| Equity Option - SPX Index_2/19/2027_P_7750 | 0.0006 | 0.1592 | 0.46% |
| Equity Option - SPX Index_6/17/2027_P_7475 | 0.0006 | 0.1661 | 0.45% |
| Equity Option - SPX Index_5/21/2027_P_7800 | 0.0006 | 0.2084 | 0.45% |
| Equity Option - SPX Index_1/15/2027_P_7425 | 0.0006 | 0.0866 | 0.45% |
| Equity Option - SPX Index_9/18/2026_P_6540 | 0.0006 | 0.0012 | 0.44% |
| Equity Option - SPX Index_3/19/2027_P_7425 | 0.0006 | 0.1155 | 0.44% |
| Equity Option - SPX Index_9/4/2026_P_7475 | -0.0254 | -0.0615 | -19.92% |
| Equity Option - SPX Index_9/4/2026_C_7865 | -0.0254 | -0.0088 | -19.92% |
| Equity Option - SPX Index_9/3/2026_P_7460 | -0.0254 | -0.0272 | -19.93% |
| Equity Option - SPX Index_9/3/2026_C_7870 | -0.0254 | -0.0021 | -19.93% |
| Equity Option - SPX Index_9/2/2026_C_7860 | -0.0255 | -0.0017 | -20.01% |
| Equity Option - SPX Index_9/2/2026_P_7415 | -0.0255 | -0.0079 | -20.01% |
| Equity Option - SPX Index_9/8/2026_C_7840 | -0.0255 | -0.0488 | -20.01% |
| Equity Option - SPX Index_9/8/2026_P_7440 | -0.0255 | -0.0882 | -20.01% |
| Equity Option - SPX Index_9/1/2026_C_7840 | -0.0256 | -0.0017 | -20.06% |
| Equity Option - SPX Index_9/1/2026_P_7405 | -0.0256 | -0.0033 | -20.06% |
| Derivatives Currency Abbreviations | |
| USD | U.S. Dollar |
| Derivatives Abbreviations | |
| OTC | Over-the-counter |
| RBC | Royal Bank of Canada |
At 8-31-26, the aggregate cost of investments for federal income tax purposes was $1,588,534,027. Net unrealized appreciation aggregated to $160,066,531, of which $160,067,876 related to gross unrealized appreciation and $1,345 related to gross unrealized depreciation.
See Notes to financial statements regarding investment transactions and other derivatives information.
| 5 | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND | | SEE NOTES TO FINANCIAL STATEMENTS |
Financial statements
STATEMENT OF ASSETS AND LIABILITIES 8-31-26
| Assets | |
| Unaffiliated investments, at value (Cost $578,875,630) including $125,052 of securities loaned | $661,521,361 |
| Affiliated investments, at value (Cost $989,722,499) | 1,087,079,197 |
| Total investments, at value (Cost $1,568,598,129) | 1,748,600,558 |
| Collateral segregated at custodian for OTC derivative contracts | 410,000 |
| Dividends and interest receivable | 186,750 |
| Receivable for fund shares sold | 5,245,761 |
| Receivable for investments sold | 4,359,546 |
| Receivable for securities lending income | 919 |
| Receivable from affiliates | 7,124 |
| Other assets | 126,808 |
| Total assets | 1,758,937,466 |
| Liabilities | |
| Due to custodian | 52,724 |
| Payable for investments purchased | 7,103,266 |
| Payable for fund shares repurchased | 754,576 |
| Payable to affiliates | |
| Accounting and legal services fees | 75,295 |
| Transfer agent fees | 158,835 |
| Distribution and service fees | 68 |
| Trustees’ fees | 699 |
| Other liabilities and accrued expenses | 121,510 |
| Total liabilities | 8,266,973 |
| Net assets | $1,750,670,493 |
| Net assets consist of | |
| Paid-in capital | $1,579,982,497 |
| Total distributable earnings (loss) | 170,687,996 |
| Net assets | $1,750,670,493 |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Alternative Asset Allocation Fund | 6 |
STATEMENT OF ASSETS AND LIABILITIES 8-31-26 (continued)
| 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 A ($53,967,024 ÷ 3,006,930 shares)1 | $17.95 |
| Class C ($3,870,997 ÷ 215,745 shares)1 | $17.94 |
| Class I ($1,655,300,051 ÷ 92,024,814 shares) | $17.99 |
| Class R2 ($257,462 ÷ 14,372 shares) | $17.91 |
| Class R4 ($172,926 ÷ 9,609 shares) | $18.00 |
| Class R6 ($37,102,033 ÷ 2,060,581 shares) | $18.01 |
| Maximum offering price per share | |
| Class A (net asset value per share ÷ 95%)2 | $18.89 |
| 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. |
| 7 | JOHN HANCOCK Alternative Asset Allocation Fund | | SEE NOTES TO FINANCIAL STATEMENTS |
STATEMENT OF OPERATIONS For the year ended 8-31-26
| Investment income | |
| Dividends from affiliated investments | $15,229,894 |
| Dividends | 5,198,165 |
| Interest | 45,161 |
| Securities lending, net | 5,254 |
| Total investment income | 20,478,474 |
| Expenses | |
| Investment management fees | 6,856,470 |
| Distribution and service fees | 202,667 |
| Accounting and legal services fees | 242,110 |
| Transfer agent fees | 1,483,032 |
| Trustees’ fees | 30,604 |
| Custodian fees | 45,630 |
| State registration fees | 184,264 |
| Printing and postage | 93,444 |
| Professional fees | 94,998 |
| Other | 52,642 |
| Total expenses | 9,285,861 |
| Less expense reductions | (2,288,431) |
| Net expenses | 6,997,430 |
| Net investment income | 13,481,044 |
| Realized and unrealized gain (loss) | |
| Net realized gain (loss) on | |
| Unaffiliated investments | 9,786,420 |
| Affiliated investments | 8,903,935 |
| Capital gain distributions received from affiliated investments | 10,397,681 |
| Swap contracts | (1,068,933) |
| 28,019,103 | |
| Change in net unrealized appreciation (depreciation) of | |
| Unaffiliated investments | 44,705,991 |
| Affiliated investments | 59,257,060 |
| Swap contracts | 3,405 |
| 103,966,456 | |
| Net realized and unrealized gain | 131,985,559 |
| Increase in net assets from operations | $145,466,603 |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Alternative Asset Allocation Fund | 8 |
STATEMENTS OF CHANGES IN NET ASSETS
| Year ended 8-31-26 | Year ended 8-31-25 | |
| Increase (decrease) in net assets | ||
| From operations | ||
| Net investment income | $13,481,044 | $10,795,754 |
| Net realized gain | 28,019,103 | 18,906,964 |
| Change in net unrealized appreciation (depreciation) | 103,966,456 | 11,931,123 |
| Increase in net assets resulting from operations | 145,466,603 | 41,633,841 |
| Distributions to shareholders | ||
| From earnings | ||
| Class A | (822,247) | (647,450) |
| Class C | (32,446) | (21,223) |
| Class I | (23,462,777) | (10,509,352) |
| Class R2 | (3,808) | (6,575) |
| Class R4 | (2,628) | (1,590) |
| Class R6 | (693,917) | (495,057) |
| Total distributions | (25,017,823) | (11,681,247) |
| From fund share transactions | 659,534,449 | 153,204,741 |
| Total increase | 779,983,229 | 183,157,335 |
| Net assets | ||
| Beginning of year | 970,687,264 | 787,529,929 |
| End of year | $1,750,670,493 | $970,687,264 |
| 9 | JOHN HANCOCK Alternative Asset Allocation Fund | | SEE NOTES TO FINANCIAL STATEMENTS |
Financial highlights
| CLASS A SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $16.48 | $15.96 | $15.10 | $14.98 | $15.70 |
| Net investment income1,2 | 0.12 | 0.16 | 0.21 | 0.40 | 0.23 |
| Net realized and unrealized gain (loss) on investments | 1.60 | 0.55 | 0.91 | 0.16 | (0.69) |
| Total from investment operations | 1.72 | 0.71 | 1.12 | 0.56 | (0.46) |
| Less distributions | |||||
| From net investment income | (0.18) | (0.19) | (0.20) | (0.34) | (0.24) |
| From net realized gain | (0.07) | — | (0.06) | (0.10) | (0.02) |
| Total distributions | (0.25) | (0.19) | (0.26) | (0.44) | (0.26) |
| Net asset value, end of period | $17.95 | $16.48 | $15.96 | $15.10 | $14.98 |
| Total return (%)3,4 | 10.58 | 4.46 | 7.51 | 3.86 | (2.95) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $54 | $54 | $57 | $60 | $73 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions5 | 0.96 | 0.94 | 0.95 | 0.95 | 0.90 |
| Expenses including reductions5 | 0.79 | 0.79 | 0.76 | 0.76 | 0.72 |
| Net investment income2 | 0.69 | 1.00 | 1.39 | 2.69 | 1.47 |
| Portfolio turnover (%) | 30 | 33 | 24 | 30 | 13 |
| 1 | Based on average daily shares outstanding. |
| 2 | Net investment income (loss) is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests. Net investment income (loss) of any underlying funds is not included in the fund’s net investment income (loss) per share or net investment income (loss) ratio. |
| 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 fund. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Alternative Asset Allocation Fund | 10 |
| CLASS C SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $16.48 | $15.96 | $15.10 | $14.98 | $15.70 |
| Net investment income1,2 | —3 | 0.05 | 0.12 | 0.29 | 0.13 |
| Net realized and unrealized gain (loss) on investments | 1.60 | 0.55 | 0.89 | 0.16 | (0.69) |
| Total from investment operations | 1.60 | 0.60 | 1.01 | 0.45 | (0.56) |
| Less distributions | |||||
| From net investment income | (0.07) | (0.08) | (0.09) | (0.23) | (0.14) |
| From net realized gain | (0.07) | — | (0.06) | (0.10) | (0.02) |
| Total distributions | (0.14) | (0.08) | (0.15) | (0.33) | (0.16) |
| Net asset value, end of period | $17.94 | $16.48 | $15.96 | $15.10 | $14.98 |
| Total return (%)4,5 | 9.77 | 3.74 | 6.77 | 3.11 | (3.62) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $4 | $4 | $5 | $7 | $11 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions6 | 1.66 | 1.64 | 1.65 | 1.65 | 1.60 |
| Expenses including reductions6 | 1.49 | 1.49 | 1.46 | 1.46 | 1.41 |
| Net investment income (loss)2 | (0.01) | 0.32 | 0.76 | 1.93 | 0.86 |
| Portfolio turnover (%) | 30 | 33 | 24 | 30 | 13 |
| 1 | Based on average daily shares outstanding. |
| 2 | Net investment income (loss) is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests. Net investment income (loss) of any underlying funds is not included in the fund’s net investment income (loss) per share or net investment income (loss) ratio. |
| 3 | Less than $0.005 per share. |
| 4 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 5 | Does not reflect the effect of sales charges, if any. |
| 6 | Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund. |
| 11 | JOHN HANCOCK Alternative Asset Allocation Fund | | SEE NOTES TO FINANCIAL STATEMENTS |
| CLASS I SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $16.52 | $15.99 | $15.13 | $15.01 | $15.73 |
| Net investment income1,2 | 0.17 | 0.20 | 0.26 | 0.43 | 0.26 |
| Net realized and unrealized gain (loss) on investments | 1.60 | 0.56 | 0.90 | 0.17 | (0.67) |
| Total from investment operations | 1.77 | 0.76 | 1.16 | 0.60 | (0.41) |
| Less distributions | |||||
| From net investment income | (0.23) | (0.23) | (0.24) | (0.38) | (0.29) |
| From net realized gain | (0.07) | — | (0.06) | (0.10) | (0.02) |
| Total distributions | (0.30) | (0.23) | (0.30) | (0.48) | (0.31) |
| Net asset value, end of period | $17.99 | $16.52 | $15.99 | $15.13 | $15.01 |
| Total return (%)3 | 10.87 | 4.83 | 7.81 | 4.17 | (2.66) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $1,655 | $877 | $694 | $660 | $529 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions4 | 0.66 | 0.64 | 0.65 | 0.65 | 0.60 |
| Expenses including reductions4 | 0.49 | 0.49 | 0.46 | 0.46 | 0.42 |
| Net investment income2 | 0.98 | 1.24 | 1.66 | 2.90 | 1.67 |
| Portfolio turnover (%) | 30 | 33 | 24 | 30 | 13 |
| 1 | Based on average daily shares outstanding. |
| 2 | Net investment income (loss) is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests. Net investment income (loss) of any underlying funds is not included in the fund’s net investment income (loss) per share or net investment income (loss) ratio. |
| 3 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 4 | Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Alternative Asset Allocation Fund | 12 |
| CLASS R2 SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $16.46 | $15.94 | $15.08 | $14.95 | $15.67 |
| Net investment income1,2 | 0.10 | 0.17 | 0.17 | 0.25 | 0.22 |
| Net realized and unrealized gain (loss) on investments | 1.59 | 0.52 | 0.94 | 0.30 | (0.69) |
| Total from investment operations | 1.69 | 0.69 | 1.11 | 0.55 | (0.47) |
| Less distributions | |||||
| From net investment income | (0.17) | (0.17) | (0.19) | (0.32) | (0.23) |
| From net realized gain | (0.07) | — | (0.06) | (0.10) | (0.02) |
| Total distributions | (0.24) | (0.17) | (0.25) | (0.42) | (0.25) |
| Net asset value, end of period | $17.91 | $16.46 | $15.94 | $15.08 | $14.95 |
| Total return (%)3 | 10.38 | 4.38 | 7.43 | 3.82 | (3.04) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $—4 | $—4 | $1 | $3 | $1 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions5 | 1.05 | 1.03 | 1.04 | 1.04 | 0.99 |
| Expenses including reductions5 | 0.89 | 0.88 | 0.85 | 0.85 | 0.81 |
| Net investment income2 | 0.60 | 1.07 | 1.13 | 1.67 | 1.45 |
| Portfolio turnover (%) | 30 | 33 | 24 | 30 | 13 |
| 1 | Based on average daily shares outstanding. |
| 2 | Net investment income (loss) is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests. Net investment income (loss) of any underlying funds is not included in the fund’s net investment income (loss) per share or net investment income (loss) ratio. |
| 3 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 4 | Less than $500,000. |
| 5 | Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund. |
| 13 | JOHN HANCOCK Alternative Asset Allocation Fund | | SEE NOTES TO FINANCIAL STATEMENTS |
| CLASS R4 SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $16.53 | $16.00 | $15.14 | $15.01 | $15.73 |
| Net investment income1,2 | 0.14 | 0.19 | 0.24 | 0.41 | 0.21 |
| Net realized and unrealized gain (loss) on investments | 1.61 | 0.55 | 0.90 | 0.18 | (0.64) |
| Total from investment operations | 1.75 | 0.74 | 1.14 | 0.59 | (0.43) |
| Less distributions | |||||
| From net investment income | (0.21) | (0.21) | (0.22) | (0.36) | (0.27) |
| From net realized gain | (0.07) | — | (0.06) | (0.10) | (0.02) |
| Total distributions | (0.28) | (0.21) | (0.28) | (0.46) | (0.29) |
| Net asset value, end of period | $18.00 | $16.53 | $16.00 | $15.14 | $15.01 |
| Total return (%)3 | 10.71 | 4.68 | 7.66 | 4.06 | (2.78) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $—4 | $—4 | $—4 | $—4 | $—4 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions5 | 0.90 | 0.88 | 0.88 | 0.89 | 0.84 |
| Expenses including reductions5 | 0.64 | 0.63 | 0.60 | 0.60 | 0.56 |
| Net investment income2 | 0.83 | 1.17 | 1.53 | 2.75 | 1.41 |
| Portfolio turnover (%) | 30 | 33 | 24 | 30 | 13 |
| 1 | Based on average daily shares outstanding. |
| 2 | Net investment income (loss) is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests. Net investment income (loss) of any underlying funds is not included in the fund’s net investment income (loss) per share or net investment income (loss) ratio. |
| 3 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 4 | Less than $500,000. |
| 5 | Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Alternative Asset Allocation Fund | 14 |
| CLASS R6 SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $16.53 | $16.01 | $15.14 | $15.02 | $15.74 |
| Net investment income1,2 | 0.19 | 0.23 | 0.28 | 0.45 | 0.27 |
| Net realized and unrealized gain (loss) on investments | 1.61 | 0.54 | 0.91 | 0.17 | (0.66) |
| Total from investment operations | 1.80 | 0.77 | 1.19 | 0.62 | (0.39) |
| Less distributions | |||||
| From net investment income | (0.25) | (0.25) | (0.26) | (0.40) | (0.31) |
| From net realized gain | (0.07) | — | (0.06) | (0.10) | (0.02) |
| Total distributions | (0.32) | (0.25) | (0.32) | (0.50) | (0.33) |
| Net asset value, end of period | $18.01 | $16.53 | $16.01 | $15.14 | $15.02 |
| Total return (%)3 | 11.04 | 4.87 | 7.98 | 4.25 | (2.55) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $37 | $35 | $30 | $28 | $27 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions4 | 0.55 | 0.53 | 0.53 | 0.54 | 0.49 |
| Expenses including reductions4 | 0.39 | 0.38 | 0.35 | 0.35 | 0.31 |
| Net investment income2 | 1.08 | 1.39 | 1.82 | 2.99 | 1.74 |
| Portfolio turnover (%) | 30 | 33 | 24 | 30 | 13 |
| 1 | Based on average daily shares outstanding. |
| 2 | Net investment income (loss) is affected by the timing and frequency of the declaration of dividends by the underlying funds in which the fund invests. Net investment income (loss) of any underlying funds is not included in the fund’s net investment income (loss) per share or net investment income (loss) ratio. |
| 3 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 4 | Ratios do not include expenses indirectly incurred from underlying funds and can vary based on the mix of underlying funds held by the fund. |
| 15 | JOHN HANCOCK Alternative Asset Allocation Fund | | SEE NOTES TO FINANCIAL STATEMENTS |
Notes to financial statements
Note 1—Organization
John Hancock Alternative Asset Allocation 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 long-term growth of capital.
The fund operates as a “fund of funds", investing in affiliated underlying funds of the Trust, other series of the Trust, other funds in John Hancock group of funds complex, non-John Hancock funds and certain other permitted investments.
The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R2 and Class R4 shares are available only to certain retirement and 529 plans. Class R6 shares are only available to certain retirement plans, institutions and other investors. 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 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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC, the fund’s valuation designee.
In order to value the securities, the fund uses the following valuation techniques: Investments by the fund in underlying affiliated funds and other open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. ETFs held by the fund are 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. Swaps are generally valued using evaluated prices obtained from an independent pricing vendor.
In certain instances, the Pricing Committee of the Advisor 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.
| | JOHN HANCOCK Alternative Asset Allocation Fund | 16 |
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 Pricing Committee following procedures established by the Advisor and adopted 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, 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 Advisor’s 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 fund’s investments as of August 31, 2026, by major security category or type:
| Total value at 8-31-26 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
| Investments in securities: | ||||
| Assets | ||||
| Affiliated investment companies | $1,028,818,449 | $1,028,818,449 | — | — |
| Unaffiliated investment companies | 661,521,361 | 661,521,361 | — | — |
| Short-term investments | 58,260,748 | 58,260,748 | — | — |
| Total investments in securities | $1,748,600,558 | $1,748,600,558 | — | — |
| Derivatives: | ||||
| Assets | ||||
| Swap contracts | — | — | — | — |
| Level 2 includes swap contracts valued at $0. Refer to Fund’s investments. | ||||
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. Capital gain distributions from underlying funds are recorded on ex-date and reflected as realized gains. 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 fund 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.
Securities lending. The fund may lend its securities to earn additional income. The fund receives collateral from the borrower in an amount not less than the market value of the loaned securities. The fund may invest its cash collateral in JHCT, an affiliate of the fund, which has a floating NAV and is registered with the SEC as an
| 17 | JOHN HANCOCK Alternative Asset Allocation Fund | |
investment company. JHCT is a government money market fund and invests in U.S. Government securities and/or repurchase agreements. The fund will receive the benefit of any gains and bear any losses generated by JHCT with respect to the cash collateral.
The fund has the right to recall loaned securities on demand. If a borrower fails to return loaned securities when due, then the lending agent is responsible and indemnifies the fund for the lent securities. The lending agent uses the collateral received from the borrower to purchase replacement securities of the same issue, type, class and series of the loaned securities. If the value of the collateral is less than the purchase cost of replacement securities, the lending agent is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any decrease in the value of JHCT.
Although the risk of loss on securities lent is mitigated by receiving collateral from the borrower and through lending agent indemnification, the fund could experience a delay in recovering securities or could experience a lower than expected return if the borrower fails to return the securities on a timely basis. During the existence of the loan, the fund will receive from the borrower amounts equivalent to any dividends, interest or other distributions on the loaned securities, as well as interest on such amounts. The fund receives compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Securities lending income received by the fund is net of fees retained by the securities lending agent. Net income received from JHCT is a component of securities lending income as recorded on the Statement of operations. As of August 31, 2026, the fund loaned securities valued at $125,052. Non-cash collateral of approximately $127,557 in the form of U.S. Treasuries was pledged to the fund. This non-cash collateral is not reflected in the fund’s net assets, however could be sold by the securities lending agent in the event of default by the borrower.
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. Overdrafts at period end are presented under the caption Due to custodian in the Statement of assets and liabilities.
Line of credit. The fund and other affiliated funds have entered into a syndicated line of credit agreement with The Bank of New York Mellon as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit, which is in effect through July 12, 2027 unless extended or renewed. Excluding commitments designated for certain funds 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 July 13, 2026, a similar syndicated line of credit agreement was held with Citibank N.A. 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 an asset-based allocation and is reflected in Other expenses on the Statement of operations. For the year ended August 31, 2026, the fund had no borrowings under the line of credit. Commitment fees for the year ended August 31, 2026 were $6,927.
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.
Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund 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.
| | JOHN HANCOCK Alternative Asset Allocation Fund | 18 |
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.
As of August 31, 2026, 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 and pays dividends annually. Capital gain distributions, if any, are typically distributed annually.
The tax character of distributions for the years ended August 31, 2026 and 2025 was as follows:
| August 31, 2026 | August 31, 2025 | |
| Ordinary income | $25,017,823 | $11,681,247 |
Distributions paid by the fund 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. As of August 31, 2026, the components of distributable earnings on a tax basis consisted of $1,279,540 of undistributed ordinary income and $9,341,925 of undistributed long-term capital gains.
Such distributions and distributable earnings, on a tax basis, if any, 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. 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 at fiscal year end. 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 partnerships, wash sale loss deferrals and derivative transactions.
Note 3—Derivative instruments
The fund may invest in derivatives in order to meet its investment objective. Derivatives include a variety of different instruments that may be traded in the over-the-counter (OTC) market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.
Derivatives which are typically traded through the OTC market are regulated by the Commodity Futures Trading Commission (the CFTC). Derivative counterparty risk is managed through an ongoing evaluation of the creditworthiness of all potential counterparties and, if applicable, designated clearing organizations. The fund attempts to reduce its exposure to counterparty risk for derivatives traded in the OTC market, whenever possible, by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement with each of its OTC counterparties. The ISDA gives each party to the agreement the right to terminate all transactions traded under the agreement if there is certain deterioration in the credit quality or contractual default of the other party, as defined in the ISDA. Upon an event of default or a termination of the ISDA, the non-defaulting party has the right to close out all transactions and to net amounts owed.
| 19 | JOHN HANCOCK Alternative Asset Allocation Fund | |
As defined by the ISDA, the fund may have collateral agreements with certain counterparties to mitigate counterparty risk on OTC derivatives. Subject to established minimum levels, collateral for OTC transactions is generally determined based on the net aggregate unrealized gain or loss on contracts with a particular counterparty. Collateral pledged to the fund, if any, is held in a segregated account by a third-party agent or held by the custodian bank for the benefit of the fund and can be in the form of cash or debt securities issued by the U.S. government or related agencies; collateral posted by the fund, if any, for OTC transactions is held in a segregated account at the fund’s custodian and is noted in the accompanying Fund’s investments, or if cash is posted, on the Statement of assets and liabilities. The fund’s risk of loss due to counterparty risk is equal to the asset value of outstanding contracts offset by collateral received.
Certain derivatives are traded or cleared on an exchange or central clearinghouse. Exchange-traded or centrally-cleared transactions generally present less counterparty risk to a fund than OTC transactions. The exchange or clearinghouse stands between the fund and the broker to the contract and therefore, credit risk is generally limited to the failure of the exchange or clearinghouse and the clearing member.
Swaps. Swap agreements are agreements between the fund and a counterparty to exchange cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market (OTC swaps) or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as a component of unrealized appreciation/depreciation of swap contracts. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.
Upfront payments made/received by the fund, if any, are amortized/accreted for financial reporting purposes, with the unamortized/unaccreted portion included in the Statement of assets and liabilities. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the fund.
Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may provide outcomes that produce losses in excess of the amounts recognized on the Statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. In addition to interest rate risk, market risks may also impact the swap. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.
Total Return Swaps. The fund may enter into total return swap contracts to obtain synthetic exposure to a specific reference asset or index without owning, taking physical custody of, or short selling the underlying assets. Total return swaps are commitments where one party pays a fixed or variable rate premium (the Buyer) in exchange for a market-linked return (the Seller). The Seller pays the total return of a specific reference asset or index and in return receives interest payments from the Buyer. To the extent the total return of the underlying asset or index exceeds or falls short of the offsetting interest rate obligation, the Buyer will receive or make a payment to the Seller. A fund may enter into total return swaps in which it may act as either the Buyer or the Seller. Total return swap contracts are subject to the risk associated with the investment in the underlying reference asset or index. The risk in the case of short total return swap contracts is unlimited based on the potential for unlimited increases in the market value of the underlying reference asset or index.
During the year ended August 31, 2026, the fund used total return swaps to gain exposure to a security or market without investing directly in such security or market and to exchange the risk/return of one market with another. The fund held total return swaps with total USD notional amounts ranging from $19.9 million to $52.3 million as measured at each quarter end.
| | JOHN HANCOCK Alternative Asset Allocation Fund | 20 |
| Risk | Statement of assets and liabilities location | Financial instruments location | Assets derivatives fair value | Liabilities derivatives fair value |
| Equity | Swap contracts, at value | Total return swaps | — | — |
Effect of derivative instruments on the Statement of operations
The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended August 31, 2026:
| Statement of operations location - Net realized gain (loss) on: | |
| Risk | Swap contracts |
| Equity | $(1,068,933) |
The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended August 31, 2026:
| Statement of operations location - Change in net unrealized appreciation (depreciation) of: | |
| Risk | Swap contracts |
| Equity | $3,405 |
Note 4—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 5—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 John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation.
Management fee. The fund pays the Advisor a management fee for its services to the fund. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, 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.
The management fee has two components: (1) a fee on assets invested in a fund of the Trust or John Hancock Funds III (JHF III); and (2) a fee on assets invested in investments other than a fund of the Trust or JHF III (Other assets).
Management fees are determined in accordance with the following schedule:
| First $5 billion of average net assets | Excess over $5 billion of average net assets | |
| Assets in a fund of the Trust or JHF III | 0.100% | 0.075% |
| Other assets | 0.550% | 0.525% |
| 21 | JOHN HANCOCK Alternative Asset Allocation Fund | |
The Advisor has contractually agreed to reduce its management fee and/or make payment to the fund in an amount equal to the amount by which “Other expenses” of the fund exceed 0.04% of the average net assets of the fund. “Other expenses” means all of the expenses of the fund, excluding: management fees, taxes, brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, class specific expenses, underlying fund expenses (acquired fund fees), and short dividend expense. The current expense limitation agreement expires on December 31, 2026, 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.
The Advisor has contractually agreed to reduce its management fee by 0.05% of the fund’s average daily net assets up to $5 billion, and by 0.025% of the fund’s average daily net assets over $5 billion. The current expense limitation agreement expires on December 31, 2026, 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.
The Advisor has also contractually agreed to waive its management fee for the fund so that the aggregate advisory fee retained by the Advisor with respect to both the fund and its underlying investments (after payment of subadvisory fees) does not exceed 0.55% of the fund’s first $5 billion of average daily net assets and 0.525% of the fund’s average daily net assets in excess of $5 billion. This agreement expires on December 31, 2026, 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.
For the year ended August 31, 2026, the expense reductions described above amounted to the following:
| Class | Expense reduction |
| Class A | $86,792 |
| Class C | 6,269 |
| Class I | 2,134,514 |
| Class R2 | 431 |
| Class | Expense reduction |
| Class R4 | $266 |
| Class R6 | 59,994 |
| Total | $2,288,266 |
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 year ended August 31, 2026, were equivalent to a net annual effective rate of 0.33% 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 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 year ended August 31, 2026, amounted to an annual rate of 0.02% of the fund’s average daily net assets.
Distribution and service plans. The fund has a distribution agreement with the Distributor. The fund has 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 fund. In addition, under a service plan for certain classes as detailed below, the fund pays for certain other services. The fund 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 fund’s shares:
| | JOHN HANCOCK Alternative Asset Allocation Fund | 22 |
| 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% |
The fund’s Distributor has contractually agreed to waive 0.10% of Rule 12b-1 fees for Class R4 shares. The current waiver agreement expires on December 31, 2026, unless renewed by mutual agreement of the fund and the Distributor based upon a determination that this is appropriate under the circumstances at the time. This contractual waiver amounted to $165 for Class R4 shares for the year ended August 31, 2026.
Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $55,841 for the year ended August 31, 2026. Of this amount, $9,399 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $46,442 was paid as sales commissions to broker-dealers.
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 $1 million or more, and redeemed within one year of purchase are subject to a 1.00% CDSC. 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 year ended August 31, 2026, CDSCs received by the Distributor amounted to $926 for Class C shares. There were no CDSCs received by the Distributor for Class A shares.
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 three categories of share classes: Retail Share Classes of Non-Municipal Bond Funds, Retirement Share Classes and Retail Share Classes of Municipal Bond Funds. 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 year ended August 31, 2026 were as follows:
| Class | Distribution and service fees | Transfer agent fees |
| Class A | $161,773 | $59,066 |
| Class C | 38,982 | 4,270 |
| Class I | — | 1,417,826 |
| Class R2 | 1,334 | 13 |
| Class R4 | 578 | 8 |
| Class R6 | — | 1,849 |
| Total | $202,667 | $1,483,032 |
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.
| 23 | JOHN HANCOCK Alternative Asset Allocation Fund | |
Note 6—Fund share transactions
Transactions in fund shares for the years ended August 31, 2026 and 2025 were as follows:
| Year Ended 8-31-26 | Year Ended 8-31-25 | |||
| Shares | Amount | Shares | Amount | |
| Class A shares | ||||
| Sold | 451,640 | $7,737,451 | 364,140 | $5,864,452 |
| Distributions reinvested | 48,550 | 810,293 | 40,081 | 637,294 |
| Repurchased | (794,831) | (13,592,884) | (699,351) | (11,234,602) |
| Net decrease | (294,641) | $(5,045,140) | (295,130) | $(4,732,856) |
| Class C shares | ||||
| Sold | 33,108 | $566,328 | 37,504 | $604,280 |
| Distributions reinvested | 1,935 | 32,446 | 1,328 | 21,223 |
| Repurchased | (48,585) | (837,732) | (115,306) | (1,858,597) |
| Net decrease | (13,542) | $(238,958) | (76,474) | $(1,233,094) |
| Class I shares | ||||
| Sold | 55,856,503 | $958,571,602 | 24,738,873 | $398,302,933 |
| Distributions reinvested | 1,390,687 | 23,224,479 | 649,635 | 10,329,200 |
| Repurchased | (18,315,321) | (315,852,573) | (15,715,808) | (253,167,091) |
| Net increase | 38,931,869 | $665,943,508 | 9,672,700 | $155,465,042 |
| Class R2 shares | ||||
| Sold | 4,635 | $81,400 | 1,893 | $30,370 |
| Distributions reinvested | 186 | 3,099 | 329 | 5,235 |
| Repurchased | (6,137) | (107,466) | (25,579) | (412,326) |
| Net decrease | (1,316) | $(22,967) | (23,357) | $(376,721) |
| Class R4 shares | ||||
| Sold | 3,387 | $58,788 | 1,047 | $16,920 |
| Distributions reinvested | 157 | 2,628 | 100 | 1,590 |
| Repurchased | (2,325) | (40,889) | (1,557) | (25,096) |
| Net increase (decrease) | 1,219 | $20,527 | (410) | $(6,586) |
| Class R6 shares | ||||
| Sold | 480,167 | $8,248,188 | 961,913 | $15,550,045 |
| Distributions reinvested | 33,294 | 556,018 | 27,754 | 441,560 |
| Repurchased | (573,206) | (9,926,727) | (742,812) | (11,902,649) |
| Net increase (decrease) | (59,745) | $(1,122,521) | 246,855 | $4,088,956 |
| Total net increase | 38,563,844 | $659,534,449 | 9,524,184 | $153,204,741 |
Affiliates of the fund owned 2% of shares of Class R6 on August 31, 2026.
| | JOHN HANCOCK Alternative Asset Allocation Fund | 24 |
Note 7—Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $1,014,404,558 and $395,710,963, respectively, for the year ended August 31, 2026.
Note 8—Investment in affiliated underlying funds
The fund invests primarily in affiliated underlying funds that are managed by the Advisor and its affiliates. The fund does not invest in the affiliated underlying funds for the purpose of exercising management or control; however, the fund’s investment may represent a significant portion of each affiliated underlying funds’ net assets. At August 31, 2026, the fund held 5% or more of the net assets of the affiliated underlying funds shown below:
| Affiliated Fund | Percentage of underlying fund net assets |
| John Hancock Funds II Multi-Asset Absolute Return Fund | 55.2% |
| John Hancock Investment Trust Diversified Macro Fund | 11.3% |
| John Hancock Investment Trust Disciplined Global Long/Short Fund | 8.2% |
| John Hancock Investment Trust Infrastructure Fund | 6.2% |
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 |
| Disciplined Global Long/Short | 6,402,875 | $90,189,788 | $58,351,177 | $(43,906,063) | $2,682,573 | $11,327,791 | $1,888,406 | $6,898,226 | $118,645,266 |
| Diversified Macro | 14,013,736 | 77,423,767 | 58,295,120 | (17,240,042) | (1,000,311) | 14,250,587 | 486,815 | — | 131,729,121 |
| Hedged Equity ETF | 3,731,033 | — | 99,944,692 | (1,490,166) | 20,109 | 6,203,973 | 87,975 | — | 104,678,608 |
| Infrastructure | 4,479,358 | 33,944,202 | 61,849,064 | (15,863,026) | 4,620,690 | 3,468,464 | 1,192,385 | 96,071 | 88,019,394 |
| John Hancock Collateral Trust* | 5,826,133 | 20,914,352 | 344,983,694 | (307,621,159) | 217 | (16,356) | 1,563,205 | — | 58,260,748 |
| Multi-Asset Absolute Return | 12,273,233 | 111,737,301 | 72,540,202 | (53,582,033) | 242,900 | 4,926,321 | — | — | 135,864,691 |
| Strategic Income Opportunities | — | 67,987,258 | 30,012,432 | (98,376,110) | 2,300,531 | (1,924,111) | 1,482,887 | — | — |
| $8,866,709 | $38,236,669 | $6,701,673 | $6,994,297 | $637,197,828 | |||||
| * | Refer to the Securities lending note within Note 2 for details regarding this investment. |
Note 9—Transactions in securities of affiliated issuers
Affiliated issuers, as defined by the 1940 Act, are those in which the fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the fund’s transactions in the securities of these issuers during the year ended August 31, 2026, is set forth below:
| 25 | JOHN HANCOCK Alternative Asset Allocation Fund | |
| 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 |
| Invesco DB Precious Metals Fund | 299,864 | $9,910,903 | $28,347,432 | $(11,319,905) | $3,639,788 | $178,353 | $339,273 | — | $30,756,571 |
| The Arbitrage Fund, Class I | 10,349,107 | 79,951,663 | 78,586,473 | (11,176,856) | 538,567 | 816,821 | 487,923 | $3,403,384 | 148,716,668 |
| Victory Market Neutral Income Fund, Class I1 | 18,827,113 | 94,360,216 | 98,634,493 | (28,306,928) | (288,316) | 12,198,855 | 5,375,602 | — | 176,598,320 |
| Virtus AlphaSimplex Managed Futures Strategy Fund, Class R61 | 10,636,033 | 55,928,458 | 47,270,454 | (24,570,148) | (3,852,813) | 19,033,859 | 2,330,677 | — | 93,809,810 |
| $37,226 | $32,227,888 | $8,533,475 | $3,403,384 | $449,881,369 | |||||
| 1 | The security was not an affiliate at the beginning of the year. |
Note 10—Segment reporting
The management committee of the Advisor acts as the fund’s chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. The fund represents a single operating segment, as the CODM monitors and assesses the operating results of the fund as a whole, and the fund’s long-term strategic asset allocation is managed in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the portfolio management team of the fund’s subadvisor. Segment assets are reflected in the Statement of assets and liabilities as “Total assets”, which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and reviewed by the CODM is consistent with that presented within the Statement of operations, which includes “Increase (decrease) in net assets from operations”, Statements of changes in net assets, which includes “Increase (decrease) in net assets from fund share transactions”, and Financial highlights, which includes total return and income and expense ratios.
| | JOHN HANCOCK Alternative Asset Allocation Fund | 26 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of John Hancock Funds II and Shareholders of Alternative Asset Allocation Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of Alternative Asset Allocation Fund (one of the funds constituting John Hancock Funds II, referred to hereafter as the "Fund") as of August 31, 2026, the related statement of operations for the year ended August 31, 2026, the statement of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2026 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2026 and the financial highlights for each of the five years in the period ended August 31, 2026 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 15, 2026
We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.
| 27 | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND | |
Tax information
(Unaudited)
For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended August 31, 2026.
The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.
The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.
The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).
Eligible shareholders will be mailed a 2026 Form 1099-DIV in early 2027. This will reflect the tax character of all distributions paid in calendar year 2026.
Please consult a tax advisor regarding the tax consequences of your investment in the fund.
| | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND | 28 |
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 (US) LLC (the Subadvisor) for John Hancock Alternative Asset Allocation Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 22-25, 2026 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 26-28, 2026. 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 meetings held on June 22-25, 2026, 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.
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.
| 29 | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND | |
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 risk management programs, derivatives risk 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 risks 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; |
| (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; and |
| | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND | 30 |
| (f) | 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 that the results of the performance comparisons may vary depending on the selection and size of the peer group. The Board noted that, based on net asset value, the fund underperformed its benchmark index for the one-year period ended December 31, 2025, and outperformed the benchmark index for the three-, five- and ten-year periods ended December 31, 2025. The Board also noted that the fund underperformed its peer group median for the one- and three-year periods ended December 31, 2025, and outperformed its peer group median for the five- and ten-year periods ended December 31, 2025. The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index for the three-, five-, and ten-year periods and its peer group median for the five- and ten-year periods. The Board concluded that the fund’s performance has generally been in line with or outperformed the historical performance of comparable funds and the fund’s benchmark index.
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, respectively. 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 and net total expenses for the fund are equal to the peer group median.
The Board took into account management’s discussion of the fund’s expenses. The Board also 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 fees, 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 fees. 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 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 also noted that the fund’s distributor, an affiliate of the Advisor, has agreed to waive a portion of its Rule 12b-1 fee for a share class of the fund. The Board reviewed information provided by the Advisor
| 31 | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND | |
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.
In addition, the Trustees reviewed the advisory fee to be paid to the Advisor for the fund and noted that the Advisor has evaluated the complexity of the structure and fees and expenses associated with the fund’s investments in the underlying portfolios, and that the Advisor made a finding that the fund’s expenses do not duplicate the fees and expenses of the 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) 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 fees for the fund are paid by the Advisor; |
| (k) | with respect to the 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 affiliated underlying funds in which the funds may invest; |
| (l) | 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 |
| | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND | 32 |
| (m) | 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 not unreasonable in view of all factors considered.
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 funds in which the fund invests, the Advisor has contractually agreed to waive a portion of its management fee for such funds and for each of the other John Hancock funds in the complex (except as discussed below) with respect to the John Hancock underlying funds in which the fund invests (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The funds that are not participating portfolios are the fund, each of the other funds of funds of the Trust and of John Hancock Variable Insurance Trust, John Hancock Collateral Trust, and John Hancock Managed Account Shares. The funds of funds also benefit from such overall management fee waiver through their investment in underlying funds that include certain of the participating portfolios, which are subject to reimbursement; |
| (b) | reviewed the fund’s advisory fee structure and concluded that: (i) the fund’s fee structure contains breakpoints at the advisory fee level; and (ii) although economies of scale cannot be measured with precision, this arrangement permits 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) | 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 fund (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 fees for the fund 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. 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
| 33 | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND | |
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, 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 median 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 and the fund’s benchmark index; |
| (3) | the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and |
| (4) | the subadvisory fees are paid by the Advisor not the fund. |
| | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND | 34 |
In addition, the Trustees reviewed the subadvisory fees to be paid to the Subadvisor for the fund and noted that the Advisor has evaluated the complexity of the structure and fees and expenses associated with the fund’s investments in the underlying portfolios, and that the Advisor made a finding that the fund’s expenses do not duplicate the fees and expenses of the underlying portfolios.
***
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.
| 35 | JOHN HANCOCK ALTERNATIVE ASSET ALLOCATION FUND | |
Other N-CSR Items
(Unaudited)
Item 8. Changes in and disagreements with accountants
None.
Item 9. Proxy disclosures
When applicable, results of shareholder voting are included in the Shareholder meeting section of this report.
Item 10. Remuneration paid to Trustees, officers, and others
Trustees’ fees are included in the financial statements.
Item 11. Statement regarding basis for approval of investment advisory contract
When applicable, the statement regarding the basis for approval of any investment advisory contract is included in the Evaluation of advisory and subadvisory agreements by the Board of Trustees section of this report.
| | JOHN HANCOCK Alternative Asset Allocation Fund | 36 |
John Hancock Investment Management
Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and 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 Alternative Asset Allocation Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
| MF5889476 | 345A 8/26 |
10/26
Annual Financial Statements & Other N-CSR Items
John Hancock
Blue Chip Growth Fund
U.S. equity
August 31, 2026
John Hancock
Blue Chip Growth Fund
Table of contents
| 1 | JOHN HANCOCK BLUE CHIP GROWTH FUND | |
Fund’s investments
AS OF 8-31-26
| Shares | Value | ||||
| Common stocks 99.6% | $5,446,564,189 | ||||
| (Cost $2,171,317,144) | |||||
| Communication services 17.6% | 961,507,826 | ||||
| Diversified telecommunication services 0.3% | |||||
| Space Exploration Technologies Corp., Class A (A) | 111,234 | 15,983,213 | |||
| Entertainment 1.7% | |||||
| Netflix, Inc. (A) | 1,112,661 | 90,181,174 | |||
| Interactive media and services 15.0% | |||||
| Alphabet, Inc., Class A | 891,184 | 302,423,290 | |||
| Alphabet, Inc., Class C | 968,505 | 324,846,262 | |||
| Meta Platforms, Inc., Class A | 338,656 | 193,826,375 | |||
| Wireless telecommunication services 0.6% | |||||
| T-Mobile US, Inc. | 189,800 | 34,247,512 | |||
| Consumer discretionary 12.3% | 673,785,707 | ||||
| Automobiles 2.3% | |||||
| Tesla, Inc. (A) | 336,485 | 123,809,656 | |||
| Broadline retail 4.1% | |||||
| Amazon.com, Inc. (A) | 755,890 | 196,357,545 | |||
| Sea, Ltd., ADR (A) | 230,297 | 26,134,104 | |||
| Hotels, restaurants and leisure 1.4% | |||||
| Booking Holdings, Inc. | 278,621 | 55,470,655 | |||
| DoorDash, Inc., Class A (A) | 102,415 | 23,733,652 | |||
| Specialty retail 4.5% | |||||
| Carvana Company (A) | 2,673,174 | 196,371,362 | |||
| Ross Stores, Inc. | 132,959 | 30,386,450 | |||
| The TJX Companies, Inc. | 160,722 | 21,522,283 | |||
| Financials 7.4% | 405,277,631 | ||||
| Capital markets 1.4% | |||||
| Moody’s Corp. | 14,094 | 7,112,396 | |||
| Morgan Stanley | 138,410 | 29,525,621 | |||
| The Charles Schwab Corp. | 161,374 | 17,722,093 | |||
| The Goldman Sachs Group, Inc. | 20,236 | 20,760,112 | |||
| Financial services 4.7% | |||||
| Mastercard, Inc., Class A | 184,520 | 108,739,481 | |||
| Visa, Inc., Class A | 387,303 | 146,931,139 | |||
| Insurance 1.3% | |||||
| Chubb, Ltd. | 154,410 | 52,283,226 | |||
| Marsh & McLennan Companies, Inc. | 116,984 | 22,203,563 | |||
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK BLUE CHIP GROWTH FUND | 2 |
| Shares | Value | ||||
| Health care 5.8% | $317,649,351 | ||||
| Health care equipment and supplies 1.2% | |||||
| Intuitive Surgical, Inc. (A) | 124,429 | 46,892,313 | |||
| Medline, Inc., Class A (A) | 133,124 | 4,663,334 | |||
| Stryker Corp. | 37,831 | 12,249,678 | |||
| Health care providers and services 0.5% | |||||
| UnitedHealth Group, Inc. | 75,552 | 29,420,704 | |||
| Life sciences tools and services 1.0% | |||||
| Danaher Corp. | 120,915 | 25,822,607 | |||
| Thermo Fisher Scientific, Inc. | 50,259 | 31,014,829 | |||
| Pharmaceuticals 3.1% | |||||
| Eli Lilly & Company | 144,879 | 167,585,886 | |||
| Industrials 4.2% | 230,792,736 | ||||
| Aerospace and defense 2.3% | |||||
| General Electric Company | 282,943 | 94,986,795 | |||
| HEICO Corp. | 37,700 | 12,484,355 | |||
| Howmet Aerospace, Inc. | 12,300 | 3,019,725 | |||
| TransDigm Group, Inc. | 11,457 | 13,424,625 | |||
| Commercial services and supplies 0.2% | |||||
| Cintas Corp. | 63,575 | 12,828,799 | |||
| Electrical equipment 0.8% | |||||
| GE Vernova, Inc. | 51,004 | 45,828,624 | |||
| Ground transportation 0.3% | |||||
| Old Dominion Freight Line, Inc. | 68,293 | 13,655,868 | |||
| Machinery 0.6% | |||||
| Caterpillar, Inc. | 43,342 | 34,563,945 | |||
| Information technology 51.5% | 2,815,857,296 | ||||
| Electronic equipment, instruments and components 0.4% | |||||
| TE Connectivity PLC | 114,021 | 23,402,810 | |||
| IT services 0.9% | |||||
| Shopify, Inc., Class A (A) | 317,021 | 46,719,385 | |||
| Semiconductors and semiconductor equipment 36.0% | |||||
| Advanced Micro Devices, Inc. (A) | 339,340 | 159,734,125 | |||
| Applied Materials, Inc. | 186,655 | 85,560,785 | |||
| ASML Holding NV, NYRS | 44,003 | 74,629,528 | |||
| Broadcom, Inc. | 855,177 | 316,706,250 | |||
| Cerebras Systems, Inc., Class A (A)(B) | 14,800 | 2,726,752 | |||
| Lam Research Corp. | 314,305 | 94,759,814 | |||
| Marvell Technology, Inc. | 183,178 | 38,771,455 | |||
| Micron Technology, Inc. | 77,848 | 74,635,213 | |||
| Monolithic Power Systems, Inc. | 28,573 | 36,223,992 | |||
| NVIDIA Corp. | 4,299,253 | 949,189,080 | |||
| 3 | JOHN HANCOCK BLUE CHIP GROWTH FUND | | SEE NOTES TO FINANCIAL STATEMENTS |
| Shares | Value | ||||
| Information technology (continued) | |||||
| Semiconductors and semiconductor equipment (continued) | |||||
| SK Hynix, Inc., ADR (B) | 289,168 | $47,591,269 | |||
| Taiwan Semiconductor Manufacturing Company, Ltd., ADR | 119,298 | 49,546,845 | |||
| Texas Instruments, Inc. | 151,004 | 39,398,454 | |||
| Software 9.3% | |||||
| Crowdstrike Holdings, Inc., Class A (A) | 179,763 | 41,525,253 | |||
| Datadog, Inc., Class A (A) | 59,338 | 14,065,480 | |||
| Microsoft Corp. | 634,706 | 321,980,007 | |||
| Oracle Corp. | 285,950 | 42,640,864 | |||
| Palantir Technologies, Inc., Class A (A) | 92,787 | 17,293,641 | |||
| Roper Technologies, Inc. | 42,531 | 18,060,364 | |||
| ServiceNow, Inc. (A) | 270,251 | 39,994,445 | |||
| Synopsys, Inc. (A) | 31,127 | 13,683,118 | |||
| Technology hardware, storage and peripherals 4.9% | |||||
| Apple, Inc. | 842,728 | 267,018,367 | |||
| Materials 0.4% | 18,865,476 | ||||
| Chemicals 0.4% | |||||
| Linde PLC | 38,534 | 18,865,476 | |||
| Utilities 0.4% | 22,828,166 | ||||
| Electric utilities 0.4% | |||||
| Constellation Energy Corp. | 83,081 | 22,828,166 | |||
| Rate (%) | Maturity date | Par value^ | Value | ||
| Corporate bonds 0.1% | $4,615,408 | ||||
| (Cost $4,538,302) | |||||
| Consumer discretionary 0.1% | 4,615,408 | ||||
| Specialty retail 0.1% | |||||
| Carvana Company (9.000% Cash or 14.000% PIK) (C) | 9.000 | 06-01-31 | 4,185,791 | 4,615,408 | |
| Yield (%) | Shares | Value | |||
| Short-term investments 1.3% | $68,803,144 | ||||
| (Cost $68,803,696) | |||||
| Short-term funds 1.3% | 68,803,144 | ||||
| John Hancock Collateral Trust (D) | 3.6571(E) | 4,975,253 | 49,752,033 | ||
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 3.6112(E) | 504,471 | 504,471 | ||
| T. Rowe Price Government Reserve Fund | 3.7112(E) | 18,546,640 | 18,546,640 | ||
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK BLUE CHIP GROWTH FUND | 4 |
| Total investments (Cost $2,244,659,142) 101.0% | $5,519,982,741 | ||||
| Other assets and liabilities, net (1.0%) | (53,520,051) | ||||
| Total net assets 100.0% | $5,466,462,690 | ||||
| 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 | |
| ADR | American Depositary Receipt |
| NYRS | New York Registry Shares |
| PIK | Pay-in-Kind Security - Represents a payment-in-kind which may pay interest in additional par and/or cash. Rates shown are the current rate and most recent payment rate. |
| (A) | Non-income producing security. |
| (B) | All or a portion of this security is on loan as of 8-31-26. |
| (C) | This security is 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. |
| (D) | Investment is an affiliate of the fund, the advisor and/or subadvisor. This security represents the investment of cash collateral received for securities lending. |
| (E) | The rate shown is the annualized seven-day yield as of 8-31-26. |
At 8-31-26, the aggregate cost of investments for federal income tax purposes was $2,286,326,662. Net unrealized appreciation aggregated to $3,233,656,079, of which $3,336,104,274 related to gross unrealized appreciation and $102,448,195 related to gross unrealized depreciation.
| 5 | JOHN HANCOCK BLUE CHIP GROWTH FUND | | SEE NOTES TO FINANCIAL STATEMENTS |
Financial statements
STATEMENT OF ASSETS AND LIABILITIES 8-31-26
| Assets | |
| Unaffiliated investments, at value (Cost $2,194,906,557) including $48,704,216 of securities loaned | $5,470,230,708 |
| Affiliated investments, at value (Cost $49,752,585) | 49,752,033 |
| Total investments, at value (Cost $2,244,659,142) | 5,519,982,741 |
| Dividends and interest receivable | 1,713,477 |
| Receivable for fund shares sold | 2,149,793 |
| Receivable for securities lending income | 12,991 |
| Other assets | 248,295 |
| Total assets | 5,524,107,297 |
| Liabilities | |
| Payable for investments purchased | 3,024,196 |
| Payable for fund shares repurchased | 4,061,416 |
| Payable upon return of securities loaned | 49,748,050 |
| Payable to affiliates | |
| Accounting and legal services fees | 253,019 |
| Transfer agent fees | 129,754 |
| Trustees’ fees | 2,278 |
| Other liabilities and accrued expenses | 425,894 |
| Total liabilities | 57,644,607 |
| Net assets | $5,466,462,690 |
| Net assets consist of | |
| Paid-in capital | $1,456,397,872 |
| Total distributable earnings (loss) | 4,010,064,818 |
| Net assets | $5,466,462,690 |
| 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 A ($1,348,768,600 ÷ 21,440,217 shares)1 | $62.91 |
| Class C ($30,868,500 ÷ 560,414 shares)1 | $55.08 |
| Class 1 ($1,637,653,247 ÷ 24,589,716 shares) | $66.60 |
| Class NAV ($2,449,172,343 ÷ 36,493,915 shares) | $67.11 |
| Maximum offering price per share | |
| Class A (net asset value per share ÷ 95%)2 | $66.22 |
| 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. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Blue Chip Growth Fund | 6 |
STATEMENT OF OPERATIONS For the year ended 8-31-26
| Investment income | |
| Dividends | $26,693,894 |
| Interest | 656,718 |
| Securities lending, net | 32,618 |
| Less foreign taxes withheld | (150,538) |
| Total investment income | 27,232,692 |
| Expenses | |
| Investment management fees | 40,914,562 |
| Distribution and service fees | 5,379,105 |
| Accounting and legal services fees | 1,008,462 |
| Transfer agent fees | 1,517,027 |
| Trustees’ fees | 137,681 |
| Custodian fees | 669,671 |
| State registration fees | 86,584 |
| Printing and postage | 76,944 |
| Professional fees | 241,265 |
| Other | 189,271 |
| Total expenses | 50,220,572 |
| Less expense reductions | (2,310,842) |
| Net expenses | 47,909,730 |
| Net investment loss | (20,677,038) |
| Realized and unrealized gain (loss) | |
| Net realized gain (loss) on | |
| Unaffiliated investments and foreign currency transactions | 1,028,720,944 |
| Affiliated investments | 4,355 |
| 1,028,725,299 | |
| Change in net unrealized appreciation (depreciation) of | |
| Unaffiliated investments | (595,220,292) |
| Affiliated investments | (552) |
| (595,220,844) | |
| Net realized and unrealized gain | 433,504,455 |
| Increase in net assets from operations | $412,827,417 |
| 7 | JOHN HANCOCK Blue Chip Growth Fund | | SEE NOTES TO FINANCIAL STATEMENTS |
STATEMENTS OF CHANGES IN NET ASSETS
| Year ended 8-31-26 | Year ended 8-31-25 | |
| Increase (decrease) in net assets | ||
| From operations | ||
| Net investment loss | $(20,677,038) | $(15,778,716) |
| Net realized gain | 1,028,725,299 | 353,462,507 |
| Change in net unrealized appreciation (depreciation) | (595,220,844) | 726,565,625 |
| Increase in net assets resulting from operations | 412,827,417 | 1,064,249,416 |
| Distributions to shareholders | ||
| From earnings | ||
| Class A | (124,782,744) | (83,853,232) |
| Class C | (4,168,733) | (3,689,857) |
| Class 1 | (174,228,080) | (128,207,627) |
| Class NAV | (212,775,230) | (79,494,621) |
| Total distributions | (515,954,787) | (295,245,337) |
| From fund share transactions | (294,604,235) | 802,090,067 |
| Total increase (decrease) | (397,731,605) | 1,571,094,146 |
| Net assets | ||
| Beginning of year | 5,864,194,295 | 4,293,100,149 |
| End of year | $5,466,462,690 | $5,864,194,295 |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Blue Chip Growth Fund | 8 |
Financial highlights
| CLASS A SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $64.63 | $57.03 | $43.82 | $38.26 | $65.28 |
| Net investment loss1 | (0.41) | (0.35) | (0.29) | (0.20) | (0.36) |
| Net realized and unrealized gain (loss) on investments | 4.78 | 12.16 | 15.04 | 7.59 | (17.44) |
| Total from investment operations | 4.37 | 11.81 | 14.75 | 7.39 | (17.80) |
| Less distributions | |||||
| From net realized gain | (6.09) | (4.21) | (1.54) | (1.83) | (9.22) |
| Net asset value, end of period | $62.91 | $64.63 | $57.03 | $43.82 | $38.26 |
| Total return (%)2,3 | 6.90 | 21.47 | 34.51 | 21.12 | (31.17) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $1,349 | $1,343 | $1,152 | $880 | $782 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions | 1.16 | 1.18 | 1.19 | 1.19 | 1.19 |
| Expenses including reductions | 1.12 | 1.14 | 1.14 | 1.14 | 1.14 |
| Net investment loss | (0.65) | (0.60) | (0.58) | (0.53) | (0.73) |
| Portfolio turnover (%) | 40 | 29 | 12 | 14 | 20 |
| 1 | Based on average daily shares outstanding. |
| 2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 3 | Does not reflect the effect of sales charges, if any. |
| 9 | JOHN HANCOCK Blue Chip Growth Fund | | SEE NOTES TO FINANCIAL STATEMENTS |
| CLASS C SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $57.69 | $51.66 | $40.10 | $35.43 | $61.56 |
| Net investment loss1 | (0.75) | (0.69) | (0.58) | (0.42) | (0.67) |
| Net realized and unrealized gain (loss) on investments | 4.23 | 10.93 | 13.68 | 6.92 | (16.24) |
| Total from investment operations | 3.48 | 10.24 | 13.10 | 6.50 | (16.91) |
| Less distributions | |||||
| From net realized gain | (6.09) | (4.21) | (1.54) | (1.83) | (9.22) |
| Net asset value, end of period | $55.08 | $57.69 | $51.66 | $40.10 | $35.43 |
| Total return (%)2,3 | 6.14 | 20.62 | 33.58 | 20.26 | (31.67) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $31 | $43 | $48 | $46 | $56 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions | 1.86 | 1.88 | 1.89 | 1.89 | 1.89 |
| Expenses including reductions | 1.82 | 1.84 | 1.86 | 1.86 | 1.85 |
| Net investment loss | (1.35) | (1.30) | (1.30) | (1.25) | (1.45) |
| Portfolio turnover (%) | 40 | 29 | 12 | 14 | 20 |
| 1 | Based on average daily shares outstanding. |
| 2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 3 | Does not reflect the effect of sales charges, if any. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Blue Chip Growth Fund | 10 |
| CLASS 1 SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $67.86 | $59.48 | $45.49 | $39.50 | $66.87 |
| Net investment loss1 | (0.19) | (0.15) | (0.12) | (0.07) | (0.20) |
| Net realized and unrealized gain (loss) on investments | 5.02 | 12.74 | 15.65 | 7.89 | (17.95) |
| Total from investment operations | 4.83 | 12.59 | 15.53 | 7.82 | (18.15) |
| Less distributions | |||||
| From net realized gain | (6.09) | (4.21) | (1.54) | (1.83) | (9.22) |
| Net asset value, end of period | $66.60 | $67.86 | $59.48 | $45.49 | $39.50 |
| Total return (%)2 | 7.28 | 21.91 | 34.97 | 21.56 | (30.93) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $1,638 | $2,036 | $1,851 | $1,563 | $1,556 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions | 0.80 | 0.82 | 0.82 | 0.83 | 0.83 |
| Expenses including reductions | 0.76 | 0.78 | 0.79 | 0.80 | 0.79 |
| Net investment loss | (0.29) | (0.24) | (0.23) | (0.18) | (0.39) |
| Portfolio turnover (%) | 40 | 29 | 12 | 14 | 20 |
| 1 | Based on average daily shares outstanding. |
| 2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 11 | JOHN HANCOCK Blue Chip Growth Fund | | SEE NOTES TO FINANCIAL STATEMENTS |
| CLASS NAV SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $68.30 | $59.82 | $45.72 | $39.67 | $67.08 |
| Net investment loss1 | (0.16) | (0.12) | (0.09) | (0.05) | (0.17) |
| Net realized and unrealized gain (loss) on investments | 5.06 | 12.81 | 15.73 | 7.93 | (18.02) |
| Total from investment operations | 4.90 | 12.69 | 15.64 | 7.88 | (18.19) |
| Less distributions | |||||
| From net realized gain | (6.09) | (4.21) | (1.54) | (1.83) | (9.22) |
| Net asset value, end of period | $67.11 | $68.30 | $59.82 | $45.72 | $39.67 |
| Total return (%)2 | 7.34 | 21.96 | 35.07 | 21.63 | (30.91) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $2,449 | $2,442 | $1,243 | $1,088 | $1,177 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions | 0.75 | 0.77 | 0.77 | 0.78 | 0.78 |
| Expenses including reductions | 0.71 | 0.73 | 0.74 | 0.75 | 0.74 |
| Net investment loss | (0.24) | (0.19) | (0.18) | (0.13) | (0.33) |
| Portfolio turnover (%) | 40 | 29 | 12 | 14 | 20 |
| 1 | Based on average daily shares outstanding. |
| 2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Blue Chip Growth Fund | 12 |
Notes to financial statements
Note 1—Organization
John Hancock Blue Chip Growth 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 provide long-term growth of capital. Current income is a secondary objective.
The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class 1 shares are offered only to certain affiliates of Manulife Financial Corporation. Class NAV shares are offered to John Hancock affiliated funds of funds, retirement plans for employees of John Hancock and/or Manulife Financial Corporation, and certain 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.
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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC, the fund’s valuation designee.
In order to value the securities, the fund uses the following valuation techniques: 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. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. 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. 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 of the Advisor 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 Pricing Committee following procedures established by the Advisor and adopted 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.
| 13 | JOHN HANCOCK Blue Chip Growth Fund | |
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, 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 Advisor’s 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 fund’s investments as of August 31, 2026, by major security category or type:
| Total value at 8-31-26 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
| Investments in securities: | ||||
| Assets | ||||
| Common stocks | $5,446,564,189 | $5,446,564,189 | — | — |
| Corporate bonds | 4,615,408 | — | $4,615,408 | — |
| Short-term investments | 68,803,144 | 68,803,144 | — | — |
| Total investments in securities | $5,519,982,741 | $5,515,367,333 | $4,615,408 | — |
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. 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 fund 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.
Securities lending. The fund may lend its securities to earn additional income. The fund receives collateral from the borrower in an amount not less than the market value of the loaned securities. The fund may invest its cash collateral in JHCT, an affiliate of the fund, which has a floating NAV and is registered with the Securities and Exchange Commission (SEC) as an investment company. JHCT is a government money market fund and invests in U.S. Government securities and/or repurchase agreements. The fund will receive the benefit of any gains and bear any losses generated by JHCT with respect to the cash collateral.
The fund has the right to recall loaned securities on demand. If a borrower fails to return loaned securities when due, then the lending agent is responsible and indemnifies the fund for the lent securities. The lending agent uses the collateral received from the borrower to purchase replacement securities of the same issue, type, class and series of the loaned securities. If the value of the collateral is less than the purchase cost of replacement securities, the lending agent is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any decrease in the value of JHCT.
Although the risk of loss on securities lent is mitigated by receiving collateral from the borrower and through lending agent indemnification, the fund could experience a delay in recovering securities or could experience a lower than expected return if the borrower fails to return the securities on a timely basis. During the existence of
| | JOHN HANCOCK Blue Chip Growth Fund | 14 |
the loan, the fund will receive from the borrower amounts equivalent to any dividends, interest or other distributions on the loaned securities, as well as interest on such amounts. The fund receives compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Securities lending income received by the fund is net of fees retained by the securities lending agent. Net income received from JHCT is a component of securities lending income as recorded on the Statement of operations.
Obligations to repay collateral received by the fund are shown on the Statement of assets and liabilities as Payable upon return of securities loaned and are secured by the loaned securities. As of August 31, 2026, the fund loaned securities valued at $48,704,216 and received $49,748,050 of cash collateral.
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.
Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. These risks are heightened for investments in emerging markets. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.
Foreign taxes. The fund may be subject to withholding tax on income, capital gains or repatriations imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued based on gains realized by the fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Investment income is recorded net of foreign withholding taxes.
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 The Bank of New York Mellon as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit, which is in effect through July 12, 2027 unless extended or renewed. Excluding commitments designated for certain funds 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 July 13, 2026, a similar syndicated line of credit agreement was held with Citibank N.A. 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 an asset-based allocation and is reflected in Other expenses on the Statement of operations. For the year ended August 31, 2026, the fund had no borrowings under the line of credit. Commitment fees for the year ended August 31, 2026 were $29,340.
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.
| 15 | JOHN HANCOCK Blue Chip Growth Fund | |
Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund 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. 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.
As of August 31, 2026, 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 and pays dividends annually. Capital gain distributions, if any, are typically distributed annually.
The tax character of distributions for the years ended August 31, 2026 and 2025 was as follows:
| August 31, 2026 | August 31, 2025 | |
| Ordinary income | — | $29,582,059 |
| Long-term capital gains | $515,954,787 | 265,663,278 |
| Total | $515,954,787 | $295,245,337 |
Distributions paid by the fund 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. As of August 31, 2026, the components of distributable earnings on a tax basis consisted of $776,408,739 of undistributed long-term capital gains.
Such distributions and distributable earnings, on a tax basis, if any, 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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences at fiscal year end. 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 treating a portion of the proceeds from redemptions as distributions for tax purposes 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 John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation.
| | JOHN HANCOCK Blue Chip Growth Fund | 16 |
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 following:
| Aggregate daily net assets | Tier | Rate |
| Assets under $500 million | All assets | 0.780% |
| Assets between $500 million - $1 billion | All assets | 0.775% |
| Assets between $1 billion - $2 billion | First $1 billion | 0.750% |
| Next $1 billion | 0.740% | |
| Assets between $2 billion - $7.5 billion | First $3 billion | 0.740% |
| Next $4.5 billion | 0.725% | |
| Assets over $7.5 billion | All assets | 0.710% |
Aggregate net assets include the net assets of the fund, Blue Chip Growth Trust a series of John Hancock Variable Insurance Trust, and Manulife North American Equity Fund Series – (I) (Asia). The Advisor has a subadvisory agreement with T. Rowe Price Associates, Inc. The fund is not responsible for payment of the sub advisory fees.
The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended August 31, 2026, this waiver amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2027, 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.
The Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to each of Class A and Class C shares in an amount equal to the amount by which the expenses of Class A and Class C shares, as applicable, exceed 1.14% and 1.89%, respectively, of the average net assets attributable to the applicable class. For purposes of this agreement, “expenses of Class A and Class C shares” means all expenses of the applicable class (including fund expenses attributable to the class), excluding taxes, brokerage commissions, interest expense, underlying fund expenses (acquired fund fees), litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of business, and short dividend expense. For Class A shares, this agreement expires on December 31, 2026, 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. For Class C shares, this agreement expired on December 31, 2025.
The Advisor has voluntarily agreed to waive a portion of its management fees for this fund. This voluntary waiver is the amount that the subadvisory fee is reduced by T. Rowe Price Associates, Inc. This voluntary expense waiver may be terminated at any time.
For the year ended August 31, 2026, the expense reductions described above amounted to the following:
| Class | Expense reduction |
| Class A | $540,860 |
| Class C | 14,934 |
| Class 1 | 771,264 |
| Class | Expense reduction |
| Class NAV | $983,784 |
| Total | $2,310,842 |
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 year ended August 31, 2026, were equivalent to a net annual effective rate of 0.67% of the fund’s average daily net assets.
| 17 | JOHN HANCOCK Blue Chip Growth Fund | |
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 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 year ended August 31, 2026, amounted to an annual rate of 0.02% of the fund’s average daily net assets.
Distribution and service plans. The fund has a distribution agreement with the Distributor. The fund has 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 fund. The fund 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 fund’s shares:
| Class | Rule 12b-1 Fee |
| Class A | 0.30% |
| Class C | 1.00% |
| Class 1 | 0.05% |
Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $620,782 for the year ended August 31, 2026. Of this amount, $104,982 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $515,800 was paid as sales commissions to broker-dealers.
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 $1 million or more, and redeemed within one year of purchase are subject to a 1.00% CDSC. 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 year ended August 31, 2026, CDSCs received by the Distributor amounted to $5,555 and $1,379 for Class A and Class C shares, respectively.
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 three categories of share classes: Retail Share Classes of Non-Municipal Bond Funds, Retirement Share Classes and Retail Share Classes of Municipal Bond Funds. 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 year ended August 31, 2026 were as follows:
| Class | Distribution and service fees | Transfer agent fees |
| Class A | $4,042,220 | $1,476,099 |
| Class C | 373,737 | 40,928 |
| Class 1 | 963,148 | — |
| Total | $5,379,105 | $1,517,027 |
| | JOHN HANCOCK Blue Chip Growth Fund | 18 |
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.
Interfund lending program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with certain other funds advised by the Advisor or its affiliates, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, no interfund loans were outstanding. Interest expense is included in Other expenses on the Statement of operations. The fund’s activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Weighted Average Loan Balance | Days Outstanding | Weighted Average Interest Rate | Interest Income (Expense) |
| Borrower | $72,350,000 | 2 | 4.130% | $(16,600) |
| Lender | 4,225,000 | 4 | 4.194% | 1,969 |
Note 5—Fund share transactions
Transactions in fund shares for the years ended August 31, 2026 and 2025 were as follows:
| Year Ended 8-31-26 | Year Ended 8-31-25 | |||
| Shares | Amount | Shares | Amount | |
| Class A shares | ||||
| Sold | 3,375,846 | $210,888,340 | 3,137,035 | $183,536,812 |
| Distributions reinvested | 2,011,868 | 124,655,328 | 1,428,337 | 83,786,238 |
| Repurchased | (4,728,902) | (295,245,175) | (3,975,033) | (232,500,562) |
| Net increase | 658,812 | $40,298,493 | 590,339 | $34,822,488 |
| Class C shares | ||||
| Sold | 35,678 | $1,938,898 | 44,295 | $2,306,006 |
| Distributions reinvested | 76,462 | 4,168,733 | 70,136 | 3,689,854 |
| Repurchased | (295,970) | (16,253,102) | (305,845) | (15,994,339) |
| Net decrease | (183,830) | $(10,145,471) | (191,414) | $(9,998,479) |
| Class 1 shares | ||||
| Sold | 262,394 | $17,279,325 | 737,873 | $45,759,604 |
| Distributions reinvested | 2,662,816 | 174,228,080 | 2,087,052 | 128,207,627 |
| Repurchased | (8,344,484) | (554,646,940) | (3,926,589) | (237,876,991) |
| Net decrease | (5,419,274) | $(363,139,535) | (1,101,664) | $(63,909,760) |
| Class NAV shares | ||||
| Sold | 1,630,522 | $106,661,067 | 18,182,575 | $1,052,036,290 |
| Distributions reinvested | 3,228,269 | 212,775,230 | 1,286,113 | 79,494,621 |
| Repurchased | (4,114,212) | (281,054,019) | (4,493,788) | (290,355,093) |
| Net increase | 744,579 | $38,382,278 | 14,974,900 | $841,175,818 |
| Total net increase (decrease) | (4,199,713) | $(294,604,235) | 14,272,161 | $802,090,067 |
| 19 | JOHN HANCOCK Blue Chip Growth Fund | |
Affiliates of the fund owned 100% of shares of Class 1 and Class NAV on August 31, 2026. 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, amounted to $2,285,451,549 and $3,055,468,936, respectively, for the year ended August 31, 2026.
Note 7—Industry or sector risk
The fund may invest a large percentage of its assets in one or more particular industries or sectors of the economy. If a large percentage of the fund’s assets are economically tied to a single or small number of industries or sectors of the economy, the fund will be less diversified than a more broadly diversified fund, and it may cause the fund to underperform if that industry or sector underperforms. In addition, focusing on a particular industry or sector may make the fund’s NAV more volatile. Further, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, regulatory and other factors affecting those industries or sectors. Information technology companies can be significantly affected by rapid obsolescence, short product cycles, competition from new market entrants, and heightened cybersecurity risk, among other factors.
Note 8—Investment by affiliated funds
Certain investors in the fund are affiliated funds that are managed by the Advisor and its affiliates. The affiliated funds do not invest in the fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the fund’s net assets. At August 31, 2026, funds within the John Hancock group of funds complex held 44.8% of the fund’s net assets. The following fund(s) had an affiliate ownership of 5% or more of the fund’s net assets:
| Fund | Affiliated Concentration |
| John Hancock Funds II Multimanager Lifestyle Growth Portfolio | 16.5% |
| John Hancock Funds II Multimanager Lifestyle Balanced Portfolio | 9.0% |
| John Hancock Funds II Multimanager Lifestyle Aggressive Portfolio | 7.2% |
Note 9—Investment in affiliated underlying funds
The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. 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 |
| John Hancock Collateral Trust* | 4,975,253 | — | $356,205,214 | $(306,456,984) | $4,355 | $(552) | $32,618 | — | $49,752,033 |
| * | Refer to the Securities lending note within Note 2 for details regarding this investment. |
Note 10—Segment reporting
The management committee of the Advisor acts as the fund’s chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. The fund represents a single operating segment, as the CODM monitors and assesses the operating results of the fund as a whole, and the fund’s long-term strategic asset allocation is managed in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the portfolio management team of the fund’s subadvisor. Segment assets
| | JOHN HANCOCK Blue Chip Growth Fund | 20 |
are reflected in the Statement of assets and liabilities as “Total assets”, which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and reviewed by the CODM is consistent with that presented within the Statement of operations, which includes “Increase (decrease) in net assets from operations”, Statements of changes in net assets, which includes “Increase (decrease) in net assets from fund share transactions”, and Financial highlights, which includes total return and income and expense ratios.
| 21 | JOHN HANCOCK Blue Chip Growth Fund | |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of John Hancock Funds II and Shareholders of Blue Chip Growth Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of Blue Chip Growth Fund (one of the funds constituting John Hancock Funds II, referred to hereafter as the "Fund") as of August 31, 2026, the related statement of operations for the year ended August 31, 2026, the statement of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2026 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2026 and the financial highlights for each of the five years in the period ended August 31, 2026 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 15, 2026
We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.
| | JOHN HANCOCK Blue Chip Growth Fund | 22 |
Tax information
(Unaudited)
For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended August 31, 2026.
The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.
The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.
The fund paid $569,936,183 in long-term capital gain dividends.
The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).
Eligible shareholders will be mailed a 2026 Form 1099-DIV in early 2027. This will reflect the tax character of all distributions paid in calendar year 2026.
Please consult a tax advisor regarding the tax consequences of your investment in the fund.
| 23 | JOHN HANCOCK BLUE CHIP GROWTH FUND | |
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 T. Rowe Price Associates, Inc. (the Subadvisor), for John Hancock Blue Chip Growth Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 22-25, 2026 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 26-28, 2026. 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 meetings held on June 22-25, 2026, 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 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.
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
| | JOHN HANCOCK BLUE CHIP GROWTH FUND | 24 |
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 risk management programs, derivatives risk 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 other 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 risks 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; |
| (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; and |
| (f) | 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. |
| 25 | JOHN HANCOCK BLUE CHIP GROWTH FUND | |
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 that the results of the performance comparisons may vary depending on the selection and size of the peer group. The Board noted that the fund underperformed its benchmark index for the one-, five-, and ten-year periods ended December 31, 2025 and outperformed its benchmark index for the three-year period ended December 31, 2025. The Board also noted that the fund outperformed its peer group median for the one-, three-, five-, and ten-year periods ended December 31, 2025. The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to its peer group median for the one-, three-, five-, and ten-year periods, and relative to the benchmark index for the three-year period. The Board also took into account management’s discussion of the factors that contributed to the fund’s performance relative to the benchmark index for the one-, five-, and ten-year periods. 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, respectively. 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 and net total expenses for the fund are higher than the peer group median.
The Board took into account management’s discussion of the fund’s expenses, including previous actions taken by management to reduce the fund’s expenses. The Board also 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, and that such fees are negotiated at arm’s length with respect to the Subadvisor. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. 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
| | JOHN HANCOCK BLUE CHIP GROWTH FUND | 26 |
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 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 Advisor also derives reputational and other indirect benefits from providing advisory services to the fund; |
| (i) | noted that the subadvisory fee for the fund is paid by the Advisor and is negotiated at arm’s length; |
| (j) | 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 |
| (k) | 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 from their relationship with the fund was not unreasonable in view of all factors considered.
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 the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund; |
| 27 | JOHN HANCOCK BLUE CHIP GROWTH FUND | |
| (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 fund (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; |
| (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; and |
| (4) | information relating to the nature and scope of any material relationships and their significance to the fund’s Advisor and Subadvisor. |
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. 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, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund.
| | JOHN HANCOCK BLUE CHIP GROWTH FUND | 28 |
The Board also relied on the ability of the Advisor to negotiate the Subadvisory Agreement with the Subadvisor, which is not affiliated with the Advisor, and the fees thereunder at arm’s length. As a result, the costs of the services to be provided and the profits to be realized by the Subadvisor from its relationship with the Trust were not a material factor in the Board’s consideration of the Subadvisory Agreement.
The Board also received information regarding the nature and scope (including their significance to the Advisor and its affiliates and to the Subadvisor) of any material relationships with respect to the Subadvisor, which include arrangements in which the Subadvisor or its affiliates provide advisory, distribution, or management services in connection with financial products sponsored by the Advisor or its affiliates, and may include other registered investment companies, a 529 education savings plan, managed separate accounts and exempt group annuity contracts sold to qualified plans. 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 median 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 |
| (4) | 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 in order to permit shareholders to benefit from economies of scale if the fund grows. |
***
| 29 | JOHN HANCOCK BLUE CHIP GROWTH FUND | |
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.
| | JOHN HANCOCK BLUE CHIP GROWTH FUND | 30 |
Other N-CSR Items
(Unaudited)
Item 8. Changes in and disagreements with accountants
None.
Item 9. Proxy disclosures
When applicable, results of shareholder voting are included in the Shareholder meeting section of this report.
Item 10. Remuneration paid to Trustees, officers, and others
Trustees’ fees are included in the financial statements.
Item 11. Statement regarding basis for approval of investment advisory contract
When applicable, the statement regarding the basis for approval of any investment advisory contract is included in the Evaluation of advisory and subadvisory agreements by the Board of Trustees section of this report.
| 31 | JOHN HANCOCK Blue Chip Growth Fund | |
John Hancock Investment Management
Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and 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 Blue Chip Growth Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
| MF5889455 | 457A 8/26 |
10/26
Annual Financial Statements & Other N-CSR Items
John Hancock
Real Estate Securities Fund
Alternative
August 31, 2026
John Hancock
Real Estate Securities Fund
Table of contents
| 1 | JOHN HANCOCK REAL ESTATE SECURITIES FUND | |
Fund’s investments
AS OF 8-31-26
| Shares | Value | ||||
| Common stocks 99.0% | $313,828,877 | ||||
| (Cost $245,235,543) | |||||
| Consumer discretionary 1.7% | 5,526,869 | ||||
| Hotels, restaurants and leisure 1.7% | |||||
| Hilton Worldwide Holdings, Inc. | 9,070 | 2,868,660 | |||
| Marriott International, Inc., Class A | 7,778 | 2,658,209 | |||
| Health care 1.1% | 3,658,755 | ||||
| Health care providers and services 1.1% | |||||
| Brookdale Senior Living, Inc. (A) | 310,327 | 3,658,755 | |||
| Information technology 1.0% | 3,039,222 | ||||
| IT services 0.5% | |||||
| Csquare, Inc. (A) | 71,860 | 1,394,803 | |||
| Software 0.5% | |||||
| TeraWulf, Inc. (A) | 108,686 | 1,644,419 | |||
| Real estate 95.2% | 301,604,031 | ||||
| Diversified REITs 5.1% | |||||
| Broadstone Net Lease, Inc. | 337,111 | 7,032,135 | |||
| WP Carey, Inc. | 131,926 | 9,229,543 | |||
| Health care REITs 23.0% | |||||
| American Healthcare REIT, Inc. | 86,231 | 4,760,814 | |||
| CareTrust REIT, Inc. | 99,652 | 3,881,445 | |||
| Janus Living, Inc., Class A1 | 154,150 | 4,585,963 | |||
| Ventas, Inc. | 120,331 | 10,970,577 | |||
| Welltower, Inc. | 206,057 | 48,678,906 | |||
| Hotel and resort REITs 1.7% | |||||
| Pebblebrook Hotel Trust | 44,591 | 807,989 | |||
| Ryman Hospitality Properties, Inc. | 36,589 | 4,638,022 | |||
| Industrial REITs 16.0% | |||||
| Americold Realty Trust, Inc. | 214,355 | 3,204,607 | |||
| EastGroup Properties, Inc. | 39,916 | 7,963,242 | |||
| LXP Industrial Trust | 42,665 | 2,590,192 | |||
| Prologis, Inc. | 240,749 | 33,685,600 | |||
| Rexford Industrial Realty, Inc. | 86,578 | 3,206,849 | |||
| Office REITs 3.0% | |||||
| COPT Defense Properties | 92,855 | 3,342,780 | |||
| Hudson Pacific Properties, Inc. (A) | 239,645 | 3,012,338 | |||
| Vornado Realty Trust | 83,865 | 3,134,874 | |||
| Residential REITs 11.7% | |||||
| Equity LifeStyle Properties, Inc. | 49,793 | 3,159,366 | |||
| Essex Property Trust, Inc. | 47,759 | 13,513,887 | |||
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK REAL ESTATE SECURITIES FUND | 2 |
| Shares | Value | ||||
| Real estate (continued) | |||||
| Residential REITs (continued) | |||||
| Invitation Homes, Inc. | 374,292 | $10,906,869 | |||
| Vivmark Residential | 144,936 | 9,441,131 | |||
| Retail REITs 13.8% | |||||
| CBL & Associates Properties, Inc. | 44,555 | 2,436,713 | |||
| Curbline Properties Corp. | 167,960 | 5,010,247 | |||
| FrontView REIT, Inc. | 81,736 | 1,577,505 | |||
| InvenTrust Properties Corp. | 147,590 | 4,768,633 | |||
| NETSTREIT Corp. | 263,752 | 5,369,991 | |||
| Simon Property Group, Inc. | 86,361 | 18,336,168 | |||
| The Macerich Company | 264,610 | 6,250,088 | |||
| Specialized REITs 20.9% | |||||
| American Tower Corp. | 9,113 | 1,601,154 | |||
| Digital Realty Trust, Inc. | 38,299 | 7,107,911 | |||
| Equinix, Inc. | 34,324 | 35,927,616 | |||
| Iron Mountain, Inc. | 12,858 | 1,483,170 | |||
| Outfront Media, Inc. | 53,495 | 1,571,683 | |||
| Public Storage | 59,989 | 18,416,023 | |||
| Yield (%) | Shares | Value | |||
| Short-term investments 0.4% | $1,365,508 | ||||
| (Cost $1,365,508) | |||||
| Short-term funds 0.4% | 1,365,508 | ||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 3.6112(B) | 1,365,508 | 1,365,508 | ||
| Total investments (Cost $246,601,051) 99.4% | $315,194,385 | ||||
| Other assets and liabilities, net 0.6% | 1,763,045 | ||||
| Total net assets 100.0% | $316,957,430 | ||||
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | |
| Security Abbreviations and Legend | |
| (A) | Non-income producing security. |
| (B) | The rate shown is the annualized seven-day yield as of 8-31-26. |
At 8-31-26, the aggregate cost of investments for federal income tax purposes was $248,764,313. Net unrealized appreciation aggregated to $66,430,072, of which $68,240,049 related to gross unrealized appreciation and $1,809,977 related to gross unrealized depreciation.
| 3 | JOHN HANCOCK REAL ESTATE SECURITIES FUND | | SEE NOTES TO FINANCIAL STATEMENTS |
Financial statements
STATEMENT OF ASSETS AND LIABILITIES 8-31-26
| Assets | |
| Unaffiliated investments, at value (Cost $246,601,051) | $315,194,385 |
| Dividends and interest receivable | 191,453 |
| Receivable for fund shares sold | 432,263 |
| Receivable for investments sold | 1,396,296 |
| Receivable for securities lending income | 421 |
| Other assets | 57,445 |
| Total assets | 317,272,263 |
| Liabilities | |
| Payable for investments purchased | 128,790 |
| Payable for fund shares repurchased | 81,663 |
| Payable to affiliates | |
| Accounting and legal services fees | 15,026 |
| Transfer agent fees | 11,267 |
| Trustees’ fees | 140 |
| Other liabilities and accrued expenses | 77,947 |
| Total liabilities | 314,833 |
| Net assets | $316,957,430 |
| Net assets consist of | |
| Paid-in capital | $244,800,305 |
| Total distributable earnings (loss) | 72,157,125 |
| Net assets | $316,957,430 |
| 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 A ($8,928,372 ÷ 646,392 shares)1 | $13.81 |
| Class C ($15,251 ÷ 1,103 shares)1 | $13.83 |
| Class I ($108,936,307 ÷ 7,879,205 shares) | $13.83 |
| Class R6 ($12,140,040 ÷ 880,465 shares) | $13.79 |
| Class 1 ($186,937,460 ÷ 13,553,215 shares) | $13.79 |
| Maximum offering price per share | |
| Class A (net asset value per share ÷ 95%)2 | $14.54 |
| 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. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Real Estate Securities Fund | 4 |
STATEMENT OF OPERATIONS For the year ended 8-31-26
| Investment income | |
| Dividends | $6,813,460 |
| Interest | 519 |
| Securities lending, net | 3,648 |
| Less foreign taxes withheld | (1,556) |
| Total investment income | 6,816,071 |
| Expenses | |
| Investment management fees | 1,850,344 |
| Distribution and service fees | 113,106 |
| Interest expense | 2,532 |
| Accounting and legal services fees | 45,717 |
| Transfer agent fees | 70,547 |
| Trustees’ fees | 5,240 |
| Custodian fees | 35,796 |
| State registration fees | 68,650 |
| Printing and postage | 21,002 |
| Professional fees | 67,478 |
| Other | 22,960 |
| Total expenses | 2,303,372 |
| Less expense reductions | (24,755) |
| Net expenses | 2,278,617 |
| Net investment income | 4,537,454 |
| Realized and unrealized gain (loss) | |
| Net realized gain (loss) on | |
| Unaffiliated investments | 8,761,996 |
| Affiliated investments | (685) |
| 8,761,311 | |
| Change in net unrealized appreciation (depreciation) of | |
| Unaffiliated investments | 22,736,028 |
| 22,736,028 | |
| Net realized and unrealized gain | 31,497,339 |
| Increase in net assets from operations | $36,034,793 |
| 5 | JOHN HANCOCK Real Estate Securities Fund | | SEE NOTES TO FINANCIAL STATEMENTS |
STATEMENTS OF CHANGES IN NET ASSETS
| Year ended 8-31-26 | Year ended 8-31-25 | |
| Increase (decrease) in net assets | ||
| From operations | ||
| Net investment income | $4,537,454 | $4,202,017 |
| Net realized gain | 8,761,311 | 19,956,062 |
| Change in net unrealized appreciation (depreciation) | 22,736,028 | (29,709,126) |
| Increase (decrease) in net assets resulting from operations | 36,034,793 | (5,551,047) |
| Distributions to shareholders | ||
| From earnings | ||
| Class A | (83,441) | (108,720) |
| Class C | (99) | (301) |
| Class I | (203,001) | (208,821) |
| Class R6 | (178,785) | (188,462) |
| Class 1 | (3,030,153) | (4,265,518) |
| Total distributions | (3,495,479) | (4,771,822) |
| From fund share transactions | 64,097,084 | (27,630,895) |
| Total increase (decrease) | 96,636,398 | (37,953,764) |
| Net assets | ||
| Beginning of year | 220,321,032 | 258,274,796 |
| End of year | $316,957,430 | $220,321,032 |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Real Estate Securities Fund | 6 |
Financial highlights
| CLASS A SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $12.33 | $12.84 | $10.85 | $12.92 | $16.60 |
| Net investment income1 | 0.19 | 0.18 | 0.20 | 0.21 | 0.13 |
| Net realized and unrealized gain (loss) on investments | 1.46 | (0.48) | 2.03 | (0.90) | (1.93) |
| Total from investment operations | 1.65 | (0.30) | 2.23 | (0.69) | (1.80) |
| Less distributions | |||||
| From net investment income | (0.17) | (0.21) | (0.24) | (0.14) | (0.08) |
| From net realized gain | — | — | — | (1.24) | (1.80) |
| Total distributions | (0.17) | (0.21) | (0.24) | (1.38) | (1.88) |
| Net asset value, end of period | $13.81 | $12.33 | $12.84 | $10.85 | $12.92 |
| Total return (%)2,3 | 13.55 | (2.35) | 20.80 | (4.82) | (12.77) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $9 | $6 | $7 | $6 | $7 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions | 1.16 | 1.18 | 1.17 | 1.17 | 1.14 |
| Expenses including reductions | 1.15 | 1.17 | 1.17 | 1.17 | 1.13 |
| Net investment income | 1.46 | 1.45 | 1.77 | 1.88 | 0.88 |
| Portfolio turnover (%) | 110 | 105 | 72 | 105 | 81 |
| 1 | Based on average daily shares outstanding. |
| 2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 3 | Does not reflect the effect of sales charges, if any. |
| 7 | JOHN HANCOCK Real Estate Securities Fund | | SEE NOTES TO FINANCIAL STATEMENTS |
| CLASS C SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $12.34 | $12.86 | $10.86 | $12.91 | $16.63 |
| Net investment income1 | 0.11 | 0.08 | 0.12 | 0.13 | 0.03 |
| Net realized and unrealized gain (loss) on investments | 1.46 | (0.48) | 2.04 | (0.91) | (1.95) |
| Total from investment operations | 1.57 | (0.40) | 2.16 | (0.78) | (1.92) |
| Less distributions | |||||
| From net investment income | (0.08) | (0.12) | (0.16) | (0.03) | — |
| From net realized gain | — | — | — | (1.24) | (1.80) |
| Total distributions | (0.08) | (0.12) | (0.16) | (1.27) | (1.80) |
| Net asset value, end of period | $13.83 | $12.34 | $12.86 | $10.86 | $12.91 |
| Total return (%)2,3 | 12.77 | (3.12) | 20.03 | (5.56) | (13.46) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $—4 | $—4 | $—4 | $—4 | $—4 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions | 1.91 | 1.93 | 1.93 | 1.92 | 1.89 |
| Expenses including reductions | 1.90 | 1.92 | 1.92 | 1.92 | 1.88 |
| Net investment income | 0.80 | 0.64 | 1.06 | 1.14 | 0.19 |
| Portfolio turnover (%) | 110 | 105 | 72 | 105 | 81 |
| 1 | Based on average daily shares outstanding. |
| 2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 3 | Does not reflect the effect of sales charges, if any. |
| 4 | Less than $500,000. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Real Estate Securities Fund | 8 |
| CLASS I SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $12.33 | $12.85 | $10.85 | $12.93 | $16.60 |
| Net investment income1 | 0.17 | 0.21 | 0.22 | 0.22 | 0.17 |
| Net realized and unrealized gain (loss) on investments | 1.53 | (0.49) | 2.04 | (0.89) | (1.92) |
| Total from investment operations | 1.70 | (0.28) | 2.26 | (0.67) | (1.75) |
| Less distributions | |||||
| From net investment income | (0.20) | (0.24) | (0.26) | (0.17) | (0.12) |
| From net realized gain | — | — | — | (1.24) | (1.80) |
| Total distributions | (0.20) | (0.24) | (0.26) | (1.41) | (1.92) |
| Net asset value, end of period | $13.83 | $12.33 | $12.85 | $10.85 | $12.93 |
| Total return (%)2 | 13.99 | (2.19) | 21.17 | (4.60) | (12.51) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $109 | $13 | $13 | $13 | $11 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions | 0.91 | 0.93 | 0.92 | 0.92 | 0.90 |
| Expenses including reductions | 0.90 | 0.92 | 0.92 | 0.92 | 0.89 |
| Net investment income | 1.24 | 1.73 | 1.99 | 1.99 | 1.25 |
| Portfolio turnover (%) | 110 | 105 | 72 | 105 | 81 |
| 1 | Based on average daily shares outstanding. |
| 2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 9 | JOHN HANCOCK Real Estate Securities Fund | | SEE NOTES TO FINANCIAL STATEMENTS |
| CLASS R6 SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $12.30 | $12.82 | $10.82 | $12.91 | $16.59 |
| Net investment income1 | 0.24 | 0.22 | 0.22 | 0.24 | 0.19 |
| Net realized and unrealized gain (loss) on investments | 1.46 | (0.49) | 2.05 | (0.90) | (1.93) |
| Total from investment operations | 1.70 | (0.27) | 2.27 | (0.66) | (1.74) |
| Less distributions | |||||
| From net investment income | (0.21) | (0.25) | (0.27) | (0.19) | (0.14) |
| From net realized gain | — | — | — | (1.24) | (1.80) |
| Total distributions | (0.21) | (0.25) | (0.27) | (1.43) | (1.94) |
| Net asset value, end of period | $13.79 | $12.30 | $12.82 | $10.82 | $12.91 |
| Total return (%)2 | 14.07 | (2.10) | 21.34 | (4.56) | (12.48) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $12 | $10 | $5 | $1 | $1 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions | 0.81 | 0.82 | 0.81 | 0.82 | 0.79 |
| Expenses including reductions | 0.80 | 0.81 | 0.81 | 0.81 | 0.78 |
| Net investment income | 1.86 | 1.76 | 2.01 | 2.16 | 1.31 |
| Portfolio turnover (%) | 110 | 105 | 72 | 105 | 81 |
| 1 | Based on average daily shares outstanding. |
| 2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Real Estate Securities Fund | 10 |
| CLASS 1 SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $12.31 | $12.82 | $10.82 | $12.91 | $16.59 |
| Net investment income1 | 0.24 | 0.22 | 0.23 | 0.25 | 0.18 |
| Net realized and unrealized gain (loss) on investments | 1.45 | (0.49) | 2.04 | (0.92) | (1.93) |
| Total from investment operations | 1.69 | (0.27) | 2.27 | (0.67) | (1.75) |
| Less distributions | |||||
| From net investment income | (0.21) | (0.24) | (0.27) | (0.18) | (0.13) |
| From net realized gain | — | — | — | (1.24) | (1.80) |
| Total distributions | (0.21) | (0.24) | (0.27) | (1.42) | (1.93) |
| Net asset value, end of period | $13.79 | $12.31 | $12.82 | $10.82 | $12.91 |
| Total return (%)2 | 13.92 | (2.06) | 21.30 | (4.60) | (12.51) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $187 | $191 | $234 | $226 | $290 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions | 0.85 | 0.86 | 0.86 | 0.86 | 0.83 |
| Expenses including reductions | 0.84 | 0.86 | 0.85 | 0.85 | 0.82 |
| Net investment income | 1.86 | 1.78 | 2.11 | 2.22 | 1.19 |
| Portfolio turnover (%) | 110 | 105 | 72 | 105 | 81 |
| 1 | Based on average daily shares outstanding. |
| 2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 11 | JOHN HANCOCK Real Estate Securities Fund | | SEE NOTES TO FINANCIAL STATEMENTS |
Notes to financial statements
Note 1—Organization
John Hancock Real Estate Securities 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 achieve a combination of long-term capital appreciation and current income.
The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. 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. 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.
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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC, the fund’s valuation designee.
In order to value the securities, the fund uses the following valuation techniques: 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. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day.
In certain instances, the Pricing Committee of the Advisor 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 Pricing Committee following procedures established by the Advisor and adopted 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,
| | JOHN HANCOCK Real Estate Securities Fund | 12 |
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 Advisor’s 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.
As of August 31, 2026, all investments are categorized as Level 1 under the hierarchy described above.
Real estate investment trusts. The fund invests in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of their fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the fund will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.
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. 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 fund 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.
Securities lending. The fund may lend its securities to earn additional income. The fund receives collateral from the borrower in an amount not less than the market value of the loaned securities. The fund may invest its cash collateral in JHCT, an affiliate of the fund, which has a floating NAV and is registered with the Securities and Exchange Commission (SEC) as an investment company. JHCT is a government money market fund and invests in U.S. Government securities and/or repurchase agreements. The fund will receive the benefit of any gains and bear any losses generated by JHCT with respect to the cash collateral.
The fund has the right to recall loaned securities on demand. If a borrower fails to return loaned securities when due, then the lending agent is responsible and indemnifies the fund for the lent securities. The lending agent uses the collateral received from the borrower to purchase replacement securities of the same issue, type, class and series of the loaned securities. If the value of the collateral is less than the purchase cost of replacement securities, the lending agent is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any decrease in the value of JHCT.
Although the risk of loss on securities lent is mitigated by receiving collateral from the borrower and through lending agent indemnification, the fund could experience a delay in recovering securities or could experience a lower than expected return if the borrower fails to return the securities on a timely basis. During the existence of the loan, the fund will receive from the borrower amounts equivalent to any dividends, interest or other distributions on the loaned securities, as well as interest on such amounts. The fund receives compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Securities lending income received by the fund is net of fees retained by the securities lending agent. Net income received from JHCT is a component of securities lending income as recorded on the Statement of operations. As of August 31, 2026, there were no securities on loan.
Foreign taxes. The fund may be subject to withholding tax on income, capital gains or repatriations imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued
| 13 | JOHN HANCOCK Real Estate Securities Fund | |
based on gains realized by the fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Investment income is recorded net of foreign withholding taxes.
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 The Bank of New York Mellon as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit, which is in effect through July 12, 2027 unless extended or renewed. Excluding commitments designated for certain funds 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 July 13, 2026, a similar syndicated line of credit agreement was held with Citibank N.A. 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 an asset-based allocation and is reflected in Other expenses on the Statement of operations. Commitment fees for the year ended August 31, 2026 were $754.
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.
Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund 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. 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.
As of August 31, 2026, 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 and pays dividends annually. Capital gain distributions, if any, are typically distributed annually.
The tax character of distributions for the years ended August 31, 2026 and 2025 was as follows:
| August 31, 2026 | August 31, 2025 | |
| Ordinary income | $3,495,479 | $4,771,822 |
Distributions paid by the fund 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. As of August 31, 2026, the components of distributable earnings on a tax basis consisted of $2,460,084 of undistributed ordinary income and $3,266,970 of undistributed long-term capital gains.
| | JOHN HANCOCK Real Estate Securities Fund | 14 |
Such distributions and distributable earnings, on a tax basis, if any, 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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences at fiscal year end. 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 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 John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary 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) 0.700% of the first $1.5 billion of the fund’s aggregate net assets and b) 0.680% of the excess over $1.5 billion of the fund’s aggregate net assets. Aggregate net assets include the net assets of the fund and Real Estate Securities Trust, a series of John Hancock Variable Insurance Trust. The Advisor has a subadvisory agreement with Wellington Management Company LLP. The fund is not responsible for payment of the subadvisory fees.
The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended August 31, 2026, this waiver amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2027, 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.
For the year ended August 31, 2026, the expense reductions described above amounted to the following:
| Class | Expense reduction |
| Class A | $683 |
| Class C | 1 |
| Class I | 5,372 |
| Class | Expense reduction |
| Class R6 | $1,050 |
| Class 1 | 17,649 |
| Total | $24,755 |
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 year ended August 31, 2026, were equivalent to a net annual effective rate of 0.69% 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
| 15 | JOHN HANCOCK Real Estate Securities Fund | |
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 year ended August 31, 2026, amounted to an annual rate of 0.02% of the fund’s average daily net assets.
Distribution and service plans. The fund has a distribution agreement with the Distributor. The fund has 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 fund. The fund 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 fund’s shares:
| Class | Rule 12b-1 Fee |
| Class A | 0.25% |
| Class C | 1.00% |
| Class 1 | 0.05% |
Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $7,240 for the year ended August 31, 2026. Of this amount, $1,225 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $6,015 was paid as sales commissions to broker-dealers.
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 $1 million or more, and redeemed within one year of purchase are subject to a 1.00% CDSC. 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 year ended August 31, 2026, CDSCs received by the Distributor amounted to $5 for Class C shares. There were no CDSCs received by the Distributor for Class A shares.
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 three categories of share classes: Retail Share Classes of Non-Municipal Bond Funds, Retirement Share Classes and Retail Share Classes of Municipal Bond Funds. 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 year ended August 31, 2026 were as follows:
| Class | Distribution and service fees | Transfer agent fees |
| Class A | $18,242 | $7,999 |
| Class C | 167 | 19 |
| Class I | — | 61,972 |
| Class R6 | — | 557 |
| Class 1 | 94,697 | — |
| Total | $113,106 | $70,547 |
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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.
Interfund lending program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with certain other funds advised by the Advisor or its affiliates, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, no interfund loans were outstanding. The fund’s activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Weighted Average Loan Balance | Days Outstanding | Weighted Average Interest Rate | Interest Income (Expense) |
| Lender | $4,500,000 | 1 | 4.15% | $519 |
Note 5—Fund share transactions
Transactions in fund shares for the years ended August 31, 2026 and 2025 were as follows:
| Year Ended 8-31-26 | Year Ended 8-31-25 | |||
| Shares | Amount | Shares | Amount | |
| Class A shares | ||||
| Sold | 356,197 | $4,747,290 | 113,963 | $1,418,757 |
| Distributions reinvested | 6,793 | 82,945 | 8,794 | 107,990 |
| Repurchased | (206,252) | (2,742,235) | (164,646) | (2,039,291) |
| Net increase (decrease) | 156,738 | $2,088,000 | (41,889) | $(512,544) |
| Class C shares | ||||
| Sold | 38 | $495 | 43 | $532 |
| Distributions reinvested | 8 | 99 | 24 | 301 |
| Repurchased | (227) | (3,220) | (5,277) | (67,612) |
| Net decrease | (181) | $(2,626) | (5,210) | $(66,779) |
| Class I shares | ||||
| Sold | 9,583,860 | $125,405,619 | 895,586 | $11,266,631 |
| Distributions reinvested | 2,273 | 27,736 | 3,114 | 38,211 |
| Repurchased | (2,730,389) | (37,852,698) | (850,151) | (10,782,839) |
| Net increase | 6,855,744 | $87,580,657 | 48,549 | $522,003 |
| Class R6 shares | ||||
| Sold | 116,568 | $1,512,578 | 564,506 | $7,282,288 |
| Distributions reinvested | 14,687 | 178,595 | 15,410 | 188,462 |
| Repurchased | (91,049) | (1,174,012) | (115,922) | (1,431,452) |
| Net increase | 40,206 | $517,161 | 463,994 | $6,039,298 |
| 17 | JOHN HANCOCK Real Estate Securities Fund | |
| Year Ended 8-31-26 | Year Ended 8-31-25 | |||
| Shares | Amount | Shares | Amount | |
| Class 1 shares | ||||
| Sold | 463,723 | $5,951,331 | 474,708 | $5,999,992 |
| Distributions reinvested | 249,190 | 3,030,153 | 348,490 | 4,265,518 |
| Repurchased | (2,703,532) | (35,067,592) | (3,531,392) | (43,878,383) |
| Net decrease | (1,990,619) | $(26,086,108) | (2,708,194) | $(33,612,873) |
| Total net increase (decrease) | 5,061,888 | $64,097,084 | (2,242,750) | $(27,630,895) |
Affiliates of the fund owned 100% of shares of Class 1 on August 31, 2026. 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, amounted to $351,905,164 and $287,337,600, respectively, for the year ended August 31, 2026.
Note 7—Industry or sector risk
The fund may invest a large percentage of its assets in one or more particular industries or sectors of the economy. If a large percentage of the fund’s assets are economically tied to a single or small number of industries or sectors of the economy, the fund will be less diversified than a more broadly diversified fund, and it may cause the fund to underperform if that industry or sector underperforms. In addition, focusing on a particular industry or sector may make the fund’s NAV more volatile. Further, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, regulatory and other factors affecting those industries or sectors.
REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions. Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.
Note 8—Investment in affiliated underlying funds
The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. 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 |
| John Hancock Collateral Trust* | — | — | $23,703,682 | $(23,702,997) | $(685) | — | $3,648 | — | — |
| * | Refer to the Securities lending note within Note 2 for details regarding this investment. |
Note 9—Segment reporting
The management committee of the Advisor acts as the fund’s chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. The fund represents a single operating segment, as the CODM monitors and assesses the operating results of the fund as a whole, and the fund’s long-term strategic asset allocation is managed in accordance with the terms of its prospectus, based on a defined
| | JOHN HANCOCK Real Estate Securities Fund | 18 |
investment strategy which is executed by the portfolio management team of the fund’s subadvisor. Segment assets are reflected in the Statement of assets and liabilities as “Total assets”, which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and reviewed by the CODM is consistent with that presented within the Statement of operations, which includes “Increase (decrease) in net assets from operations”, Statements of changes in net assets, which includes “Increase (decrease) in net assets from fund share transactions”, and Financial highlights, which includes total return and income and expense ratios.
| 19 | JOHN HANCOCK Real Estate Securities Fund | |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of John Hancock Funds II and Shareholders of Real Estate Securities Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of Real Estate Securities Fund (one of the funds constituting John Hancock Funds II, referred to hereafter as the "Fund") as of August 31, 2026, the related statement of operations for the year ended August 31, 2026, the statement of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2026 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2026 and the financial highlights for each of the five years in the period ended August 31, 2026 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 15, 2026
We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.
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Tax information
(Unaudited)
For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended August 31, 2026.
The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.
The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.
The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).
Eligible shareholders will be mailed a 2026 Form 1099-DIV in early 2027. This will reflect the tax character of all distributions paid in calendar year 2026.
Please consult a tax advisor regarding the tax consequences of your investment in the fund.
| 21 | JOHN HANCOCK REAL ESTATE SECURITIES FUND | |
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 Wellington Management Company LLP (the Subadvisor), for John Hancock Real Estate Securities Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 22-25, 2026 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 26-28, 2026. 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 meetings held on June 22-25, 2026, 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 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.
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.
| | JOHN HANCOCK REAL ESTATE SECURITIES FUND | 22 |
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 risk management programs, derivatives risk 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 other 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 risks 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; |
| (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; and |
| 23 | JOHN HANCOCK REAL ESTATE SECURITIES FUND | |
| (f) | the Advisor’s reputation and experience in serving as an investment advisor to the Trust. |
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 that the results of the performance comparisons may vary depending on the selection and size of the peer group. The Board noted that the fund underperformed its benchmark index for the one-, three-, and five-year periods ended December 31, 2025, and outperformed its benchmark index for the ten-year period ended December 31, 2025. The Board also noted that the fund underperformed its peer group median for the one-year period ended December 31, 2025, and outperformed its peer group median for the three, five- and ten-year periods ended December 31, 2025. The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index for the ten-year period and relative to its peer group median for the three-, five-, and ten-year periods. 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 Subadvisor, respectively. 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 for the fund are higher than the peer group median and that net total expenses for the fund are lower than the peer group median.
The Board took into account management’s discussion of the fund’s expenses. The Board also 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 fees, 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 fees, and that such fees are negotiated at arm’s length with respect to the Subadvisor. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, 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)
| | JOHN HANCOCK REAL ESTATE SECURITIES FUND | 24 |
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 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 Advisor also derives reputational and other indirect benefits from providing advisory services to the fund; |
| (i) | noted that the subadvisory fee for the fund is paid by the Advisor and is negotiated at arm’s length; |
| (j) | 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 |
| (k) | 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 from their relationship with the fund was not unreasonable in view of all factors considered.
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 the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is |
| 25 | JOHN HANCOCK REAL ESTATE SECURITIES FUND | |
| based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund; | |
| (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) | 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 fund (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; |
| (3) | the subadvisory fees for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third-party provider of fund data; and |
| (4) | information relating to the nature and scope of any material relationships and their significant to the fund’s Advisor and Subadvisor. |
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. 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.
| | JOHN HANCOCK REAL ESTATE SECURITIES FUND | 26 |
Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund.
The Board also relied on the ability of the Advisor to negotiate the Subadvisory Agreement with the Subadvisor, which is not affiliated with the Advisor, and the fees thereunder at arm’s length. As a result, the costs of the services to be provided and the profits to be realized by the Subadvisor from its relationship with the Trust were not a material factor in the Board’s consideration of the Subadvisory Agreement.
The Board also received information regarding the nature and scope (including their significance to the Advisor and its affiliates and to the Subadvisor) of any material relationships with respect to the Subadvisor, which include arrangements in which the Subadvisor or its affiliates provide advisory, distribution, or management services in connection with financial products sponsored by the Advisor or its affiliates, and may include other registered investment companies, a 529 education savings plan, managed separate accounts and exempt group annuity contracts sold to qualified plans. 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 median 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 fees are reasonable in relation to the level and quality of services being provided under the Subadvisory agreement; and |
| (4) | 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 in order to permit shareholders to benefit from economies of scale if the fund grows. |
***
| 27 | JOHN HANCOCK REAL ESTATE SECURITIES FUND | |
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.
| | JOHN HANCOCK REAL ESTATE SECURITIES FUND | 28 |
Other N-CSR Items
(Unaudited)
Item 8. Changes in and disagreements with accountants
None.
Item 9. Proxy disclosures
When applicable, results of shareholder voting are included in the Shareholder meeting section of this report.
Item 10. Remuneration paid to Trustees, officers, and others
Trustees’ fees are included in the financial statements.
Item 11. Statement regarding basis for approval of investment advisory contract
When applicable, the statement regarding the basis for approval of any investment advisory contract is included in the Evaluation of advisory and subadvisory agreements by the Board of Trustees section of this report.
| 29 | JOHN HANCOCK Real Estate Securities Fund | |
John Hancock Investment Management
Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and 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 Real Estate Securities Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
| MF5889469 | 488A 8/26 |
10/26
Annual Financial Statements & Other N-CSR Items
John Hancock
Small Cap Dynamic Growth Fund
U.S. equity
August 31, 2026
John Hancock
Small Cap Dynamic Growth Fund
Table of contents
| 1 | JOHN HANCOCK SMALL CAP DYNAMIC GROWTH FUND | |
Fund’s investments
AS OF 8-31-26
| Shares | Value | ||||
| Common stocks 92.4% | $486,821,986 | ||||
| (Cost $450,441,731) | |||||
| Communication services 5.0% | 26,239,704 | ||||
| Entertainment 5.0% | |||||
| IMAX Corp. (A) | 230,932 | 11,823,718 | |||
| Lionsgate Studios Corp. (A) | 477,430 | 5,409,282 | |||
| Sphere Entertainment Company (A) | 66,080 | 9,006,704 | |||
| Consumer discretionary 9.3% | 49,198,934 | ||||
| Automobile components 1.3% | |||||
| Garrett Motion, Inc. | 247,690 | 6,675,246 | |||
| Diversified consumer services 1.9% | |||||
| OneSpaWorld Holdings, Ltd. | 400,535 | 9,945,284 | |||
| Hotels, restaurants and leisure 2.9% | |||||
| Brinker International, Inc. (A) | 40,753 | 9,312,061 | |||
| Life Time Group Holdings, Inc. (A) | 147,146 | 6,183,075 | |||
| Specialty retail 3.2% | |||||
| Boot Barn Holdings, Inc. (A) | 56,285 | 8,478,210 | |||
| Victoria’s Secret & Company (A) | 100,750 | 8,605,058 | |||
| Consumer staples 5.5% | 28,937,595 | ||||
| Consumer staples distribution and retail 5.0% | |||||
| Casey’s General Stores, Inc. | 18,200 | 13,690,222 | |||
| PriceSmart, Inc. | 48,231 | 8,199,752 | |||
| United Natural Foods, Inc. (A) | 99,550 | 4,366,263 | |||
| Food products 0.5% | |||||
| Mama’s Creations, Inc. (A) | 165,210 | 2,681,358 | |||
| Energy 3.4% | 17,826,706 | ||||
| Energy equipment and services 3.4% | |||||
| Archrock, Inc. | 322,940 | 10,179,069 | |||
| Solaris Energy Infrastructure, Inc. | 150,633 | 7,647,637 | |||
| Financials 10.5% | 55,510,124 | ||||
| Banks 4.0% | |||||
| First Financial Bankshares, Inc. | 337,195 | 11,204,990 | |||
| Valley National Bancorp | 743,130 | 10,136,293 | |||
| Capital markets 3.4% | |||||
| Moelis & Company, Class A | 44,485 | 3,028,094 | |||
| Piper Sandler Companies | 54,260 | 4,072,756 | |||
| Stifel Financial Corp. | 134,040 | 10,827,751 | |||
| Consumer finance 3.1% | |||||
| EZCORP, Inc., Class A (A) | 166,650 | 5,386,128 | |||
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK SMALL CAP DYNAMIC GROWTH FUND | 2 |
| Shares | Value | ||||
| Financials (continued) | |||||
| Consumer finance (continued) | |||||
| FirstCash Holdings, Inc. | 50,609 | $10,854,112 | |||
| Health care 18.2% | 95,621,090 | ||||
| Biotechnology 6.2% | |||||
| Blueprint Medicines Corp. (A)(B) | 22,050 | 10,143 | |||
| BridgeBio Pharma, Inc. (A) | 42,435 | 3,250,097 | |||
| Protagonist Therapeutics, Inc. (A) | 61,975 | 9,156,806 | |||
| Rhythm Pharmaceuticals, Inc. (A) | 71,820 | 7,622,257 | |||
| Twist Bioscience Corp. (A) | 40,261 | 5,596,279 | |||
| Vor BioPharma, Inc. (A) | 69,520 | 1,562,810 | |||
| Xenon Pharmaceuticals, Inc. (A) | 90,235 | 5,433,952 | |||
| Health care equipment and supplies 1.4% | |||||
| Axogen, Inc. (A) | 92,500 | 4,695,300 | |||
| LeMaitre Vascular, Inc. | 35,681 | 2,864,471 | |||
| Health care providers and services 8.2% | |||||
| BrightSpring Health Services, Inc. (A) | 203,815 | 11,902,789 | |||
| Guardant Health, Inc. (A) | 67,830 | 10,786,327 | |||
| HealthEquity, Inc. (A) | 103,615 | 10,002,992 | |||
| The Ensign Group, Inc. | 60,219 | 10,373,325 | |||
| Life sciences tools and services 1.3% | |||||
| BioLife Solutions, Inc. (A) | 185,200 | 6,865,364 | |||
| Pharmaceuticals 1.1% | |||||
| Axsome Therapeutics, Inc. (A) | 11,440 | 2,271,069 | |||
| Supernus Pharmaceuticals, Inc. (A) | 72,995 | 3,227,109 | |||
| Industrials 14.8% | 77,787,920 | ||||
| Aerospace and defense 5.4% | |||||
| AAR Corp. (A) | 80,215 | 10,370,997 | |||
| Mercury Systems, Inc. (A) | 91,751 | 8,012,615 | |||
| VSE Corp. | 48,203 | 10,059,002 | |||
| Commercial services and supplies 2.1% | |||||
| Casella Waste Systems, Inc., Class A (A) | 121,990 | 11,253,578 | |||
| Construction and engineering 1.1% | |||||
| Argan, Inc. | 5,517 | 2,344,670 | |||
| Legence Corp., Class A (A) | 67,302 | 3,605,368 | |||
| Electrical equipment 0.5% | |||||
| Bloom Energy Corp., Class A (A) | 12,170 | 2,510,671 | |||
| Machinery 4.5% | |||||
| Atmus Filtration Technologies, Inc. | 61,950 | 2,925,899 | |||
| ESCO Technologies, Inc. | 33,284 | 9,087,531 | |||
| RBC Bearings, Inc. (A) | 11,364 | 5,616,771 | |||
| SPX Technologies, Inc. (A) | 29,346 | 5,773,826 | |||
| 3 | JOHN HANCOCK SMALL CAP DYNAMIC GROWTH FUND | | SEE NOTES TO FINANCIAL STATEMENTS |
| Shares | Value | ||||
| Industrials (continued) | |||||
| Trading companies and distributors 1.2% | |||||
| NPK International, Inc. (A) | 468,900 | $6,226,992 | |||
| Information technology 20.4% | 107,396,492 | ||||
| Communications equipment 1.4% | |||||
| Applied Optoelectronics, Inc. (A) | 30,670 | 3,302,852 | |||
| Viavi Solutions, Inc. (A) | 105,085 | 3,813,535 | |||
| Electronic equipment, instruments and components 6.7% | |||||
| Advanced Energy Industries, Inc. | 14,959 | 4,141,549 | |||
| Bel Fuse, Inc., Class B | 21,940 | 5,469,094 | |||
| Littelfuse, Inc. | 12,088 | 4,982,432 | |||
| nLight, Inc. (A) | 117,803 | 4,979,533 | |||
| Novanta, Inc. (A) | 58,800 | 8,597,736 | |||
| Plexus Corp. (A) | 29,734 | 7,120,401 | |||
| Semiconductors and semiconductor equipment 4.4% | |||||
| Aehr Test Systems (A) | 43,305 | 3,432,787 | |||
| Ambarella, Inc. (A) | 34,410 | 2,387,366 | |||
| AXT, Inc. (A) | 36,485 | 2,211,356 | |||
| Ichor Holdings, Ltd. (A) | 85,755 | 4,593,895 | |||
| Navitas Semiconductor Corp. (A) | 211,130 | 2,446,997 | |||
| Nova, Ltd. (A) | 12,186 | 4,246,212 | |||
| Synaptics, Inc. (A) | 40,580 | 3,924,898 | |||
| Software 7.9% | |||||
| Agilysys, Inc. (A) | 70,830 | 8,245,320 | |||
| InterDigital, Inc. | 31,935 | 10,699,183 | |||
| JFrog, Ltd. (A) | 129,678 | 12,976,877 | |||
| Qualys, Inc. (A) | 52,780 | 9,824,469 | |||
| Materials 2.5% | 13,364,458 | ||||
| Chemicals 2.5% | |||||
| Sensient Technologies Corp. | 99,040 | 13,364,458 | |||
| Real estate 2.8% | 14,938,963 | ||||
| Health care REITs 2.8% | |||||
| Janus Living, Inc., Class A1 | 502,150 | 14,938,963 | |||
| Exchange-traded funds 3.7% | $19,678,878 | ||||
| (Cost $15,989,752) | |||||
| iShares Russell 2000 Growth ETF | 52,200 | 19,678,878 | |||
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK SMALL CAP DYNAMIC GROWTH FUND | 4 |
| Yield (%) | Shares | Value | |||
| Short-term investments 4.1% | $21,598,715 | ||||
| (Cost $21,598,715) | |||||
| Short-term funds 4.1% | 21,598,715 | ||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 3.6112(C) | 21,598,715 | 21,598,715 | ||
| Total investments (Cost $488,030,198) 100.2% | $528,099,579 | ||||
| Other assets and liabilities, net (0.2%) | (997,887) | ||||
| Total net assets 100.0% | $527,101,692 | ||||
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | |
| Security Abbreviations and Legend | |
| (A) | Non-income producing security. |
| (B) | 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. |
| (C) | The rate shown is the annualized seven-day yield as of 8-31-26. |
At 8-31-26, the aggregate cost of investments for federal income tax purposes was $496,377,243. Net unrealized appreciation aggregated to $31,722,336, of which $58,408,341 related to gross unrealized appreciation and $26,686,005 related to gross unrealized depreciation.
| 5 | JOHN HANCOCK SMALL CAP DYNAMIC GROWTH FUND | | SEE NOTES TO FINANCIAL STATEMENTS |
Financial statements
STATEMENT OF ASSETS AND LIABILITIES 8-31-26
| Assets | |
| Unaffiliated investments, at value (Cost $488,030,198) | $528,099,579 |
| Dividends and interest receivable | 195,163 |
| Receivable for fund shares sold | 200,672 |
| Receivable for investments sold | 441,390 |
| Receivable from affiliates | 4,918 |
| Other assets | 55,612 |
| Total assets | 528,997,334 |
| Liabilities | |
| Payable for investments purchased | 1,514,984 |
| Payable for fund shares repurchased | 227,791 |
| Payable to affiliates | |
| Accounting and legal services fees | 23,983 |
| Transfer agent fees | 25,815 |
| Trustees’ fees | 213 |
| Other liabilities and accrued expenses | 102,856 |
| Total liabilities | 1,895,642 |
| Net assets | $527,101,692 |
| Net assets consist of | |
| Paid-in capital | $448,754,705 |
| Total distributable earnings (loss) | 78,346,987 |
| Net assets | $527,101,692 |
| 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 A ($241,653,366 ÷ 15,404,455 shares)1 | $15.69 |
| Class C ($1,383,448 ÷ 95,265 shares)1 | $14.52 |
| Class I ($12,448,548 ÷ 774,844 shares) | $16.07 |
| Class R6 ($96,914,992 ÷ 5,958,546 shares) | $16.26 |
| Class NAV ($174,701,338 ÷ 10,728,898 shares) | $16.28 |
| Maximum offering price per share | |
| Class A (net asset value per share ÷ 95%)2 | $16.52 |
| 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. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Small Cap Dynamic Growth Fund | 6 |
STATEMENT OF OPERATIONS For the year ended 8-31-26
| Investment income | |
| Dividends | $2,614,930 |
| Interest | 979 |
| Total investment income | 2,615,909 |
| Expenses | |
| Investment management fees | 4,450,793 |
| Distribution and service fees | 676,583 |
| Accounting and legal services fees | 91,064 |
| Transfer agent fees | 309,261 |
| Trustees’ fees | 10,711 |
| Custodian fees | 51,268 |
| State registration fees | 74,748 |
| Printing and postage | 85,270 |
| Professional fees | 158,677 |
| Other | 35,839 |
| Total expenses | 5,944,214 |
| Less expense reductions | (637,273) |
| Net expenses | 5,306,941 |
| Net investment loss | (2,691,032) |
| Realized and unrealized gain (loss) | |
| Net realized gain (loss) on | |
| Unaffiliated investments | 55,801,180 |
| 55,801,180 | |
| Change in net unrealized appreciation (depreciation) of | |
| Unaffiliated investments | (24,112,664) |
| (24,112,664) | |
| Net realized and unrealized gain | 31,688,516 |
| Increase in net assets from operations | $28,997,484 |
| 7 | JOHN HANCOCK Small Cap Dynamic Growth Fund | | SEE NOTES TO FINANCIAL STATEMENTS |
STATEMENTS OF CHANGES IN NET ASSETS
| Year ended 8-31-26 | Year ended 8-31-25 | |
| Increase (decrease) in net assets | ||
| From operations | ||
| Net investment loss | $(2,691,032) | $(1,600,031) |
| Net realized gain | 55,801,180 | 79,177,119 |
| Change in net unrealized appreciation (depreciation) | (24,112,664) | (86,745,543) |
| Increase (decrease) in net assets resulting from operations | 28,997,484 | (9,168,455) |
| Distributions to shareholders | ||
| From earnings | ||
| Class A | (25,828,360) | (1,155,594) |
| Class C | (159,548) | (8,393) |
| Class I | (1,200,621) | (42,800) |
| Class R6 | (7,314,525) | (891,082) |
| Class NAV | (17,212,184) | (14,230,261) |
| Total distributions | (51,715,238) | (16,328,130) |
| From fund share transactions | ||
| Fund share transactions | 20,165,022 | (160,610,339) |
| Issued in reorganization | — | 243,326,247 |
| From fund share transactions | 20,165,022 | 82,715,908 |
| Total increase (decrease) | (2,552,732) | 57,219,323 |
| Net assets | ||
| Beginning of year | 529,654,424 | 472,435,101 |
| End of year | $527,101,692 | $529,654,424 |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Small Cap Dynamic Growth Fund | 8 |
Financial highlights
| CLASS A SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $16.58 | $17.42 | $13.63 | $14.00 | $27.21 |
| Net investment loss1 | (0.11) | (0.13) | (0.11) | (0.11) | (0.14) |
| Net realized and unrealized gain (loss) on investments | 0.92 | (0.12) | 3.90 | (0.26) | (6.06) |
| Total from investment operations | 0.81 | (0.25) | 3.79 | (0.37) | (6.20) |
| Less distributions | |||||
| From net investment income | — | (0.51) | — | — | — |
| From net realized gain | (1.70) | (0.08) | — | — | (7.01) |
| Total distributions | (1.70) | (0.59) | — | — | (7.01) |
| Net asset value, end of period | $15.69 | $16.58 | $17.42 | $13.63 | $14.00 |
| Total return (%)2,3 | 5.20 | (1.42) | 27.81 | (2.64) | (29.82) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $242 | $260 | $32 | $22 | $18 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions | 1.30 | 1.38 | 1.31 | 1.32 | 1.30 |
| Expenses including reductions | 1.18 | 1.32 | 1.30 | 1.31 | 1.29 |
| Net investment loss | (0.68) | (0.78) | (0.76) | (0.85) | (0.78) |
| Portfolio turnover (%) | 160 | 1414 | 1775 | 81 | 55 |
| 1 | Based on average daily shares outstanding. |
| 2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 3 | Does not reflect the effect of sales charges, if any. |
| 4 | Excludes merger activity. |
| 5 | Increase in portfolio turnover rate resulted from repositioning of the portfolio during the period as a result of reassignment of Axiom Investors LLC as subadvisor of the fund. |
| 9 | JOHN HANCOCK Small Cap Dynamic Growth Fund | | SEE NOTES TO FINANCIAL STATEMENTS |
| CLASS C SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $15.58 | $16.40 | $12.92 | $13.38 | $26.48 |
| Net investment loss1 | (0.22) | (0.24) | (0.21) | (0.20) | (0.28) |
| Net realized and unrealized gain (loss) on investments | 0.86 | (0.11) | 3.69 | (0.26) | (5.81) |
| Total from investment operations | 0.64 | (0.35) | 3.48 | (0.46) | (6.09) |
| Less distributions | |||||
| From net investment income | — | (0.39) | — | — | — |
| From net realized gain | (1.70) | (0.08) | — | — | (7.01) |
| Total distributions | (1.70) | (0.47) | — | — | (7.01) |
| Net asset value, end of period | $14.52 | $15.58 | $16.40 | $12.92 | $13.38 |
| Total return (%)2,3 | 4.38 | (2.15) | 26.93 | (3.44) | (30.36) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $1 | $2 | $—4 | $—4 | $—4 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions | 2.05 | 2.13 | 2.06 | 2.07 | 2.05 |
| Expenses including reductions | 1.93 | 2.07 | 2.05 | 2.06 | 2.04 |
| Net investment loss | (1.44) | (1.54) | (1.49) | (1.60) | (1.53) |
| Portfolio turnover (%) | 160 | 1415 | 1776 | 81 | 55 |
| 1 | Based on average daily shares outstanding. |
| 2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 3 | Does not reflect the effect of sales charges, if any. |
| 4 | Less than $500,000. |
| 5 | Excludes merger activity. |
| 6 | Increase in portfolio turnover rate resulted from repositioning of the portfolio during the period as a result of reassignment of Axiom Investors LLC as subadvisor of the fund. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Small Cap Dynamic Growth Fund | 10 |
| CLASS I SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $16.90 | $17.74 | $13.85 | $14.19 | $27.43 |
| Net investment loss1 | (0.07) | (0.09) | (0.07) | (0.08) | (0.09) |
| Net realized and unrealized gain (loss) on investments | 0.94 | (0.12) | 3.96 | (0.26) | (6.14) |
| Total from investment operations | 0.87 | (0.21) | 3.89 | (0.34) | (6.23) |
| Less distributions | |||||
| From net investment income | — | (0.55) | — | — | — |
| From net realized gain | (1.70) | (0.08) | — | — | (7.01) |
| Total distributions | (1.70) | (0.63) | — | — | (7.01) |
| Net asset value, end of period | $16.07 | $16.90 | $17.74 | $13.85 | $14.19 |
| Total return (%)2 | 5.48 | (1.15) | 28.09 | (2.40) | (29.69) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $12 | $13 | $1 | $4 | $1 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions | 1.05 | 1.13 | 1.06 | 1.07 | 1.05 |
| Expenses including reductions | 0.93 | 1.07 | 1.05 | 1.06 | 1.04 |
| Net investment loss | (0.43) | (0.54) | (0.52) | (0.58) | (0.54) |
| Portfolio turnover (%) | 160 | 1413 | 1774 | 81 | 55 |
| 1 | Based on average daily shares outstanding. |
| 2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 3 | Excludes merger activity. |
| 4 | Increase in portfolio turnover rate resulted from repositioning of the portfolio during the period as a result of reassignment of Axiom Investors LLC as subadvisor of the fund. |
| 11 | JOHN HANCOCK Small Cap Dynamic Growth Fund | | SEE NOTES TO FINANCIAL STATEMENTS |
| CLASS R6 SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $17.07 | $17.92 | $13.97 | $14.30 | $27.55 |
| Net investment loss1 | (0.06) | (0.06) | (0.07) | (0.07) | (0.06) |
| Net realized and unrealized gain (loss) on investments | 0.95 | (0.14) | 4.02 | (0.26) | (6.18) |
| Total from investment operations | 0.89 | (0.20) | 3.95 | (0.33) | (6.24) |
| Less distributions | |||||
| From net investment income | — | (0.57) | — | — | — |
| From net realized gain | (1.70) | (0.08) | — | — | (7.01) |
| Total distributions | (1.70) | (0.65) | — | — | (7.01) |
| Net asset value, end of period | $16.26 | $17.07 | $17.92 | $13.97 | $14.30 |
| Total return (%)2 | 5.54 | (1.09) | 28.27 | (2.31) | (29.58) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $97 | $80 | $21 | $—3 | $—3 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions | 0.95 | 1.02 | 0.95 | 0.96 | 0.94 |
| Expenses including reductions | 0.83 | 0.96 | 0.94 | 0.95 | 0.93 |
| Net investment loss | (0.33) | (0.37) | (0.43) | (0.50) | (0.36) |
| Portfolio turnover (%) | 160 | 1414 | 1775 | 81 | 55 |
| 1 | Based on average daily shares outstanding. |
| 2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 3 | Less than $500,000. |
| 4 | Excludes merger activity. |
| 5 | Increase in portfolio turnover rate resulted from repositioning of the portfolio during the period as a result of reassignment of Axiom Investors LLC as subadvisor of the fund. |
| SEE NOTES TO FINANCIAL STATEMENTS | | JOHN HANCOCK Small Cap Dynamic Growth Fund | 12 |
| CLASS NAV SHARES Period ended | 8-31-26 | 8-31-25 | 8-31-24 | 8-31-23 | 8-31-22 |
| Per share operating performance | |||||
| Net asset value, beginning of period | $17.08 | $17.93 | $13.98 | $14.31 | $27.56 |
| Net investment loss1 | (0.06) | (0.07) | (0.06) | (0.07) | (0.08) |
| Net realized and unrealized gain (loss) on investments | 0.96 | (0.13) | 4.01 | (0.26) | (6.16) |
| Total from investment operations | 0.90 | (0.20) | 3.95 | (0.33) | (6.24) |
| Less distributions | |||||
| From net investment income | — | (0.57) | — | — | — |
| From net realized gain | (1.70) | (0.08) | — | — | (7.01) |
| Total distributions | (1.70) | (0.65) | — | — | (7.01) |
| Net asset value, end of period | $16.28 | $17.08 | $17.93 | $13.98 | $14.31 |
| Total return (%)2 | 5.54 | (1.03) | 28.25 | (2.31) | (29.56) |
| Ratios and supplemental data | |||||
| Net assets, end of period (in millions) | $175 | $175 | $417 | $401 | $413 |
| Ratios (as a percentage of average net assets): | |||||
| Expenses before reductions | 0.94 | 1.01 | 0.94 | 0.95 | 0.93 |
| Expenses including reductions | 0.82 | 0.96 | 0.93 | 0.94 | 0.92 |
| Net investment loss | (0.32) | (0.43) | (0.39) | (0.49) | (0.41) |
| Portfolio turnover (%) | 160 | 1413 | 1774 | 81 | 55 |
| 1 | Based on average daily shares outstanding. |
| 2 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
| 3 | Excludes merger activity. |
| 4 | Increase in portfolio turnover rate resulted from repositioning of the portfolio during the period as a result of reassignment of Axiom Investors LLC as subadvisor of the fund. |
| 13 | JOHN HANCOCK Small Cap Dynamic Growth Fund | | SEE NOTES TO FINANCIAL STATEMENTS |
Notes to financial statements
Note 1—Organization
John Hancock Small Cap Dynamic Growth 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 long-term capital appreciation.
The fund may offer multiple classes of shares. The shares currently outstanding are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R6 shares are only available to certain retirement plans, institutions and other investors. Class NAV shares are offered to John Hancock affiliated funds of funds, retirement plans for employees of John Hancock and/or Manulife Financial Corporation, and certain 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.
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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC, the fund’s valuation designee.
In order to value the securities, the fund uses the following valuation techniques: 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. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day.
In certain instances, the Pricing Committee of the Advisor 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 Pricing Committee following procedures established by the Advisor and adopted 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
| | JOHN HANCOCK Small Cap Dynamic Growth Fund | 14 |
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 Advisor’s 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 fund’s investments as of August 31, 2026, by major security category or type:
| Total value at 8-31-26 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
| Investments in securities: | ||||
| Assets | ||||
| Common stocks | ||||
| Communication services | $26,239,704 | $26,239,704 | — | — |
| Consumer discretionary | 49,198,934 | 49,198,934 | — | — |
| Consumer staples | 28,937,595 | 28,937,595 | — | — |
| Energy | 17,826,706 | 17,826,706 | — | — |
| Financials | 55,510,124 | 55,510,124 | — | — |
| Health care | 95,621,090 | 95,610,947 | — | $10,143 |
| Industrials | 77,787,920 | 77,787,920 | — | — |
| Information technology | 107,396,492 | 107,396,492 | — | — |
| Materials | 13,364,458 | 13,364,458 | — | — |
| Real estate | 14,938,963 | 14,938,963 | — | — |
| Exchange-traded funds | 19,678,878 | 19,678,878 | — | — |
| Short-term investments | 21,598,715 | 21,598,715 | — | — |
| Total investments in securities | $528,099,579 | $528,089,436 | — | $10,143 |
Real estate investment trusts. The fund may invest in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of their fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the fund will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.
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. 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 fund 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.
| 15 | JOHN HANCOCK Small Cap Dynamic Growth Fund | |
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 The Bank of New York Mellon as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit, which is in effect through July 12, 2027 unless extended or renewed. Excluding commitments designated for certain funds 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 July 13, 2026, a similar syndicated line of credit agreement was held with Citibank N.A. 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 an asset-based allocation and is reflected in Other expenses on the Statement of operations. For the year ended August 31, 2026, the fund had no borrowings under the line of credit. Commitment fees for the year ended August 31, 2026 were $2,655.
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.
Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund 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. 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.
As of August 31, 2026, 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 and pays dividends annually. Capital gain distributions, if any, are typically distributed annually.
The tax character of distributions for the years ended August 31, 2026 and 2025 was as follows:
| August 31, 2026 | August 31, 2025 | |
| Ordinary income | $4,217,225 | $14,308,282 |
| Long-term capital gains | 47,498,013 | 2,019,848 |
| Total | $51,715,238 | $16,328,130 |
Distributions paid by the fund 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. As of August 31, 2026, the components of distributable earnings on a tax basis consisted of $10,207,705 of undistributed ordinary income and $36,416,946 of undistributed long-term capital gains.
| | JOHN HANCOCK Small Cap Dynamic Growth Fund | 16 |
Such distributions and distributable earnings, on a tax basis, if any, 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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences at fiscal year end. 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 and passive foreign investment companies.
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 John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary 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) 0.850% of the first $450 million of the fund’s average daily net assets; b) 0.820% of the next $450 million of average daily net assets; and c) 0.790% of the excess over $900 million of average daily net assets. If average net assets exceed $900 million, the 0.790% rate applies retroactively to all average net assets. The Advisor has a subadvisory agreement with Axiom Investors LLC. The fund is not responsible for payment of the subadvisory fees.
The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended August 31, 2026, this waiver amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2027, 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.
The Advisor has contractually agreed to reduce its management fee or, if necessary, make payment to the fund in an amount equal to the amount by which expenses of the fund exceed 0.82% of average daily net assets of the fund. For purposes of this agreement, “expenses of the fund” means all fund expenses, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, (e) class-specific expenses, (f) borrowing costs, (g) prime brokerage fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense. This agreement expires on December 31, 2026, unless renewed by mutual agreement of the Advisor and the fund based upon a determination that this is appropriate under the circumstances at that time.
| 17 | JOHN HANCOCK Small Cap Dynamic Growth Fund | |
For the year ended August 31, 2026, the expense reductions described above amounted to the following:
| Class | Expense reduction |
| Class A | $319,620 |
| Class C | 1,865 |
| Class I | 15,307 |
| Class | Expense reduction |
| Class R6 | $94,790 |
| Class NAV | 205,691 |
| Total | $637,273 |
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 year ended August 31, 2026, were equivalent to a net annual effective rate of 0.72% 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 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 year ended August 31, 2026, amounted to an annual rate of 0.02% of the fund’s average daily net assets.
Distribution and service plans. The fund has a distribution agreement with the Distributor. The fund has 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 fund. The fund 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 fund’s shares:
| Class | Rule 12b-1 Fee |
| Class A | 0.25% |
| Class C | 1.00% |
Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $27,752 for the year ended August 31, 2026. Of this amount, $4,973 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $22,779 was paid as sales commissions to broker-dealers.
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 $1 million or more, and redeemed within one year of purchase are subject to a 1.00% CDSC. 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 year ended August 31, 2026, CDSCs received by the Distributor amounted to $25 and $83 for Class A and Class C shares, respectively.
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 three
| | JOHN HANCOCK Small Cap Dynamic Growth Fund | 18 |
categories of share classes: Retail Share Classes of Non-Municipal Bond Funds, Retirement Share Classes and Retail Share Classes of Municipal Bond Funds. 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 year ended August 31, 2026 were as follows:
| Class | Distribution and service fees | Transfer agent fees |
| Class A | $661,162 | $289,776 |
| Class C | 15,417 | 1,689 |
| Class I | — | 13,936 |
| Class R6 | 4 | 3,860 |
| Total | $676,583 | $309,261 |
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.
Interfund lending program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with certain other funds advised by the Advisor or its affiliates, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, no interfund loans were outstanding. The fund’s activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Weighted Average Loan Balance | Days Outstanding | Weighted Average Interest Rate | Interest Income (Expense) |
| Lender | $4,150,000 | 2 | 4.246% | $979 |
Note 5—Fund share transactions
Transactions in fund shares for the years ended August 31, 2026 and 2025 were as follows:
| Year Ended 8-31-26 | Year Ended 8-31-25 | |||
| Shares | Amount | Shares | Amount | |
| Class A shares | ||||
| Sold | 777,132 | $12,997,538 | 692,056 | $11,355,585 |
| Issued in reorganization (Note 8) | — | — | 13,732,285 | 228,240,191 |
| Distributions reinvested | 1,645,609 | 25,079,079 | 69,686 | 1,155,400 |
| Repurchased | (2,716,052) | (45,183,457) | (659,633) | (10,469,346) |
| Net increase (decrease) | (293,311) | $(7,106,840) | 13,834,394 | $230,281,830 |
| Class C shares | ||||
| Sold | 7,113 | $108,606 | 5,288 | $80,771 |
| Issued in reorganization (Note 8) | — | — | 81,766 | 1,277,314 |
| Distributions reinvested | 11,252 | 159,548 | 536 | 8,393 |
| Repurchased | (22,367) | (350,867) | (8,826) | (143,401) |
| Net increase (decrease) | (4,002) | $(82,713) | 78,764 | $1,223,077 |
| 19 | JOHN HANCOCK Small Cap Dynamic Growth Fund | |
| Year Ended 8-31-26 | Year Ended 8-31-25 | |||
| Shares | Amount | Shares | Amount | |
| Class I shares | ||||
| Sold | 205,931 | $3,556,908 | 28,457 | $471,860 |
| Issued in reorganization (Note 8) | — | — | 703,655 | 11,920,894 |
| Distributions reinvested | 75,731 | 1,179,892 | 2,536 | 42,800 |
| Repurchased | (270,753) | (4,554,772) | (46,108) | (778,676) |
| Net increase | 10,909 | $182,028 | 688,540 | $11,656,878 |
| Class R6 shares | ||||
| Sold | 2,466,318 | $41,874,908 | 4,078,690 | $67,356,065 |
| Issued in reorganization (Note 8) | — | — | 110,316 | 1,887,848 |
| Distributions reinvested | 309,085 | 4,871,186 | 1,599 | 27,237 |
| Repurchased | (1,512,280) | (26,195,769) | (678,687) | (10,343,931) |
| Net increase | 1,263,123 | $20,550,325 | 3,511,918 | $58,927,219 |
| Class NAV shares | ||||
| Sold | 3,414,001 | $58,168,459 | 364,789 | $5,778,796 |
| Distributions reinvested | 1,090,759 | 17,212,184 | 834,619 | 14,230,261 |
| Repurchased | (4,010,987) | (68,758,421) | (14,221,173) | (239,382,153) |
| Net increase (decrease) | 493,773 | $6,622,222 | (13,021,765) | $(219,373,096) |
| Total net increase | 1,470,492 | $20,165,022 | 5,091,851 | $82,715,908 |
Affiliates of the fund owned 100% of shares of Class NAV on August 31, 2026. 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, amounted to $817,680,858 and $864,795,319, respectively, for the year ended August 31, 2026.
Note 7—Investment by affiliated funds
Certain investors in the fund are affiliated funds that are managed by the Advisor and its affiliates. The affiliated funds do not invest in the fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the fund’s net assets. At August 31, 2026, funds within the John Hancock group of funds complex held 33.1% of the fund’s net assets. The following fund(s) had an affiliate ownership of 5% or more of the fund’s net assets:
| Fund | Affiliated Concentration |
| JHVIT Lifestyle Growth Portfolio | 11.6% |
| JHVIT Managed Volatility Growth Portfolio | 11.3% |
| JHVIT Managed Volatility Balanced Portfolio | 5.9% |
Note 8—Reorganization
On August 6, 2025, the shareholders of John Hancock Funds II New Opportunities Fund (the Acquired Fund) voted to approve an Agreement and Plan of Reorganization (the Agreement) which provided for an exchange of shares of the fund (the Acquiring Fund) with a value equal to the net assets transferred.
| | JOHN HANCOCK Small Cap Dynamic Growth Fund | 20 |
The Agreement provided for (a) the acquisition of all the assets, subject to all of the liabilities, of the Acquired Fund in exchange for shares of the Acquiring Fund with a value equal to the net assets transferred; (b) the liquidation of the Acquired Fund; and (c) the distribution to Acquired Fund’s shareholders of such Acquiring Fund’s shares. The reorganization was intended to consolidate the Acquired Fund with funds with similar objectives and achieve economies of scale. As a result of the reorganization, the Acquiring Fund is the legal and accounting survivor.
The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized by the Acquired Fund or its shareholders. Thus, the investments were transferred to the Acquiring Fund at the Acquired Fund’s identified cost. All distributable amounts of net income and realized gains from the Acquired Fund were distributed prior to the reorganization. In addition, the Acquired Fund and Acquiring Fund bore a pro-rata portion of the costs that were incurred in connection with the reorganization. The effective time of the reorganization occurred immediately after the close of regularly scheduled trading on the New York Stock Exchange (NYSE) on August 22, 2025. The following outlines the reorganization:
| Acquiring Portfolio | Acquired Portfolio | Net Asset Value of the Acquired Portfolio | Appreciation of the Acquired Portfolio’s Investments | Shares Redeemed by the Acquired Portfolio | Shares Issued by the Acquiring Portfolio | Acquiring Portfolio Net Assets Prior to Combination | Acquiring Portfolio Total Net Assets After Combination |
| Small Cap Dynamic Growth Fund | New Opportunities Fund | $243,326,247 | $25,711,266 | 12,335,290 | 14,628,022 | $289,665,524 | $532,991,771 |
See Note 5 for capital shares issued in connection with the above referenced reorganization.
Note 9—Segment reporting
The management committee of the Advisor acts as the fund’s chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. The fund represents a single operating segment, as the CODM monitors and assesses the operating results of the fund as a whole, and the fund’s long-term strategic asset allocation is managed in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the portfolio management team of the fund’s subadvisor. Segment assets are reflected in the Statement of assets and liabilities as “Total assets”, which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and reviewed by the CODM is consistent with that presented within the Statement of operations, which includes “Increase (decrease) in net assets from operations”, Statements of changes in net assets, which includes “Increase (decrease) in net assets from fund share transactions”, and Financial highlights, which includes total return and income and expense ratios.
| 21 | JOHN HANCOCK Small Cap Dynamic Growth Fund | |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of John Hancock Funds II and Shareholders of Small Cap Dynamic Growth Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of Small Cap Dynamic Growth Fund (one of the funds constituting John Hancock Funds II, referred to hereafter as the "Fund") as of August 31, 2026, the related statement of operations for the year ended August 31, 2026, the statement of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2026 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2026 and the financial highlights for each of the five years in the period ended August 31, 2026 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 15, 2026
We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.
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Tax information
(Unaudited)
For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended August 31, 2026.
The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.
The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.
The fund paid $47,498,013 in long-term capital gain dividends.
The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).
Eligible shareholders will be mailed a 2026 Form 1099-DIV in early 2027. This will reflect the tax character of all distributions paid in calendar year 2026.
Please consult a tax advisor regarding the tax consequences of your investment in the fund.
| 23 | JOHN HANCOCK SMALL CAP DYNAMIC GROWTH FUND | |
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 Axiom Investors LLC (the Subadvisor), for John Hancock Small Cap Dynamic Growth Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 22-25, 2026 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a meeting held on May 26-28, 2026. 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 meetings held on June 22-25, 2026, 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 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.
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.
| | JOHN HANCOCK SMALL CAP DYNAMIC GROWTH FUND | 24 |
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 risk management programs, derivatives risk 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 other 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 risks 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; |
| (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; and |
| 25 | JOHN HANCOCK SMALL CAP DYNAMIC GROWTH FUND | |
| (f) | 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 and size of the peer group. The Board noted that the fund underperformed its benchmark for the one-, three-, five-, and ten-year periods ended December 31, 2025. The Board also noted that the fund underperformed its peer group median for the one-, three-, five-, and ten-year periods ended December 31, 2025. The Board took into account management’s discussion of the factors that contributed to the fund’s performance relative to the benchmark index and its peer group median for the one-, three-, five-, and ten-year periods, including the impact of past and current market conditions on the fund’s strategy and management’s outlook for the fund. The Board noted that the fund’s previous subadvisor was replaced effective November 29, 2023, and that the fund’s longer-term performance reflects that of the previous subadvisor. The Board concluded that the fund’s performance is being monitored and reasonably addressed, where appropriate.
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, respectively. 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 for the fund are lower than the peer group median and net total expenses for the fund are higher than the peer group median.
The Board took into account management’s discussion of the fund’s expenses. The Board also 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, and that such fees are negotiated at arm’s length with respect to the Subadvisor. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, 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
| | JOHN HANCOCK SMALL CAP DYNAMIC GROWTH FUND | 26 |
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 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 Advisor also derives reputational and other indirect benefits from providing advisory services to the fund; |
| (i) | noted that the subadvisory fee for the fund is paid by the Advisor and is negotiated at arm’s length; |
| (j) | 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 |
| (k) | 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 from their relationship with the fund was not unreasonable in view of all factors considered.
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 the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios) or |
| 27 | JOHN HANCOCK SMALL CAP DYNAMIC GROWTH FUND | |
| otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund; | |
| (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) | 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 fund (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; |
| (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; and |
| (4) | information relating to the nature and scope of any material relationships and their significance to the fund’s Advisor and Subadvisor. |
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. 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.
| | JOHN HANCOCK SMALL CAP DYNAMIC GROWTH FUND | 28 |
Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund.
The Board also relied on the ability of the Advisor to negotiate the Subadvisory Agreement with the Subadvisor, which is not affiliated with the Advisor, and the fees thereunder at arm’s length. As a result, the costs of the services to be provided and the profits to be realized by the Subadvisor from its relationship with the Trust were not a material factor in the Board’s consideration of the Subadvisory Agreement.
The Board also received information regarding the nature and scope (including their significance to the Advisor and its affiliates and to the Subadvisor) of any material relationships with respect to the Subadvisor, which include arrangements in which the Subadvisor or its affiliates provide advisory, distribution, or management services in connection with financial products sponsored by the Advisor or its affiliates, and may include other registered investment companies, a 529 education savings plan, managed separate accounts and exempt group annuity contracts sold to qualified plans. 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 median 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 is being monitored and reasonably addressed, where appropriate; |
| (3) | the subadvisory fee is reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and |
| (4) | 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 in order to permit shareholders to benefit from economies of scale if the fund grows. |
***
| 29 | JOHN HANCOCK SMALL CAP DYNAMIC GROWTH FUND | |
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.
| | JOHN HANCOCK SMALL CAP DYNAMIC GROWTH FUND | 30 |
Other N-CSR Items
(Unaudited)
Item 8. Changes in and disagreements with accountants
None.
Item 9. Proxy disclosures
When applicable, results of shareholder voting are included in the Shareholder meeting section of this report.
Item 10. Remuneration paid to Trustees, officers, and others
Trustees’ fees are included in the financial statements.
Item 11. Statement regarding basis for approval of investment advisory contract
When applicable, the statement regarding the basis for approval of any investment advisory contract is included in the Evaluation of advisory and subadvisory agreements by the Board of Trustees section of this report.
| 31 | JOHN HANCOCK Small Cap Dynamic Growth Fund | |
John Hancock Investment Management
Distributors LLC, Member FINRA, SIPC
200 Berkeley Street, Boston, MA 02116, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and 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 Small Cap Dynamic Growth Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
| MF5889462 | 470A 8/26 |
10/26
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PROXY DISCLOSURE FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Information included in Item 7, if applicable.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Refer to information included in Item 7.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Information included in Item 7, if applicable.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
No material changes.
ITEM 16. 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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.
ITEM 19. EXHIBITS.
(a)(1) Code of Ethics for Covered Officers is attached.
(a)(2) Not applicable.
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/ Kristie M. Feinberg |
| ------------------------------ | |
| Kristie M. Feinberg | |
| President, | |
| Principal Executive Officer | |
| Date: | October 15, 2026 |
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/ Kristie M. Feinberg |
| ------------------------------ | |
| Kristie M. Feinberg | |
| President, | |
| Principal Executive Officer | |
| Date: | October 15, 2026 |
| By: | /s/ Fernando A. Silva |
| --------------------------- | |
| Fernando A. Silva | |
| Chief Financial Officer, | |
| Principal Financial Officer | |
| Date: | October 15, 2026 |